Adaptive reuse apartments increased 25% in the US, representing 28,000 new rentals in 2020-2021, up from the 22,300 available in 2018-2019. In contrast, new apartment construction grew by 10% over the same period.
Office building to apartment conversions remained the primary source, resulting in 11,000 apartments becoming available over the last two years, 40% of the market. Other real estate is also transitioning footprints, including factories and hotels, representing 15.5% and 12.8% of repurposed buildings, respectively. Currently, over 77,000 conversion projects are underway nationwide. See RentCafe