A record-breaking 180,585 apartments are in development from repurposing office spaces, hotels and other buildings, per a RentCafe report.
Hotels were again the top category for adaptive reuse projects in 2024, though office conversions were still popular and accounted for nearly a quarter of all new units, per the report. Goleta, California-based RentCafe based the Oct. 24 report on apartment data as of July 2025 pulled from its sister company Yardi Matrix.
- Apartment conversion projects “accelerated at an unprecedented pace” across the U.S. in 2024, according to a new RentCafe report. Last year, nearly 25,000 apartments were completed via adaptive reuse, up 50% compared to 2023 and double the amount of such conversions in 2022.
- Currently, a record-breaking 180,585 apartments from adaptive reuse projects are in various stages of development across the nation, mostly from office spaces — up 19% compared to last year, according to RentCafe.
- This strong redevelopment activity indicates that major cities are actively transforming underperforming properties, revitalizing neighborhoods and continuing to adapt to the era of remote work, per the report.
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RSK:Interesting that Hotels are such a big part of conversions, but when you think about it, it is obvious. Class A office conversions still lead the way, however.
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- - Volume: 25 - WEEK: 45 Date: 11/4/2025 2:46:12 PM -