A recent report from RentCafe says the wave of adaptive reuse projects is accelerating at a record pace with Hotels taking the top category for adaptive reuse projects last year. Overall, the number of apartments resulting from converted buildings was close to 25k in 2024. That number is 50% more than the units delivered in 2023 and double from 2022.
Some key takeaways:
- Close to 25k apartments were completed in 2024 from adaptive reuse projects across the U.S.
- Office conversions accounted for nearly one quarter of all new units.
- Hotels were, once again, the top category for adaptive reuse projects in 2024.
- A record-breaking 180k apartments are now in various stages of development across the nation.
Click here to read the full report at RentCafe.
