The balance of power in the market for residential conversion projects in the United States has shifted from offices to hotels for the first time, according to new statistics included in RentCafe’s latest market snapshot report for 2023.
Per their analysis of Yardi Matrix data, 4,556 of the 12,700 new apartments that were converted in 2023 were hotels. Office buildings were only slightly behind, with 3,587 converted units, representing 28% of the overall total. New York City led all markets with 733 conversions, followed by Albuquerque and Richmond, Virginia. A total of 151,000 conversion projects are in the pipeline currently across all 50 states, with a 17.6% increase being recorded year-over-year. The number of hotels being converted was up another 38.8% over the previous year.
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