Almost 1,900 apartment units have cropped up out of converted buildings in Philadelphia since the beginning of 2020, the most of any city in the country.
Hotels, schools, factories and warehouses have all been redeveloped into residential spaces across the city. In 2020, 742 new apartments were created through conversions, and that number ballooned to 1,121 units in 2021, according to a report from RentCafe, an apartment search website.
Philadelphia’s 1,863 total converted units leads the nation over the last two years, ahead of Washington, D.C., with 1,762 units, Cleveland at 1,179 units, Chicago with 1,135 units and Los Angeles with 1,073 units. The numbers include units completed by July 2021 as well as those projected to be completed by the end of this year.
Cities across the U.S. have followed Philadelphia’s lead in converting old buildings from their original use to multifamily properties. A record number of apartments – 20,100 – are expected to be finished across the country this year in buildings that once served a different purpose, according to RentCafe. That is almost double the totals from 2019 and 2020 combined.
*Article Courtesy of Philadelphia Business Journal
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