Cincinnati leads nation in apartment conversions, according to RentCafe report
Cincinnati ranked 12th in the nation for apartment conversions, a trend that’s long been gathering steam in the region. Cincinnati has undergone adaptive reuse projects since the 1960s, RentCafe found, delivering 2,400 converted apartment units to date.
Data from Yardi Matrix shows a total of 122,000 apartments in different conversion stages were in the pipeline nationwide in 2022 and are expected to deliver in coming years – a 63% increase from 2021.
Cincinnati has 1,800 converted apartment units set to deliver in the coming years, the report found, representing almost 1.5% of the total number of apartments projected to be converted in the U.S. in the years to come.
The Rye apartments, which was formerly office space and Brookfield Rye warehouse, opened its doors in March. The Textile Building, a historic office building located on Fourth Street downtown, welcomed its first residents in June.
Other office-to-apartment projects underway in Greater Cincinnati include the redevelopment of the Second National Bank building and Governor’s Hill, the first major suburban office redevelopment project to be announced in the region.