Investigate this page to search for rental rates by city or zip code and utilize them in the mandatory market rent threshold test for Rent Comparability Studies - these numbers will be effective for any Rent Comparability Study (RCS) signed by the owner’s appraiser on or after May 1, 2023. Investigate this page to search for rental rates by city or zip code and utilize them in the mandatory market rent threshold test for Rent Comparability Studies - these numbers will be effective for any Rent Comparability Study (RCS) signed by the owner’s appraiser on or after May 1, 2023.

Developers in the U.S. are increasingly converting underused office spaces into residential apartments, transforming urban office districts into mixed-use communities. In Q1 2024, nearly 70 million square feet of office space was being converted, with over 60% focused on multifamily residences. Cities like Cleveland, Houston, and Philadelphia are leading this trend, driven by high vacancy rates and aging buildings. Despite challenges like high conversion costs, growing government support is propelling this movement, offering a solution for revitalizing downtowns and addressing the housing shortage. Across the US, a significant shift is underway as developers increasingly convert underused office spaces into residential apartments. This trend, gaining momentum over the past year, is transforming urban office districts into vibrant mixed-use communities. According to CBRE, nearly 70 million square feet of office space was undergoing conversion to other uses in Q1 of 2024, marking a…

In Hartford, high walk scores are linked to increased rental premiums, with tenants favoring neighborhoods that offer easy access to amenities, transportation, and cultural attractions. Data shows that walkability significantly boosts rental values, especially for two-bedroom units. Areas like Clay Arsenal and Northeast, set for substantial multifamily development, are well-positioned to benefit from this trend. For investors, properties in walkable neighborhoods represent valuable assets with strong rental potential. Understanding this correlation can help investors make strategic decisions and support Hartford's urban revitalization.

Philadelphia's real estate market is seeing premiums for walkable neighborhoods like Fishtown, Fairmount, and Norris Square. Norris Square, in North Philadelphia East, is revitalizing due to its walkability, local amenities, and improved infrastructure. Norris Square Park enhances community connection. These features attract developers and investors, anticipating higher rental demand.

Central Harlem is emerging as a prime example of this shift, offering a walkable lifestyle with amenities like independent bookstores, cafes, and local shops. Historically, areas like SoHo and Tribeca have been known for their walkable luxury, but Central Harlem now offers a comparable experience with the added benefits of a strong sense of community and potentially lower rents. This trend reflects a broader change in renter preferences across the city, with Central Harlem poised to become a leading destination for those seeking a pedestrian-friendly and vibrant neighborhood. The prestige of a coveted Manhattan address has always been a major factor in rental decisions. But a new contender is vying for renters' attention – walkability. Central Harlem exemplifies this trend, offering a compelling alternative to traditional Manhattan hotspots, while showcasing the rising importance of walkable neighborhoods across New York City.

Health and wellness amenities are no longer luxury add-ons but essential features driving multifamily property value. According to the Global Wellness Institute, the wellness real estate market has skyrocketed from $225 billion in 2019 to $438 billion in 2023, with projections showing it will reach $913 billion by 2028.

Greystar's 2024 Design Survey highlights a transformative shift in multifamily housing, where smart technology amenities have evolved from luxury features to essential drivers of property value. Modern renters are showing strong preference for properties equipped with controlled access systems, smart locks, and integrated property management technologies. For property owners and investors, strategic implementation of these smart features delivers multiple benefits: commanding higher rental premiums, reducing operational costs through improved energy efficiency, and minimizing maintenance expenses through preventative monitoring. As the smart home market continues its rapid growth, multifamily properties that embrace comprehensive technology integration are positioning themselves as market leaders, achieving stronger occupancy rates and improved operational efficiency in an increasingly competitive landscape. In today's competitive rental market, technology-driven amenities have evolved…

Detroit's Midtown district is experiencing unprecedented growth, transforming from its historic Cass Corridor roots into a thriving urban center. This 3.3-square-mile neighborhood showcases robust development activity, highlighted by the $377 million Mid project near Whole Foods and successful mixed-income developments like Brush Watson. Anchored by Wayne State University and the Henry Ford Health System, Midtown combines cultural amenities, including the Detroit Institute of Arts and Detroit Symphony Orchestra, with modern transit infrastructure through the M-1 Light Rail project. The district's special zoning designation and strong foundation support are attracting developers, while maintaining a balance of market-rate and affordable housing options. As Detroit's premier development district, Midtown demonstrates how strategic urban planning and community investment can create sustainable neighborhood revitalization.

Cleveland’s Opportunity Corridor is revitalizing the city’s east side, transforming underutilized areas into thriving communities. Completed in 2021, this $330 million project connects University Circle with I-490, enhancing connectivity and driving multifamily development in Fairfax, Kinsman, and Slavic Village. More than a roadway, the corridor integrates pedestrian and bike paths, fostering sustainable urban design. Key developments, including mixed-income housing and the Fairfax Market, are bridging economic divides and addressing food insecurity. With ongoing investments in site redevelopment and job training, Cleveland’s Opportunity Corridor is a national model for equitable growth and urban renewal.

Cincinnati’s adaptive reuse sector is a small but impactful part of its multifamily market, representing about 10% of downtown units. While new developments dominate, adaptive reuse projects like The Provident and Textile Apartments highlight the potential for office-to-residential conversions to stabilize occupancy and drive rent growth.