The past few years has seen a boom in condo conversions, which allows buyers to generate cash-on-cash returns within a short period of time.
The condo conversion craze began with the low interest rate affliction that was crippling apartment fundamentals. Condo developers were willing to pay a premium to buy and turn rental properties into condos.
Condo conversions can be a double edge sword, however, as conversions likely will hurt most rental markets. While condo conversions benefit multifamily owners by shrinking the supply of apartments, condo buyers are typically renters, so conversions won't necessarily lead to a jump in occupancy rates. Also, many renters currently living in an apartment when it is bought and turned into a condo cannot afford the price of the condo.
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Condo Conversions
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