Rents Advance, Occupancy Dips
Pittsburgh average advertised asking rents were up 0.4%, on a trailing three-month basis through August, to $1,454. Meanwhile, the national figure improved 0.1%, to $1,755. The occupancy rate in stabilized properties across the metro contracted 10 basis points over the 12 months ending in July, settling at 95.4%. Even so, the figure remained well above the 94.7% national average, as per the U.S. multifamily market report.
Pittsburgh’s unemployment rate reached 4.4% as of July, according to preliminary Bureau of Labor Statistics data. The figure was above the national average of 4.2%. All but three sectors saw employment growth, and the metro gained 18,200 net jobs during the 12 months ending in June. Pittsburgh International Airport will open its new $1.7 billion terminal in late 2025. This will augment the region’s tourism sector, which received $9.4 billion in visitor spending in the past year, according to a Tourism Economics report.
The metro gained some 580 units year-to-date through August and had nearly 3,900 units under construction. Developers remained focused on the upscale Lifestyle segment, which accounted for all completions and nearly 80% of the units underway. Transaction activity mellowed, with multifamily sales totaling $68 million during the first eight months of the year. This was a considerable drop compared to the $264 million that traded during the same period in 2024.
Read the full Yardi Matrix Pittsburgh Multifamily Market Report: October 2025
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