{"id":111,"date":"2020-12-04T10:08:21","date_gmt":"2020-12-04T10:08:21","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=111"},"modified":"2023-03-10T08:15:22","modified_gmt":"2023-03-10T08:15:22","slug":"pittsburgh-real-estate-market-trends-fall-2020","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/pittsburgh-real-estate-market-trends-fall-2020\/","title":{"rendered":"Pittsburgh Real Estate Market Trends &#8211; Fall 2020"},"content":{"rendered":"<h2>Rental Market Down, Not Out<\/h2>\n<p>Pittsburgh\u2019s multifamily market faces a slew of challenges, though the metro\u2019s economic diversification in recent years may favorably position it for a longer-term recovery. In September, overall rents averaged $1,140, declining by 0.1% on a trailing three-month basis. While Lifestyle rents fell by a much steeper 0.6% during the same period, upscale units make up only a small part of the market\u2019s inventory.<\/p>\n<p>The metro\u2019s economy continues to struggle, although many of the job losses initially caused by the pandemic have since been reversed. Pittsburgh\u2019s unemployment rate was 10.8% in August, according to preliminary Bureau of Labor Statistics data\u2014a significant improvement from April\u2019s peak of 16.4% but well below the 8.4% August U.S. rate. However, further job growth could be on the horizon, with several notable tech firms announcing expansion or relocation plans.<\/p>\n<p>While new developments have overwhelmingly targeted Lifestyle renters during the past five years, no new projects have broken ground since the debut of the health crisis. Multifamily investment volume and velocity also slowed in 2020, with $110 million in transactions closed through September, just two-thirds of the 2019 total. Given ongoing volatility, both investment and development are likely to remain muted in the near term.<\/p>\n<p>Read the full <strong><a href=\"https:\/\/www.yardimatrix.com\/Publications\/Download\/File\/1137-MatrixMultifamilyPittsburghReport-Fall2020?utm_source=Matrix-Blog&amp;utm_medium=Social\">Matrix Multifamily Pittsburgh Report-Fall 2020<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Rental Market Down, Not Out Pittsburgh\u2019s multifamily market faces a slew of challenges, though the metro\u2019s economic diversification in recent years may favorably position it for a longer-term recovery. In September, overall rents averaged $1,140, declining by 0.1% on a trailing three-month basis. While Lifestyle rents fell by a much steeper 0.6% during the same [&hellip;]<\/p>\n","protected":false},"author":650,"featured_media":181,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[16,62],"class_list":["post-111","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-metro-reports","category-multifamily-market","category-real-estate-trends","tag-multifamily-outlook","tag-pittsburgh"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Pittsburgh Real Estate Market Trends - Fall 2020 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Pittsburgh\u2019s multifamily market faces a slew of challenges, though the metro\u2019s economic diversification in recent years may favorably position it for a longer-term recovery.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.yardimatrix.com\/blog\/pittsburgh-real-estate-market-trends-fall-2020\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Pittsburgh Real Estate Market Trends - Fall 2020\" \/>\n<meta property=\"og:description\" content=\"Pittsburgh\u2019s multifamily market faces a slew of challenges, though the metro\u2019s economic diversification in recent years may favorably position it for a longer-term recovery.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/pittsburgh-real-estate-market-trends-fall-2020\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2020-12-04T10:08:21+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-03-10T08:15:22+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2020\/12\/Pittsburgh-iStock-1215698778.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"628\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"lilianam\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Jeff Hamann\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Pittsburgh Real Estate Market Trends - Fall 2020 - Yardi Matrix Blog","description":"Pittsburgh\u2019s multifamily market faces a slew of challenges, though the metro\u2019s economic diversification in recent years may favorably position it for a longer-term recovery.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.yardimatrix.com\/blog\/pittsburgh-real-estate-market-trends-fall-2020\/","og_locale":"en_US","og_type":"article","og_title":"Pittsburgh Real Estate Market Trends - Fall 2020","og_description":"Pittsburgh\u2019s multifamily market faces a slew of challenges, though the metro\u2019s economic diversification in recent years may favorably position it for a longer-term recovery.","og_url":"https:\/\/www.yardimatrix.com\/blog\/pittsburgh-real-estate-market-trends-fall-2020\/","og_site_name":"Yardi Matrix Blog","article_published_time":"2020-12-04T10:08:21+00:00","article_modified_time":"2023-03-10T08:15:22+00:00","og_image":[{"width":1200,"height":628,"url":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2020\/12\/Pittsburgh-iStock-1215698778.jpg","type":"image\/jpeg"}],"author":"lilianam","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Jeff Hamann","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.yardimatrix.com\/blog\/pittsburgh-real-estate-market-trends-fall-2020\/#article","isPartOf":{"@id":"https:\/\/www.yardimatrix.com\/blog\/pittsburgh-real-estate-market-trends-fall-2020\/"},"author":{"name":"lilianam","@id":"https:\/\/www.yardimatrix.com\/blog\/#\/schema\/person\/877efe30f5be34ed3f8b5f334c96a8e0"},"headline":"Pittsburgh Real Estate Market Trends &#8211; 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