{"id":4018,"date":"2022-04-28T10:32:00","date_gmt":"2022-04-28T10:32:00","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=4018"},"modified":"2023-09-13T12:08:55","modified_gmt":"2023-09-13T12:08:55","slug":"pittsburgh-multifamily-market-report-april-2022","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/pittsburgh-multifamily-market-report-april-2022\/","title":{"rendered":"Pittsburgh Multifamily Market Report &#8211; April 2022"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Rent Growth Slows, Remains Solid<\/h2>\n\n\n\n<p>The Pittsburgh multifamily market had a <a href=\"https:\/\/www.yardimatrix.com\/blog\/pittsburgh-multifamily-market-report-fall-2021\/\"><strong>largely unremarkable 2021<\/strong>.<\/a> Although fundamentals began recovering, they remained below the national average in rent gains, inventory expansion and economic growth. On a trailing three-month basis through February,<strong> rents rose 0.3% to $1,266<\/strong>, half the pace of the national rate. Meanwhile, overall <strong>occupancy rose to 96.1%<\/strong>, boosted primarily by the upscale segment, up by a substantial 180 basis points in the 12 months ending in January, to 95.6%.<\/p>\n\n\n\n<p>The<strong> unemployment rate in Pittsburgh stood at 5.8%<\/strong> in January, according to preliminary data from the Bureau of Labor Statistics, trailing the 3.8% national rate, as well as the state (5.4%) and Philadelphia (5.3%). The job market expanded by 3.4% in the 12 months ending in December, 100 basis points below the U.S. rate. Financial activities\u2014the only sector to gain jobs in the 12 months ending in December 2020\u2014was the only sector to post job losses (-1,100 jobs) a year prior.<\/p>\n\n\n\n<p>As of February<strong>, developers had 2,866 units under construction<\/strong>, heavily targeting the high-income renter. Last year registered a slight increase in stock expansion compared to the previous two years. Meanwhile, in 2021, transaction activity moderated ($164 million) and amounted to half the peak volume recorded in 2020 ($335 million). The average price per unit decreased by 22.2%.<\/p>\n\n\n\n<p>Read the full <strong><a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/2004-MatrixMultifamilyPittsburghReport-April2022\">Matrix Multifamily Pittsburgh Report-April 2022<\/a><\/strong><\/p>\n\n\n\n<div style=\"height:45px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Rent Growth Slows, Remains Solid The Pittsburgh multifamily market had a largely unremarkable 2021. Although fundamentals began recovering, they remained below the national average in rent gains, inventory expansion and economic growth. On a trailing three-month basis through February, rents rose 0.3% to $1,266, half the pace of the national rate. Meanwhile, overall occupancy rose [&hellip;]<\/p>\n","protected":false},"author":650,"featured_media":4019,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[444,62],"class_list":["post-4018","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-metro-reports","category-multifamily-market","category-real-estate-trends","tag-multifamily-outlook-2022","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 Multifamily Market Report - April 2022 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Rent growth in Pittsburgh was just 0.3 percent on a T3 basis through February, reaching $1,266. Occupancy climbed above 96%.\" \/>\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-multifamily-market-report-april-2022\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Pittsburgh Multifamily Market Report - April 2022\" \/>\n<meta property=\"og:description\" content=\"Rent growth in Pittsburgh was just 0.3 percent on a T3 basis through February, reaching $1,266. Occupancy climbed above 96%.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/pittsburgh-multifamily-market-report-april-2022\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2022-04-28T10:32:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-09-13T12:08:55+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2022\/05\/Pittsburgh-iStock-1387593051.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=\"Anca Gagiuc\" \/>\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 Multifamily Market Report - April 2022 - Yardi Matrix Blog","description":"Rent growth in Pittsburgh was just 0.3 percent on a T3 basis through February, reaching $1,266. Occupancy climbed above 96%.","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-multifamily-market-report-april-2022\/","og_locale":"en_US","og_type":"article","og_title":"Pittsburgh Multifamily Market Report - April 2022","og_description":"Rent growth in Pittsburgh was just 0.3 percent on a T3 basis through February, reaching $1,266. Occupancy climbed above 96%.","og_url":"https:\/\/www.yardimatrix.com\/blog\/pittsburgh-multifamily-market-report-april-2022\/","og_site_name":"Yardi Matrix Blog","article_published_time":"2022-04-28T10:32:00+00:00","article_modified_time":"2023-09-13T12:08:55+00:00","og_image":[{"width":1200,"height":628,"url":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2022\/05\/Pittsburgh-iStock-1387593051.jpg","type":"image\/jpeg"}],"author":"lilianam","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Anca Gagiuc","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.yardimatrix.com\/blog\/pittsburgh-multifamily-market-report-april-2022\/#article","isPartOf":{"@id":"https:\/\/www.yardimatrix.com\/blog\/pittsburgh-multifamily-market-report-april-2022\/"},"author":{"name":"lilianam","@id":"https:\/\/www.yardimatrix.com\/blog\/#\/schema\/person\/877efe30f5be34ed3f8b5f334c96a8e0"},"headline":"Pittsburgh Multifamily Market Report &#8211; April 2022","datePublished":"2022-04-28T10:32:00+00:00","dateModified":"2023-09-13T12:08:55+00:00","mainEntityOfPage":{"@id":"https:\/\/www.yardimatrix.com\/blog\/pittsburgh-multifamily-market-report-april-2022\/"},"wordCount":211,"commentCount":0,"publisher":{"@id":"https:\/\/www.yardimatrix.com\/blog\/#organization"},"image":{"@id":"https:\/\/www.yardimatrix.com\/blog\/pittsburgh-multifamily-market-report-april-2022\/#primaryimage"},"thumbnailUrl":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2022\/05\/Pittsburgh-iStock-1387593051.jpg","keywords":["Multifamily Outlook 2022","Pittsburgh"],"articleSection":["Metro Reports","Multifamily Market","Real Estate Trends"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.yardimatrix.com\/blog\/pittsburgh-multifamily-market-report-april-2022\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.yardimatrix.com\/blog\/pittsburgh-multifamily-market-report-april-2022\/","url":"https:\/\/www.yardimatrix.com\/blog\/pittsburgh-multifamily-market-report-april-2022\/","name":"Pittsburgh Multifamily Market Report - April 2022 - Yardi Matrix Blog","isPartOf":{"@id":"https:\/\/www.yardimatrix.com\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.yardimatrix.com\/blog\/pittsburgh-multifamily-market-report-april-2022\/#primaryimage"},"image":{"@id":"https:\/\/www.yardimatrix.com\/blog\/pittsburgh-multifamily-market-report-april-2022\/#primaryimage"},"thumbnailUrl":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2022\/05\/Pittsburgh-iStock-1387593051.jpg","datePublished":"2022-04-28T10:32:00+00:00","dateModified":"2023-09-13T12:08:55+00:00","description":"Rent growth in Pittsburgh was just 0.3 percent on a T3 basis through February, reaching $1,266. Occupancy climbed above 96%.","breadcrumb":{"@id":"https:\/\/www.yardimatrix.com\/blog\/pittsburgh-multifamily-market-report-april-2022\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.yardimatrix.com\/blog\/pittsburgh-multifamily-market-report-april-2022\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.yardimatrix.com\/blog\/pittsburgh-multifamily-market-report-april-2022\/#primaryimage","url":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2022\/05\/Pittsburgh-iStock-1387593051.jpg","contentUrl":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2022\/05\/Pittsburgh-iStock-1387593051.jpg","width":1200,"height":628,"caption":"Image by YS\/iStockphoto.com"},{"@type":"BreadcrumbList","@id":"https:\/\/www.yardimatrix.com\/blog\/pittsburgh-multifamily-market-report-april-2022\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.yardimatrix.com\/blog\/"},{"@type":"ListItem","position":2,"name":"Pittsburgh Multifamily Market Report &#8211; April 2022"}]},{"@type":"WebSite","@id":"https:\/\/www.yardimatrix.com\/blog\/#website","url":"https:\/\/www.yardimatrix.com\/blog\/","name":"Yardi Matrix Blog","description":"Stay current with the latest commercial real estate market trends and forecasts","publisher":{"@id":"https:\/\/www.yardimatrix.com\/blog\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.yardimatrix.com\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.yardimatrix.com\/blog\/#organization","name":"Yardi Matrix","url":"https:\/\/www.yardimatrix.com\/blog\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.yardimatrix.com\/blog\/#\/schema\/logo\/image\/","url":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2020\/11\/Inline_Matrix_Color_es-1.jpg","contentUrl":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2020\/11\/Inline_Matrix_Color_es-1.jpg","width":200,"height":39,"caption":"Yardi Matrix"},"image":{"@id":"https:\/\/www.yardimatrix.com\/blog\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.linkedin.com\/company\/yardi-matrix\/","https:\/\/www.youtube.com\/channel\/UCRHgAZL4YoyeNEdiRN5uj0g"]},{"@type":"Person","@id":"https:\/\/www.yardimatrix.com\/blog\/#\/schema\/person\/877efe30f5be34ed3f8b5f334c96a8e0","name":"lilianam","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.yardimatrix.com\/blog\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/45984043e497a4c112cc391ba1c7376592e14880c782c889d4abfed0aeefa8ad?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/45984043e497a4c112cc391ba1c7376592e14880c782c889d4abfed0aeefa8ad?s=96&d=mm&r=g","caption":"lilianam"},"url":""}]}},"jetpack_featured_media_url":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2022\/05\/Pittsburgh-iStock-1387593051.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/posts\/4018","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/users\/650"}],"replies":[{"embeddable":true,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/comments?post=4018"}],"version-history":[{"count":4,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/posts\/4018\/revisions"}],"predecessor-version":[{"id":6395,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/posts\/4018\/revisions\/6395"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/media\/4019"}],"wp:attachment":[{"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/media?parent=4018"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/categories?post=4018"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/tags?post=4018"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}