{"id":5063,"date":"2022-11-21T15:00:19","date_gmt":"2022-11-21T15:00:19","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=5063"},"modified":"2023-09-13T04:54:53","modified_gmt":"2023-09-13T04:54:53","slug":"pittsburgh-multifamily-market-report-october-2022","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/pittsburgh-multifamily-market-report-october-2022\/","title":{"rendered":"Pittsburgh Multifamily Market Report – October 2022"},"content":{"rendered":"\n

Pittsburgh Sees Ups and Downs in Fundamentals<\/strong><\/h2>\n\n\n\n

As a former manufacturing-heavy Rust Belt market, Pittsburgh has seen some lag in the development of its multifamily sector over the years.<\/strong> However, while national trends point to a significant slowdown or even stagnation, Pittsburgh rent growth is now outperforming, at 0.8% on a trailing three-month basis as of August, while the U.S. rate was 0.6%. The metro\u2019s average occupancy in stabilized properties was 96.3% as of July, 30 basis points higher than the national figure.<\/p>\n\n\n\n

Following the emergence of the pandemic, the job market found itself in a bit of a hole, but the rebuilding is largely underway. No job sectors recorded losses in the 12 months ending in June<\/strong>, with total employment up 36,100 positions. Anchored by a high-end tech talent pool generated by a number of universities\u2013chief among which is Carnegie-Mellon University\u2013the city of Pittsburgh is using its new profile to aid its residents. A public-private partnership developed by the university, local authorities and micromobility company Spin has initiated a pilot program to examine the potential for free transportation for low-income residents.<\/p>\n\n\n\n

Following a hot streak during the first year of the pandemic, Pittsburgh multifamily investment has since dwindled, with limited investment in 2022<\/strong>, as rising interest rates have curbed appetite across markets. With 2,055 units under construction, development is seeing solid but typically oscillating activity. <\/p>\n\n\n\n

Read the full Matrix Multifamily Pittsburgh Report-October 2022<\/a><\/strong>.<\/p>\n\n\n\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

Pittsburgh Sees Ups and Downs in Fundamentals As a former manufacturing-heavy Rust Belt market, Pittsburgh has seen some lag in the development of its multifamily sector over the years. However, while national trends point to a significant slowdown or even stagnation, Pittsburgh rent growth is now outperforming, at 0.8% on a trailing three-month basis as […]<\/p>\n","protected":false},"author":650,"featured_media":5064,"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-5063","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":"\nPittsburgh Multifamily Market Report - October 2022 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"After largely trailing the national rate of growth throughout the cycle, Pittsburgh\u2019s rental market outperformed the national rate of growth by 20 basis points.\" 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