{"id":8003,"date":"2024-05-15T12:34:00","date_gmt":"2024-05-15T12:34:00","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=8003"},"modified":"2024-11-07T12:51:16","modified_gmt":"2024-11-07T12:51:16","slug":"pittsburgh-multifamily-market-report-april-2024","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/pittsburgh-multifamily-market-report-april-2024\/","title":{"rendered":"Pittsburgh Multifamily Market Report \u2013 April 2024"},"content":{"rendered":"\n<p class=\"has-normal-font-size\">Read the latest Yardi Matrix <strong><a href=\"\/blog\/pittsburgh-multifamily-market-report\/\">Pittsburgh Multifamily Market Report<\/a><\/strong>.<\/p>\n\n\n<hr \/>\n<h2>Pipeline Rebounds In Steel City<\/h2>\n<p>The metro&#8217;s multifamily is keeping afloat in an economic landscape that has distressed many U.S. rental markets, according to the latest Yardi Matrix Pittsburgh multifamily market report. The metro\u2019s rents were flat on a trailing three-month basis through February,<br \/>at $1,345, while the U.S. rate was down 0.1% during the same time frame, per the <a href=\"\/blog\/national-multifamily-market-report\/\" rel=\"\"><strong>national multifamily market report<\/strong><\/a>. The metro\u2019s average occupancy in stabilized properties stood at 94.8% as of February, recording an 80-basis-point decrease in 12 months.<\/p>\n<p><iframe id=\"datawrapper-chart-oEmSt\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Pittsburgh vs. National Rent Growth\" src=\"https:\/\/datawrapper.dwcdn.net\/oEmSt\/1\/\" height=\"320\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Interactive line chart\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n<p>Pittsburgh employment expanded by 1.6% last year, 40 basis points below the U.S. rate, adding 10,800 net jobs to the workforce. Education and health services added the most positions (4,900). The unemployment rate stood at 2.9% as of December, 80 basis points lower than the U.S. figure, according to preliminary data from the Bureau of Labor Statistics. A new, $250 million bio-manufacturing facility set to take shape on the 178-acre Hazelwood Green will add to the metro\u2019s life science footprint.<\/p>\n<p><iframe id=\"datawrapper-chart-C8DTJ\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Pittsburgh Employment Share by Sector\" src=\"https:\/\/datawrapper.dwcdn.net\/C8DTJ\/1\/\" height=\"423\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Table\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n<p>Developers had 3,207 units underway as of February across the metro, with an additional 15,000 apartments in the planning and permitting stages. The number of construction starts rose significantly in 2023, with 2,260 units breaking ground, a far cry from the 471 units recorded in 2022. Transaction activity in 2023 closed at just $98.9 million, a big slide from the previous three years and also the lowest figure since 2016.<\/p>\n<p>Read the full Yardi Matrix Pittsburgh Multifamily Market Report: <a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/4641-MatrixMultifamilyPittsburghReport-October2023\"><strong>October 2023<\/strong><\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Pipeline Rebounds In Steel City The metro&#8217;s multifamily is keeping afloat in an economic landscape that has distressed many U.S. rental markets, according to the latest Yardi Matrix Pittsburgh multifamily market report. The metro\u2019s rents were flat on a trailing three-month basis through February,at $1,345, while the U.S. rate was down 0.1% during the same [&hellip;]<\/p>\n","protected":false},"author":436,"featured_media":7413,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[511,62],"class_list":["post-8003","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-metro-reports","category-multifamily-market","category-real-estate-trends","tag-multifamily-outlook-2024","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 \u2013 April 2024 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Rents stayed put on a T3 basis in August, as improvement in Pittsburgh slowed following an above-trend summer, Yardi Matrix reports.\" \/>\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-2024\/\" \/>\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 \u2013 April 2024\" \/>\n<meta property=\"og:description\" content=\"Rents stayed put on a T3 basis in August, as improvement in Pittsburgh slowed following an above-trend summer, Yardi Matrix reports.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/pittsburgh-multifamily-market-report-april-2024\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2024-05-15T12:34:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-11-07T12:51:16+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2024\/05\/Pittsburgh-iStock-1893810479.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=\"Adina Rogoz\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Madalina Pojoga\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Pittsburgh Multifamily Market Report \u2013 April 2024 - 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