{"id":829,"date":"2021-04-29T07:50:08","date_gmt":"2021-04-29T07:50:08","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=829"},"modified":"2023-09-12T15:51:10","modified_gmt":"2023-09-12T15:51:10","slug":"pittsburgh-multifamily-market-report-spring-2021","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/pittsburgh-multifamily-market-report-spring-2021\/","title":{"rendered":"Pittsburgh Multifamily Market Report \u2013 Spring 2021"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Ready for a Comeback<\/h2>\n\n\n\n<p><strong><a href=\"https:\/\/www.yardimatrix.com\/blog\/tag\/pittsburgh-housing-market\/\" target=\"_blank\" rel=\"noreferrer noopener\">Pittsburgh\u2019s multifamily market<\/a><\/strong> continues to face its share of challenges, though the metro is showing some signs of recovery. Rents were up 0.3% on a trailing three-month basis through February, exceeding national growth. Working-class Renter-byNecessity rents expanded by 0.3%, as demand continued to grow for lower-cost units across the metro.<\/p>\n\n\n\n<p>The metro\u2019s economy took a significant hit over the past year, with job losses totaling 86,300 in the 12 months ending in December. Unemployment stood at 6.6% in December, slightly leading the national rate of 6.7%. Pittsburgh\u2019s diversifying economy could prove to be a driver of long-term growth, however technology firms raised nearly $1 billion in the metro last year, according to an Ernst &amp; Young and Innovation Works report.<\/p>\n\n\n\n<p>While multifamily transactions in the first two months of 2021 totaled only $15 million, last year\u2019s volume of $245 million was a nearly 5% increase from 2019, despite challenges brought about by the pandemic. Pittsburgh\u2019s low price points may drive additional investment due to growing renter demand for lower-cost units. Some 3,000 units were under construction in February, with more than one-third breaking ground in 2020. Though deliveries slowed last year, we expect an uptick in 2021 with more than 1,000 units slated to come online by the end of summer.<\/p>\n\n\n\n<p>View the full <strong><a href=\"https:\/\/www.yardimatrix.com\/Publications\/Download\/File\/1244-MatrixMultifamilyPittsburghReport-Spring2021?utm_source=Matrix-Blog&amp;utm_medium=Social\" target=\"_blank\" rel=\"noreferrer noopener\">Matrix Multifamily Pittsburgh Report-Spring 2021<\/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>Ready for a Comeback Pittsburgh\u2019s multifamily market continues to face its share of challenges, though the metro is showing some signs of recovery. Rents were up 0.3% on a trailing three-month basis through February, exceeding national growth. Working-class Renter-byNecessity rents expanded by 0.3%, as demand continued to grow for lower-cost units across the metro. The [&hellip;]<\/p>\n","protected":false},"author":650,"featured_media":830,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[221,62],"class_list":["post-829","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-metro-reports","category-multifamily-market","category-real-estate-trends","tag-multifamily-outlook-2021","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 Spring 2021 - Yardi Matrix Blog<\/title>\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-spring-2021\/\" \/>\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 Spring 2021\" \/>\n<meta property=\"og:description\" content=\"Ready for a Comeback Pittsburgh\u2019s multifamily market continues to face its share of challenges, though the metro is showing some signs of recovery. Rents were up 0.3% on a trailing three-month basis through February, exceeding national growth. Working-class Renter-byNecessity rents expanded by 0.3%, as demand continued to grow for lower-cost units across the metro. The [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/pittsburgh-multifamily-market-report-spring-2021\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2021-04-29T07:50:08+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-09-12T15:51:10+00:00\" \/>\n<meta name=\"author\" content=\"lilianam\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2021\/04\/Pittsburgh-Matrix-Report-iStock-1310726215.jpg\" \/>\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 Multifamily Market Report \u2013 Spring 2021 - Yardi Matrix Blog","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-spring-2021\/","og_locale":"en_US","og_type":"article","og_title":"Pittsburgh Multifamily Market Report \u2013 Spring 2021","og_description":"Ready for a Comeback Pittsburgh\u2019s multifamily market continues to face its share of challenges, though the metro is showing some signs of recovery. Rents were up 0.3% on a trailing three-month basis through February, exceeding national growth. Working-class Renter-byNecessity rents expanded by 0.3%, as demand continued to grow for lower-cost units across the metro. The [&hellip;]","og_url":"https:\/\/www.yardimatrix.com\/blog\/pittsburgh-multifamily-market-report-spring-2021\/","og_site_name":"Yardi Matrix Blog","article_published_time":"2021-04-29T07:50:08+00:00","article_modified_time":"2023-09-12T15:51:10+00:00","author":"lilianam","twitter_card":"summary_large_image","twitter_image":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2021\/04\/Pittsburgh-Matrix-Report-iStock-1310726215.jpg","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-multifamily-market-report-spring-2021\/#article","isPartOf":{"@id":"https:\/\/www.yardimatrix.com\/blog\/pittsburgh-multifamily-market-report-spring-2021\/"},"author":{"name":"lilianam","@id":"https:\/\/www.yardimatrix.com\/blog\/#\/schema\/person\/877efe30f5be34ed3f8b5f334c96a8e0"},"headline":"Pittsburgh Multifamily Market Report \u2013 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