{"id":8828,"date":"2024-11-01T10:37:00","date_gmt":"2024-11-01T10:37:00","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=8828"},"modified":"2025-05-22T10:44:41","modified_gmt":"2025-05-22T10:44:41","slug":"pittsburgh-multifamily-market-report-october-2024","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/pittsburgh-multifamily-market-report-october-2024\/","title":{"rendered":"Pittsburgh Multifamily Market Report \u2013 October 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>Rents, Occupancy On the Upswing<\/h2>\n<p>Pittsburgh average advertised asking rents were up 0.4% on a trailing three-month basis through August, to $1,388, according to the latest Yardi Matrix Pittsburgh multifamily market report. In contrast, the national figure rose 0.1%, to $1,741. Pittsburgh rates were up 2.4% year-over-year, significantly above the 0.8% national figure. Over the 12-month period through July, the occupancy rate in Pittsburgh stabilized properties was up 10 basis points, reaching 95.5%, well above the 94.7% national rate, per the <a href=\"\/blog\/national-multifamily-market-report\/\" rel=\"\"><strong>U.S. multifamily market report<\/strong><\/a>.<\/p>\n<p><iframe id=\"datawrapper-chart-CCtd7\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Pittsburgh vs. National Rent Growth \" src=\"https:\/\/datawrapper.dwcdn.net\/CCtd7\/1\/\" height=\"328\" 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>The metro\u2019s unemployment rate reached 3.7% in June, according to the Bureau of Labor Statistics. This was 40 basis points below the 4.1% U.S. rate and 30 basis points above Pennsylvania\u2019s 3.4%. Employment rose by 1.1% (21,900 jobs) in the 12 months ending in June, below the national average of 1.3%. All but three sectors saw job growth, led by education and health services (13,100 jobs). The University of Pittsburgh, Allegheny County\u2019s second-largest employer, has nearly completed its BioForge Biomanufacturing Center. Pitt also plans to bring its School of Health and Rehabilita\u0002tion Sciences under a single roof.<\/p>\n<p><iframe id=\"datawrapper-chart-nHZRO\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Pittsburgh Employment Share by Sector \" src=\"https:\/\/datawrapper.dwcdn.net\/nHZRO\/1\/\" height=\"417\" 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 brought 844 units online through August and had another 2,772 units under construction. Lifestyle units accounted for nearly all completions, as well as more than 90% of the projects underway. Investment picked up significantly, totaling $230 million in the first eight months of the year. By comparison, sales for all of 2023 amounted to just $102 million.<\/p>\n<p>Read the full Yardi Matrix Pittsburgh Multifamily Market Report: <a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/6362-MatrixMultifamilyPittsburghReport-October2024\"><strong>October 2024<\/strong><\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Rents, Occupancy On the Upswing Pittsburgh average advertised asking rents were up 0.4% on a trailing three-month basis through August, to $1,388, according to the latest Yardi Matrix Pittsburgh multifamily market report. In contrast, the national figure rose 0.1%, to $1,741. Pittsburgh rates were up 2.4% year-over-year, significantly above the 0.8% national figure. Over the [&hellip;]<\/p>\n","protected":false},"author":436,"featured_media":8012,"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-8828","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 October 2024 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Pittsburgh advertised asking rents increased 0.4 percent on a T3 basis through August to $1,388, while the U.S. rate rose only 0.1 percent.\" \/>\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-october-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 October 2024\" \/>\n<meta property=\"og:description\" content=\"Pittsburgh advertised asking rents increased 0.4 percent on a T3 basis through August to $1,388, while the U.S. rate rose only 0.1 percent.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/pittsburgh-multifamily-market-report-october-2024\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2024-11-01T10:37:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-05-22T10:44:41+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2024\/05\/Matrix-Multifamily-Metro-October-2024-Pittsburgh.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=\"Agota Felhazi\" \/>\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 October 2024 - 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