Pittsburgh Multifamily Report – October 2024
This city is outperforming national metrics.
Pittsburgh average advertised asking rents were up 0.4 percent on a trailing three-month basis through August, to $1,388. In contrast, the national figure rose 0.1 percent, to $1,741. Pittsburgh rates were up 2.4 percent year-over-year, significantly above the 0.8 percent national figure. Over the 12-month period through July, the occupancy rate in Pittsburgh stabilized properties was up 10 basis points, reaching 95.5 percent, well above the 94.7 percent national rate.
The metro’s unemployment rate reached 3.7 percent in June, according to the Bureau of Labor Statistics. This was 40 basis points below the 4.1 percent U.S. rate and 30 basis points above Pennsylvania’s 3.4 percent. Employment rose by 1.1 percent (21,900 jobs) in the 12 months ending in June, below the national average of 1.3 percent. All but three sectors saw job growth, led by education and health services (13,100 jobs). The University of Pittsburgh, Allegheny County’s second-largest employer, has nearly completed its BioForge Biomanufacturing Center. Pitt also plans to bring its School of Health and Rehabilitation Sciences under a single roof.
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 percent 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.
