Pittsburgh Multi-Household Report – Fall 2020

Pittsburgh Rent Evolution, click to enlarge

Pittsburgh’s multi-family market faces a number of challenges, though the metro’s economic diversification in recent years could position it favorably for longer-term recovery. In September total rents averaged $ 1,140 and declined 0.1 percent after three months. While lifestyle rents fell by 0.6 percent in the same period, upscale units only make up a small part of the market.


The underground economy continues to struggle, although many of the job losses originally caused by the pandemic have now been reversed. According to preliminary data from the Bureau of Labor Statistics, the unemployment rate in Pittsburgh was 10.8 percent in August – a significant improvement from April’s high of 16.4 percent but well below the US rate of 8.4 percent in August. However, employment growth could be seen as several well-known technology companies announce expansion or relocation plans.

Pittsburgh sales volume and number of properties sold, click to enlargePittsburgh sales volume and number of properties sold, click to enlarge

While new developments over the past five years have mostly appealed to lifestyle tenants, no new projects have started since the health crisis debuted. The volume of investment and the speed of multi-family businesses also slowed in 2020. As of September, $ 110 million in deals had been completed, which is only two-thirds of the 2019 total. In view of the ongoing volatility, both investments and developments are likely to remain subdued in the short term.

Read the full Yardi Matrix report.

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