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 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 U.S. multifamily market report.
The metro’s 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’s 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’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% 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.
Read the full Yardi Matrix Pittsburgh Multifamily Market Report: October 2024
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