Pittsburgh Apartment Market Cools a Bit, but it’s Still Hot [Video]
The Pittsburgh apartment market appears to be past its peak for this cycle, but it’s still posting tight occupancy rates and solid rent growth.
Pittsburgh Performance Highlights Q2 2013
Economy: Energy, education, and health care jobs have made the local economy one of the more robust and stable in the nation.
Occupancy: Annual occupancy growth has eased in Pittsburgh to 96.8%. While down from 98.6% from a year ago, 96.8% places is good enough to place 10th in the nation for occupancy for large markets.
Rent Growth: While rent growth has cooled from peak levels, the metro saw an annual rent change of 3.0%, right in line with the national average.
Outlook: MPF Research believes the peak growth period is behind Pittsburgh, but the metro should continue to perform well with occupancy holding steady and rent growth to continue year over year at 3.0%.
Image: By Theeditor93, via Wikimedia Commons