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

 

Jay Parsons

National Market Analysis Manager, MPF Research

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Jay Parsons is the Director of Analytics & Forecasts for MPF Research, the market intelligence arm of RealPage, Inc. Jay’s role includes overseeing MPF’s five-year forecast models and managing the team that tracks and analyzes conditions in 300+ markets across the country. Jay also helps lead Revenue Forecaster, RealPage’s on-demand forecasting platform specific to individual apartment assets and unit types – seamlessly merging market expectations with rent roll dynamics, as well as MPF’s quarterly market research reports. In addition, he is also the host of “Apartment Market Dynamics,” MPF’s video news program highlighting apartment market trends in metros of all sizes across the country. Jay has been with MPF Research since March 2009. He has written articles for industry publications, including Multifamily Executive and Units, and has spoken on various topics related to the multifamily housing at industry conferences and events. He is a native of Charlotte, N.C., and a graduate of the University of Maryland, currently living in the Dallas area.

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