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 national market analysis manager for MPF Research. Jay heads up MPF’s market analysis team, which tracks and forecasts apartment trends – as well as the economic and demographic patterns that shape them – across the country down to a neighborhood level. He also oversees the production of the company’s quarterly Apartment Market Reports. Jay also serves as the host of “Apartment Market Dynamics,” MPF’s video news program highlighting apartment market trends in metros of all sizes across the country. He has written articles for industry publications, including Multifamily Executive and Units.

Jay began working for MPF Research in March 2009 as a market analyst before moving into his current role in March 2011. Prior to joining MPF, he worked as a reporter for The Dallas Morning News, where his duties included coverage of local government and economic development. A native of Charlotte, North Carolina, he is a graduate of the University of Maryland. Jay is a member of the DFW Association for Business Economics and the DFW Real Estate Research Forum.

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