Pittsburgh Multifamily Market
Demand Shows Signs of Easing;
Outlooks in Select Zones Remain Strongly Positive
Urban Pittsburgh forges standout demand as vacancy stabilizes. All submarkets reported rising availability in the first half of 2022, with the exception of Oakland-Shadyside. Here, a 30-basis-point reduction was observed, placing vacancy at 3.6 percent. A number of life science initiatives pursuing collaboration with Carnegie Mellon are supporting resident relocations to this locale. This is fostering a consistent renter base of researchers and students that work at, or attend, nearby institutions. Elsewhere, the metro's bevy of tech startups and Silicon Valley giants will bolster long-term rental demand. Central Pittsburgh neighborhoods around the Strip, where many tech-focused businesses are found, stand to benefit the most.