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Special Report

Pittsburgh Multifamily Investment Forecast

Pittsburgh, 2017 Outlook

New tech industries drive income growth; rents climb. The considerable number of universities in Pittsburgh will provide a diverse hiring pool for the area’s growing tech sector in 2017.

Job Growth Fosters New Households; Out-of-Metro Buyers Seek Pittsburgh Assets

New tech industries drive income growth; rents climb. The considerable number of universities in Pittsburgh will provide a diverse hiring pool for the area’s growing tech sector in 2017. The metro’s unique road system has attracted companies, including Uber, to test new automated car technology, bringing many high-paying jobs to the area. A rise in income will foster another year of steady household growth, fueling demand for apartments. Development will moderate this year but remain near the average recorded over the past five years. The areas of Oakland and Shadyside will receive the majority of construction, providing housing for college-age students, who typically favor rentals, near Carnegie Mellon and Chatham universities. After a sizable number of rentals came online over the course of the recovery, vacancy will tick up this year as supply outstrips demand. The rise in vacancy will not hamper rent growth this year as rental rates surpass the record average rent per month set in 2016 .

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