Pittsburgh 1Q24 Multifamily Market Insights Report: Ongoing renter demand provides operational stability

Highlights: 

• The Pittsburgh multifamily market has maintained a fairly steady set of operational performance metrics in recent quarters. Even with an uptick in vacancies, rents have managed to trend higher in the past year. 
• Fewer than 10,000 units have been delivered in the Pittsburgh area since 2016, and projects totaling 580 units came online in the first quarter.
• Rents peaked in the third quarter of last year, and trends have been mixed in recent periods. During the first quarter, rents ticked higher, reaching $1,385 per month; in the past year, rents have advanced 2.3%. 
• Permitting for new multifamily units slowed to just 165 units in the first quarter, down more than 40% from levels during the same period in 2023.

Read the report or contact our office in Washington, D.C., to learn more.