Market Report
Pittsburgh Multifamily Market Report
2025 Investment Forecast
Renter Demand and Supply Are Aligning Again in
Pittsburgh as Outlook Improves in Central Areas
A diminishing delivery slate helps stabilize fundamentals. Pittsburgh, in its fourth year of declining construction activity, has reached a near equilibrium between apartment supply and renter demand. Over 9,000 expected transplants and household formation at its highest volume since 2016 will lift the need for rentals, aiding urban submarkets with heavy 2025 delivery slates like Oakland-Shadyside and Central Pittsburgh. Arrivals in the latter area may be readily absorbed, as projects such as FNB’s new headquarters draw renters to the area. New supply in Oakland-Shadyside also appears warranted long term, as the area led all submarkets over the last two years in net absorption. Meanwhile, suburbs like East and North Pittsburgh may see vacancy decreases over 2025 under a scant delivery slate. This may aid ongoing rent trends here after noting the largest supply gains among submarkets last year, with inventory now over 15,000 units.
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