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Market Report

Pittsburgh Multifamily Market Report

2Q 2022

Inbound Tech Labor Shifting Renter Trends;
Sparse Suburban Deliveries Keep Vacancy Down

Highly-skilled labor drives leasing trends. A rich academic environment generated by Carnegie Mellon University has attracted firms seeking to capitalize on joint-research opportunities and a university-educated talent pool. DoorDash and Waymo, Google’s autonomous driving division, are just two examples of engineering-focused operations that have recently expanded into the Steel City. Silicon Valley giants have supported a growing tech worker population here, helping to push overall vacancy into the mid-2 percent band, despite regional population loss. An influx of well-compensated professionals is translating to a shift in the renter base, and higher demand for Class A units. The average effective rent in this tier advanced 11.2 percent in 2021, three times the increase observed in the Class C segment.
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