Pittsburgh has transformed from its industrial roots into a dynamic hub for technology, healthcare, and education. The city's affordable housing, combined with a strong job market, has attracted a diverse population, including young professionals, students, and remote workers.Real Estate Skills+1New York Post+1
Property Management Insights:
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Rental Demand: Since 2019, Pittsburgh's median rent has surged nearly 48%, the highest increase among major U.S. cities. This growth is driven by an influx of residents seeking affordable living options and a limited supply of new rental units.
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Housing Inventory: The number of active listings in Pittsburgh has decreased by approximately 39.3% compared to pre-pandemic levels, indicating a tight housing market.
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Vacancy Rates: Pennsylvania's overall rental vacancy rate stood at 6.9% in 2024, reflecting a stable rental market. New York PostFRED
Key Stats:
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Median Home Price: $288,600 statewide, with Pittsburgh offering more affordable options compared to other major cities.
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Median Rent: Approximately $1,550 across Pennsylvania, with Pittsburgh's rates climbing due to high demand.
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Rental Vacancy Rate: 6.9% in 2024, indicating a healthy rental market.