I joined Bigger Pockets a couple of years ago and have enjoyed the articles and forums ever since. I've been involved in real estate valuation for the past seven years and recently bought my first multifamily property, a small 2-unit just south of the city. If there are any other multifamily investors in the Pittsburgh area, I'd love to connect with you.
How is the Pittsburgh commercial property market performing specifically multifamily?
The multifamily sector in Pittsburgh is strong. Overall, occupancy rates are generally in the 96 to 98 percent range with some new supply in the pipeline. Several new mixed-income (LIHTC/Section 8/market rate) properties have been developed in Pittsburgh’s east end neighborhoods. However, several of these new properties are replacement housing for old Section 8 and public housing developments that have been razed. Pittsburgh’s CBD has also experienced some apartment infill development. Rent growth over the past year has been 3-4 percent for the metro area as a whole and cap rates are in 7-8 percent range for the most part. Several of Pittsburgh’s neighborhoods including Shadyside, South Side, Lawrenceville, and East Liberty are experiencing much stronger rent growth than the metro as a whole. The supply of quality multifamily assets on the market is limited, except in undesirable neighborhoods with high crime and economic decline. Hope this helps.
P.S. I have used REIS reports for market feasibility studies and valuation work I do outside of Pittsburgh and find them very useful.
I have recently started investing in the area and would like to meet up and talk business.
Hey guys, I too am from Pittsburgh. Search the forums for Pittsburgh and you will see some previous discussions that a few of us locals have had about the area. If you are looking to network you can try ACRE, the local REI association.
Im interested in purchasing some multifamily properties in NJ but I dont know how to conduct any market research. Where do you get the information to conduct this market research?
this is great information all ways good to know about different markets, and congrats on your investment. Will check on those reis feasibility reports.
@Mike Well You can use a couple of sources such as the Altos Research, Local Market Monitor, and REIS reports. It also depends on what you are using the market research for i.e. locating markets or analyzing markets. If you are locating markets then you can utilize census or NJ Department of Labor.
I just got off the web and looked at it, I remember talking about this web in college, thanks.
Thanks, great information.
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