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.