Pittsburgh vs Philadelphia as an investment location
I'm an investor out of NYC. The NYC metro market rental market is in the twin bad places of being both priced and oversupplied with rentals currently. So I'm looking elsewhere. I had keyed in on Pittsburgh as an investment target city, and have been talking to a broker and reviewing properties. As I was doing this, I thought that I might want to see how Philly compared. I will admit that part of this is that it's a bunch easier to get to Philly from NYC than Pittsburgh.
So for those who've looked at both, how do they compare. Specifically I'm looking cost and availability of multi-family properties, and the rental prospects for completed units. I just finished a project in Jersey City that turned into a BRRRR type project, and would entertain that in either city. I would also look at bigger operating properties. I would expect Philly to be a little more expensive, but to have equal or higher return percentages. Is this correct?
Any info appreciated.
Most Popular Reply
@Rob Beardsley I'd echo @Josh Caldwell there are lots of opportunity in Pittsburgh. I too have owned property in Pittsburgh. I would enter the Pgh market as any other market, first I'd look at loopnet and costar, then I would contact some commercial real estate brokers there and see what inventory they had and whether there was a fit for you working with them.
David Krulac
Bigger Pockets Podcast #82