Whats areas to invest in Pittsburghs Hot Market
One question or comment I hear quite often from investors all over the world is Pittsburgh is the next high tech city and the place to buy rental property. I do understand that there are some large companies that have moved some of their operations to Pittsburgh but overall the population growth in Pittsburgh is stagnant even declining. Allegheny county is also very low. I am seeing a spike in prices over the past 5 years in about 7 different areas of Pittsburgh. I try to focus on those areas but sometimes I feel its too late. I want to get there before the hype. I am trying to hone my skills to sniff out the next hot spot. Things I have been looking for is population growth, rise in sales prices, days on market, rental prices, economic development that may be coming to that area or the perimeter of the area that could cause a higher than average appreciation.
My point is there is an oversupply of rentals and overall I have seen rent prices fall in quite a few areas. Dont get me wrong I buy heavily in the Pittsburgh market but its not as easy as you may think. I love the Pittsburgh market but you have to be smart, know your rent values and buy low and sell high. its not rocket science but some days I think its harder than rocket science.
Comments (2)
An area often overlooked is the Beechview neighborhood. Known for its proximity to the light-rail system giving residents a 15-minute commute to the city. The area is relatively low-crime and full of families and children, complemented by its parks and elementary school. Most notable in Beechview is its diverse population, hosting Pittsburgh's highest population of Hispanics among Asians and Middle Easterners as well.
The area is ripe for business development along its Broadway Ave, which the Pittsburgh light rail system runs along. Current businesses include a Hispanic-owned grocery store, "Las Palmas IGA", a few Mexican restaurants, one of which is "La Catrina" which was featured in the Pittsburgh Post-Gazette's Munch column. Adding to it's diverse and unique mix of retail, is an Indian restaurant, barber shop, podcasting studio, taco-stand, beer distributor, and much more.
As for real estate, there are many, many duplexes and multi-family units along the light-rail that with some cosmetic upgrades could demand some above average rents, thanks to the transit system's ultra-short commute to the city. This place is definitely an up-and-comer.
I'm a resident of Beechview, and I have to honestly say it's the only place I've lived where my neighbors come from so many different areas of the world - including Mexico, Puerto Rico, Turkey, Panama and not to mention the ultra-friendly long-time residents who welcome me every day I walk past them with a friendly greeting and wave.
I hope this info helps!
Eric Corbin, almost 8 years ago
Hi Alex,
I am just getting started in Pittsburgh. Which areas have you seen rent fall - for me to avoid them? :)
I also worry about being late to certain areas. I wish I would have started when my fiend as getting 3/2's for $9k - $12k in east liberty...
Judy
Judy Lipinski, almost 8 years ago