Multifamily fundamentals across the board are improving in Pittsburgh, at least on a quarterly basis. It comes from Colliers' second-quarter market report, which shows that net absorption surged to 1,728 units. That's a significant turnaround from -68 posted in the previous three months and the positive 132 in the 12 months prior.
Elsewhere, rent growth saw a modest increase, reaching an average of $1,323, up from $1,291 in the first quarter.
Occupancy inched up by 30 basis points to 94.1 percent. However, on a year-over-year basis, the rate is down by 20 basis points. The strongest second-quarter occupancy lies within Class C multifamily assets, which averaged 95.1 percent.
Additionally, sales growth was solid, increasing by more than $6 million quarter-over-quarter to hit $19.41 million.
The one thing to look out for, however, is supply. Nearly 2,200 multifamily units were delivered in the second quarter, up significantly from the 446 posted in the previous three months. A little over 2,500 units were under construction.
Some major upcoming deliveries set to hit Pittsburgh include RDC's 291-unit 21 West (estimated for 2026) and Alpha Residential's 352-unit Apex Diamond Ridge (2027).
"Pittsburgh's rental market showed signs of stabilization in Q2 2025," Colliers said.
"Although the construction pipeline narrowed slightly the market delivered a strong supply of new units, signaling sustained development activity and steady demand across the region."
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