Pittsburgh Rental Market to Remain Strong

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By Randi Petrello

A recent analysis of cities has found the best places to rent in the United States. Zillow named the top 10 cities where you can get the biggest bang for your buck and Kansas City came out on top.

The report stated Kansas City has the best combination of current rental prices, price per square foot, low year-over-year changes in cost of rent, and low cost of rent compared with the cost of buying a home.

Also on the list was Wichita, Kan.; El Paso, Texas; Las Vegas; Virginia Beach, Va.; Tucson, Ariz.; Fresno, Calif.; Columbus, Ohio; New Orleans; and Milwaukee.

In El Paso, renters can get a 1,390-square-foot house with three bedrooms and two bathrooms for $950 per month.

Pittsburgh didn’t make the list, however. In Pittsburgh, the median rent list price is up 12 percent year-over-year to $1,030, according to Zillow rental data. A three-bedroom single-family home here can rent for $1,150.

A recent apartment market report from MPF Research shows that the Pittsburgh market was hot in 2012 and the same will hold true for 2013. Occupancy rates here are at a high 96.8 percent for the second quarter of 2013, down from 98.6 percent during the same period a year ago when they were at an extreme high. Rent prices in Pittsburgh are up 3 percent and are in line with the national average, the report stated.

“Rents have climbed a good bit in recent years but given that it hasn’t led to more vacancies, that would suggest affordability isn’t yet a major challenge for apartment renters,” Jay Parsons, National Market Analysis Manager for MPF Research, said in a statement.

The highest occupancy rate was in the Oakland/Shadyside area, at 99.2 percent, followed by the South Side at 97 percent, according to the report. The Zillow Rent Index shows rents in Shadyside are down 3.3 percent year-over-year to $1,810.

First Published September 13, 2013 8:45 AM


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