MARKET SNAPSHOT

Pittsburgh q2 2025

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AVERAGE RENT

$1,396 Q2 2025

OCCUPANCY RATE

94.6% Q2 2025

NET ABSORPTION

829 H1 2025

ANNUAL RENT CHANGE

2.6% Q2 2025

ANNUAL OCCUPANCY CHANGE

0 BPS Q2 2025

COMPLETIONS

945 H1 2025

KEY TAKEAWAYS

Multifamily deliveries in Pittsburgh reached 875 units in Q2 2025—the highest quarterly total since 2017—yet overall construction activity has remained steady since 2020, avoiding the overbuilding seen in many other U.S. markets.

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Annual net absorption was strongest in South Allegheny and Downtown Pittsburgh—submarkets with the highest concentration of new deliveries over the past 12 months. In total, 10 of the 11 tracked submarkets posted positive absorption, signaling broad-based renter demand across the metro.

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Pittsburgh continues to outperform the national trend, with rents rising 2.6% year-over-year in Q2 2025—marking the fifth consecutive quarter of 2%+ annual growth and placing the metro fifth among the 50 largest U.S. markets.

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MARKET OUTLOOK

The near-term outlook for Pittsburgh’s multifamily market remains favorable, supported by balanced fundamentals and a restrained construction pipeline...

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