Pittsburgh again ranks No. 1 nationwide for apartment occupancy

Pittsburgh Tribune-Review - August 26, 2009
By Sam Spatter

A year ago, many Pittsburgh apartment landlords put up a "no vacancy" sign.

That's when the city was ranked No. 1 for the highest occupancy rate in apartments nationwide by M/PF Research, a Texas firm that tracks rental markets.

The signs are not as common today, but apartment owners still have few vacancies. And Pittsburgh, for the second year, was ranked No. 1 with the highest rental occupancy rate among big cities nationwide as of June 30.

The city's apartment buildings have an occupancy rate of 96.6 percent, a full percentage point below its top position in mid-2008, but still the best by a fairly sizable margin, said Greg Willett, M/PF vice president, research and analysis.

"Pittsburgh simply is losing fewer jobs than most other metro areas, so the housing market is holding up better. Furthermore, Pittsburgh is one of just a handful of markets nationally where rents are still increasing," Willett said. "Rents went up 1.3 percent during the year that ended June 30, reaching an average of $860 per month."

Broken down by type, average rents are $535 for efficiency units, $779 for one-bedroom units, $907 for two-bedroom units and $1,181 for three-bedroom units, Willett said.

Downtown and neighborhoods in the fringe area of the Golden Triangle are prime examples.

At least 12 apartment buildings Downtown — with more than 1,000 units combined — have mid- to high- 90 percent occupancy levels, owners said. Some are at 100 percent, with the average monthly rent in the $1,200-plus range, with few exceptions.

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