HOUSINGNEWS REPORT
RUST BELT RENTAL TOUR
PITTSBURGH (ALLEGHENEY COUNTY) RENTAL TRENDS AVG FAIR MARKET RENT (3-BEDROOM) ESTIMATED GROSS ANNUAL RENTAL YIELD 16.0%
when the investor wants to do a 1031 exchange to move their money out of California. A Steel Deal in Pittsburgh Despite factory closings and unemployment that peaked at 9.5 percent in February 2010 — declining to 4.4 percent in August 2018 — the Pittsburgh real estate market has stayed strong as steel, according to local real estate investor Kathryn Schimmel. “Pittsburgh remains a wonderfully boring market. It’s great for investors. The rents here remain strong,” she said. “We still have more people that need a rental than we have inventory, which is why rental prices remain above mortgage prices. Pittsburgh is such a steady market that you can buy and flip. We have a lot of investors looking here, but our inventory is low right now. Homeowners don’t feel they have a need to sell.”
$1,192
14.0%
$1,103 $1,106
$1,046 $1,069 $1,066
$1,010
12.0%
$971
$966 $958 $961
$912
$885
10.0%
8.0%
6.0%
4.0%
2.0%
0.0% 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
“Pittsburgh remains a wonderfully boring market. It’s great for investors. We still have more people that need a rental than we have inventory, which is why rental prices remain above mortgage prices.”
KATHRYN SCHIMMEL REAL ESTATE INVESTOR PITTSBURGH
21
NOV 2018 | ATTOM DATA SOLUTIONS
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