Pittsburgh isn’t the cheapest place to live; however, it’s about the get a little easier for some residents. Hot off a spot on the list of best cities for millennials, the steel city is seeing the cost of apartments in Pittsburgh on the way down
There are several factors driving the drop in apartment prices. A high demand for luxury apartments led to the construction of thousands of new units. For now, it appears as though the demand has been largely satisfied.
“I think there’s a temporary glut of rental units. It’s definitely a renters market,” said Todd Reidbord, Walnut Capital Real Estate
Developers have constructed nearly 4,600 luxury apartments over the last 5 years. Another 2,000 are in development. This has led to an overabundance of supply. As a result, costs are coming down and incentives are going up.
“It usually increases from there. You get two months free rent, two months parking, they start giving away amenities that support the properties,” said Paul Griffith, of Integra Realty Resources.
Pittsburgh was recently named a top landing spot for millennials as well as a great city for first time home-buyers. With the cost of apartments in Pittsburgh coming down, it’s easy to see why!
Moving To Pittsburgh?
With the low cost of apartments in Pittsburgh, you may be tempted to pick up and head over to the steel city. However, is it worth it? That’s where City vs City can help!
Our cost of living app determines the true cost of living in your city. Then, we compare costs at the zip-code level to see which city comes out ahead. Compare your current city with Pittsburgh, New York, Denver, or anywhere else you’re thinking of moving.
As a result, City vs City shows you which city can give you more bang for your buck. If you’re looking to move, don’t make a move without downloading the City vs City app first!