Pittsburgh real estate presents attractive investment opportunities for buyers looking to capitalize on this resurgent Rust Belt city. With major corporations and top universities driving economic and population growth, Pittsburgh’s housing market is ripe for returns. Investors should focus on neighborhoods seeing revitalization like East Liberty and Lawrenceville but need realistic expectations about achievable rents and renovation costs working with old housing stock.
Pittsburgh’s Strengthening Economy Makes Real Estate Attractive
Google, Apple, Uber and other tech leaders have recently opened major offices in Pittsburgh, joining stalwarts like PPG Industries, U.S. Steel and financial giants. CMU, Pitt and other universities also boost the economy. This growth drives housing demand and can increase achievable rents and property values especially in transitional neighborhoods.
Focus Investment on Appreciating East Liberty, Lawrenceville and Other Areas
Gentrifying areas close to Pittsburgh’s job centers like East Liberty and Lawrenceville offer promising real estate investments. Once downtrodden, these areas now have revitalized main streets attracting Millennials. Investors must still have realistic expectations about rehabs, tenants and what rents houses, apartments and mixed-use buildings can actually command.
Balance Opportunity With Realistic Expectations
Opportunities exist to capitalize on Pittsburgh’s growth by investing in real estate. However investors must factor long winters impacting operating costs, Harvey Weingard’s outsized influence, an older housing stock requiring major upgrades and tenant expectations into acquisitions.
Pittsburgh real estate presents opportunities but needs research into factors impacting rent, operating costs and achievable valuations.