Monday, August 19, 2013

Red hot apartment market Pittsburgh

I know I am gratuitously contributing some earned (social) media to this, and the analysis is a bit superficial, but it's such a serious video:




I swear he almost pronounced it "Picksburgh"

I also have to say this all must be about a rarefied subset of the entire rental market. The data is showing virtually no rental vacancy in all parts of Pittsburgh: north, central, west. Clearly there is housing in some of those markets, but probably not the higher quality rentals this is focusing on.

11 Comments:

Anonymous BrianTH said...

As I believe we discussed last time, their explanation of why occupancy got so high is pretty misleading. It is true that Eds and Meds is a long-standing contributor to local jobs growth, but isn't really the top recent contributor. Meanwhile Marcellus/energy jobs may have a high growth rate in percentage terms, but those jobs are still a small share of overall jobs growth.

As it turns out, the recent boom has really been driven by professional and business services and a bit of finance. Of course that's not entirely unrelated to the universities (spinoff R&D jobs, for example, would be included in professional and business services), or for that matter Marcellus )which can support additional professional jobs, although the professional boom notably predates Marcellus). But I think what may be missing entirely in analysis like the linked video is a basic geographic arbitrage story that is shifting a small in national terms but locally very significant share of professional jobs from other more expensive cities (most notably on the Northeast Coast).

Anyway, it is nice to see rent increases cooling off a bit. Ultimately I'd want to see rent increases not outpacing per capita income increases (in fact otherwise, eventually that geographic arbitrage story would likely dry up). And something like 3% we can probably handle.

Tuesday, August 20, 2013 7:21:00 AM  
Anonymous BrianTH said...

By the way, I'm not entirely sure this is really about a "rarefied subset of the entire rental market." Obviously there are still a lot of vacant structures in various places, but many of those aren't being marketed for rent at any given time. And just anecdotally, in places like Wilkinsburg there has been robust activity and increasing rents not just in the most desirable parts with the highest rents (e.g. Regent Square), but also in the low-to-mid areas.

Of course it may be reasonable to hypothesize a lot of that dynamic is caused by ripple effects as higher-income people are driving up rents in places like Lawrenceville and forcing low-to-mid income people to spread out further (in fact a recent Pittsburgh Business Times article suggested that was happening specifically in Wilkinsburg). But the bottom line is I don't think it is true this effect is isolate in the higher-income segments of the market.

However, what I do think is true is that as long as it isn't too expensive to acquire, renovate, and then market for rent some of those existing vacant structures, that abundance of potential supply should help keep rent prices from getting out of hand. So that may be part of the explanation for the cooling off of rent increases to a more sustainable 3% or so.

Tuesday, August 20, 2013 7:39:00 AM  
Blogger Eric Jackson said...

Quickly this site will indisputably be famous among all blogging people, because of its fastidious articles or reviews.www.AnchoryourAssets.com

Monday, December 08, 2014 1:01:00 AM  
Blogger Enrich John said...

I got this blog site through my friends and when I searched this really there were informative articles at the place.free password manager

Thursday, January 08, 2015 4:47:00 AM  
Blogger Jennifer Lawrance said...

I got this blog site through my friends and when I searched this really there were informative articles at the place.watch

Monday, January 12, 2015 1:06:00 AM  
Blogger Mr.Froodo said...

That’s a nice site you people are carrying out there.full coverage insurance includes

Tuesday, February 10, 2015 1:44:00 AM  
Blogger Mickey James said...

I want more and more articles and blogs please post soon such informative information.faxless payday loans

Friday, February 13, 2015 5:47:00 AM  
Blogger Dr.Jones Methews said...

This article is actually remarkable one it helps many new users that desire to read always the best stuff. payday lenders in new york city

Saturday, March 14, 2015 1:32:00 AM  
Blogger One J said...

insanity workout
kobe bryant shoes 2015
louis vuitton handbags
cheap ray bans
oakley sunglasses
kate spade outlet
louis vuitton outlet
michael kors outlet
celine outlet
concords 11
ray ban outlet
abercrombie
toms outlet
louis vuitton outlet
retro 11
burberry outlet
michael kors uk
ray ban sunglasses
michael kors outlet online
louis vuitton
burberry sale
retro jordans 13
oakley vault
louis vuitton outlet
burberry outlet
ray ban glasses
true religion
fendi bags
20150602yuanyuan

Tuesday, June 02, 2015 2:28:00 AM  
Blogger chenlina said...

chenlina20150603
michael kors outlet
louboutins
red timberland boots
louis vuitton handbags
louis vuitton
coach outlet store online
michael kors
michael kors handbags
michael kors handbags
hollister clothing store
louis vuitton outlet
tods outlet
gucci belt
hollister jeans
celine outlet
true religion outlet
louis vuitton
louis vuitton handbags
louis vuitton
louis vuitton handbags
louis vuitton
lululemon outlet
coach factory outlet
ghd flat iron
michael kors outlet
louis vuitton outlet
polo ralph lauren
cheap jerseys wholesale
christian louboutin shoes
coach outlet
christian louboutin sale
true religion sale
lululemon sale
nike air max
true religion sale
prada
ncaa jerseys
cheap jerseys
ray ban outlet
true religion

Wednesday, June 03, 2015 1:36:00 AM  
Blogger chenlina said...

chenlina20151208
louis vuitton
ugg boots outlet
ugg boots on sale
supra shoes
louis vuitton handbags
replica watches
michael kors outlet
air max 90
michaek kors handbags
christian louboutin
fake oakley sunglasses
adidas uk
tod's shoes
mulberry handbags
jordan retro
toms shoes
louis vuitton handbags
louis vuitton purses
oakley sunglasses
michael kors outlet
instyler max
abercrombie fitch
uggs clearance
running shoes
kobe 9
coach outlet online
louis vuitton handbags
michael kors outlet stores
coach factory outlet
coach outlet
ugg sale
michael kors outlet online
cheap uggs
official coach factory outlet
jordan retro
lebron shoes
jordan 11s
cheap jordans
michaek kors outlet
michael kors outlet
as

Monday, December 07, 2015 9:20:00 PM  

Post a Comment

Links to this post:

Create a Link

<< Home