This Northeast city’s rents have surged by nearly 50% since 2019 — here’s why

It is difficult to find a bargain successful nan Steel City.

Pittsburgh has emerged arsenic nan epicenter of a striking rental value escalation crossed nan United States, pinch rents soaring astir 50% since 2019 — outpacing each different awesome metropolis tracked by existent property analysts. 

This melodramatic rise, which saw nan city’s median rent climb 47.9% complete nan past six years, contrasts pinch a broader nationalist inclination of declining rental costs that has persisted for 20 months, according to caller information released by Realtor.com. 

While nan nationalist median rent dipped to $1,694 successful March — down 3.7% from its 2022 precocious — Pittsburgh’s steep summation highlights a location disparity that continues to situation affordability there.

It each started, arsenic pinch galore smaller cities successful America, during 2020.

“The rent surge successful Pittsburgh tin beryllium traced backmost to nan pandemic, erstwhile Pittsburgh’s comparatively affordable lodging began attracting renters successful hunt of little costs and much abstraction — peculiarly from nearby, high-cost metros for illustration New York City,” Realtor.com Economist Jiayi Xu told The Post. “This displacement successful request contributed to rising rental prices.”

In sum: There’s a bunch of competition.

The nationwide rental marketplace has shown signs of softening, pinch prices falling $65 from their peak, yet they stay elevated compared to pre-pandemic levels successful astir each awesome metros isolated from San Francisco. 

Across nan country, rents are still 20% supra their 2019 benchmarks, pinch Pittsburgh’s surge starring nan pack. 

The unreserved for Pittsburgh is moreover reflected successful its income market.

“In Pittsburgh especially, homes for waste are difficult to find, pinch nan number of progressive listings down 39.3% successful March 2025 compared to March 2019,” Joel Berner, elder economist astatine Realtor.com, said.

Other cities, specified arsenic Tampa, Florida, pinch a 45.7% rental rise, and Indianapolis, up 34%, besides bespeak important growth, but nary lucifer Pittsburgh’s trajectory. In California, Sacramento posted a 30.6% increase, yet it pales successful comparison to nan northeastern city’s gains.

Berner noted nan persistent upward unit successful galore markets contempt nan nationalist decline. 

“While nan median asking rent is down $65 monthly aliases complete $700 annually, successful astir each awesome US metro rents are still considerably higher than 2019,” he said. 

“We person seen declines successful rents mostly owed to robust multi-family building and permitting adding much rental options successful galore metros.” 

However, this building roar has not yet reached Pittsburgh successful a measurement that tempers its rising costs, leaving renters to grapple pinch nan aftermath of a marketplace that has outstripped supply.

“On nan proviso side, caller building has not kept up pinch demand,” Xu added.

“In Pittsburgh, only 1,738 units successful buildings pinch 5 aliases much units were permitted for building successful 2024 — conscionable 2.3% supra nan mean number permitted units betwixt 2019 and 2023. In different words, arsenic rental request has surged, constricted caller proviso has intensified title and driven prices higher.”

The rental scenery remains uneven, pinch immoderate regions experiencing continued value growth. 

New York saw a 5.6% jump successful March, while Kansas City, wherever rents deed a grounds $1,371, roseate 4.3%. 

The Washington, DC area followed pinch a 2.6% increase.

Analysts propose that nan South and West person benefited from a surge successful multifamily lodging starts complete caller years, adding inventory during 1 of nan slowest lodging markets successful decades. 

Yet, nan building momentum is shifting, pinch Midwestern cities for illustration Milwaukee — wherever lodging starts much than doubled betwixt March 2024 and 2025 — Oklahoma City, Memphis, and Ohio’s Cleveland and Columbus now starring nan charge.