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Pittsburgh Apartment New Supply Dwindles

Pittsburgh Apartment New Supply Dwindles

Since reaching a peak in 2016, new apartment supply volumes in Pittsburgh have been trending downward. In the year-ending 2nd quarter 2020, Pittsburgh added 1,251 units, well below the five-year average. This new supply expanded the inventory base by 0.7%. After reaching a peak of over 3,900 units in the year-ending 3rd quarter 2016, annual completion volumes have been coming down, and were already modest heading into the pandemic-induced downturn. This was good timing, leaving the market smaller amounts of stock to be absorbed during a period of weak demand. Looking forward, expansion is expected to dwindle even further, as just 439 apartments are scheduled to come online in the year-ending 2nd quarter 2021. That would be a nine-year low for the market and the smallest delivery tally among the nation’s largest 50 apartment markets. However, scheduled completions could be even smaller due to possible construction delays as a result of the COVID-19 pandemic.