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The Cost of Rent, Pittsburgh - The Pitt News

The Pitt News

The Cost of Rent, Pittsburgh

By Alexa Bakalarski / News Editor

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Though first-year students typically live on Pitt’s campus, the price of rent is something to keep in mind as you look at off-campus apartments in your following years at Pitt.

In its most recent national report on apartment rates, apartment-hunting company Abodo found that Pittsburgh experienced a 4 percent increase in rent prices from April to May 2016. The increase put Pittsburgh’s rank at 40 out of the 100 cities in the report.

Sam Radbil, Abodo spokesperson, said seasonality greatly influences rent in popular areas for student housing.

“Often rent rates will rise during the seasons when many students are moving into new places on campus,” Radbil said. “The same concept goes for when students head home for the summer and rent rates decline.”

Radbil said new developments  decrease rent prices overall, The Union on Fifth Avenue, which will be a 94-bedroom apartment in Uptown, is one such development.

“When the supply increases, landlords usually feel pressured to lower prices to compete with new competitors and developments in the area,” Radbil said.

But Pittsburgh is currently facing an affordable housing crisis. An influx of high-priced apartments tend to raise the overall value of neighborhoods and the cost of living.

Data from rental search company, RentCafé , shows an expansion of “luxury apartments” across the country, which “redefines rental markets nationwide.” While Pittsburgh doesn’t make its list of top ten fastest growing luxury markets, you don’t need to look farther than the SkyVue apartment complex under construction near campus for a local example.

According to a March 2016 rent report by Abodo, rent rates for one bedroom apartments in Oakland and neighboring areas such as Bloomfield, Lawrenceville and Squirrel Hill range from $986 to $1,009 per month.

“During the seasonal highs and lows for renting, areas closer to universities and colleges usually follow different trends than those not in close proximity to campuses,” Radbil said. “But during the rest of the year, typically neighborhoods within the same city [follow] similar rent and pricing trends.”

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The Cost of Rent, Pittsburgh