Pittsburgh has long been an under-the-radar favorite of investors looking for cash-flowing rental property. A few years ago, the vice president and senior regional office of the Pittsburgh branch of the Federal Reserve noted that the outlook for Pittsburgh was favorable, with persistent and moderate growth.
Some good news for real estate investors is that the real estate market in Pittsburgh has begun to slow, although homes in the most desirable neighborhoods still are seeing price increases and selling fast. In the Beltzhoover neighborhood, for example, sales prices have gone up by over 60% year over year and are going under contract in about 30 days.
We recently looked at Pittsburgh neighborhoods in which to find great investment properties based on the best overall ranking, along with areas popular with young professionals and places known for their diversity.
Key takeaways
- Pittsburgh is ranked among the top 50 cities for renters, with half of the households in the metro area renting rather than owning.
- The real estate market in Pittsburgh has begun to slow down, offering investors a little more time to shop around.
- Some of the best neighborhoods to search for investment property include Brighton Heights, Downtown, and Beltzhoover.
>>Explore Roofstock's Pittsburgh investment properties.
Why invest in Pittsburgh?
Pittsburgh is among the top 50 cities for renters, according to WalletHub, which may be one of the reasons why 50% of the households in the metro area are occupied by renters (Zumper as January 2022).
Although the housing market has slowed down a bit, multiple offers for the same home still can be common, especially among good neighborhoods for renters, like the Lawrenceville area. Realtor.com ranks Pittsburgh as a balanced market, which means the supply and demand for homes is about the same, with homes selling for approximately the asking price.
15 great areas in Pittsburgh for investment properties
We recently reviewed what Realtor.com, Redfin, and Niche.com have to say about the best neighborhoods in Pittsburgh (as of December 2021). Here are 15 areas to consider for rental property in Pittsburgh.
Brighton Heights
The Brighton Heights neighborhood in Pittsburgh is located just north of Downtown, between the eastern shores of the Ohio River and Riverview Park:
- Population: 7,239
- Median sale price: $222,450
- Change in sales price (year over year): 20.2%
- Days on market: 57
- Median rent: $821
- Renter-occupied households: 35%
- Median household income: $56,501
- ZIP code: 15212
Carrick
Located just south of Downtown Pittsburgh next to Brookline, the area has a dense suburban feel, a lot of parks, and some relatively affordable home prices:
- Population: 15,642
- Median sale price: $144,000
- Change in sales price (year over year): 18.0%
- Days on market: 56
- Median rent: $832
- Renter-occupied households: 41%
- Median household income: $47,195
- ZIP codes: 15210, 15227
Brookline
Brookline is located just west of Carrick on the other side of Saw Mill Run Boulevard. The Brookline neighborhood is also ranked by Niche.com as one of the best neighborhoods in Pittsburgh to buy a house, and has a dense suburban feel:
- Population: 14,965
- Median sale price: $183,000
- Change in sales price (year over year): 4.3%
- Days on market: 52
- Median rent: $969
- Renter-occupied households: 29%
- Median household income: $57,935
- ZIP code: 15226
Mount Washington
The Mount Washington neighborhood in Pittsburgh is located southwest of Downtown, across the Ohio River. It has a mixed urban-suburban feel and is a neighborhood in Pittsburgh where more than half of the residents rent their homes:
- Population: 8,561
- Median sale price: $230,000
- Change in sales price (year over year): 8.5%
- Days on market: 69
- Median rent: $1,004
- Renter-occupied households: 53%
- Median household income: $54,618
- ZIP code: 15211
Shadyside
Shadyside is located just east of the University of Pittsburgh, adjacent to the Bloomfield neighborhood. The Shadyside neighborhood in Pittsburgh receives an A+ rating from Niche.com, and has a very high percentage of renter-occupied households:
- Population: 14,317
- Median sale price: $415,000
- Change in sales price (year over year): -3.5%
- Days on market: 81
- Median rent: $1,285
- Renter-occupied households: 74%
- Median household income: $57,104
- ZIP code: 15232
Downtown
Downtown Pittsburgh is ranked among the best neighborhoods to live in Pittsburgh and has a dense urban feel. Downtown is popular with socially active professionals and boasts one of the highest median rents in the market, along with a very large percentage of renters:
- Population: 5,490
- Median sale price: $274,950
- Change in sales price (year over year): -32.5%
- Days on market: 91
- Median rent: $1,593
- Renter-occupied households: 81%
- Median household income: $83,868
- ZIP code: 15222
Strip District
Located immediately east of Downtown, the Strip District borders the Allegheny River to the northwest and the Lower Lawrenceville neighborhood to the northeast. The Strip District neighborhood has an urban feel and a lot of places to recreate, with over 90% of the households renting where they live:
- Population: 1,212
- Median sale price: $280,900
- Change in sales price (year over year): -35.8%
- Days on market: 448
- Median rent: $1,814
- Renter-occupied households: 91%
- Median household income: $106,313
- ZIP code: 15222
Lower Lawrenceville
The Lower Lawrenceville neighborhood in Pittsburgh borders the Strip District, the Allegheny River, and the 40th Street Bridge. Lower Lawrenceville is near the UPMC Children’s Hospital of Pittsburgh and the expansive World War I Memorial Park:
- Population: 2,226
- Median sale price: $322,500
- Change in sales price (year over year): 29.3%
- Days on market: 82
- Median rent: $1,085
- Renter-occupied households: 53%
- Median household income: $77,263
- ZIP code: 15201
Central Lawrenceville
Central Lawrenceville is adjacent to Lower Lawrenceville and is bordered by the Allegheny River to the northwest. The UPMC Children’s Hospital of Pittsburgh and the World War I Memorial Park are in the neighborhood:
- Population: 4,689
- Median sale price: $285,000
- Change in sales price (year over year): -8.0%
- Days on market: 53
- Median rent: $1,045
- Renter-occupied households: 60%
- Median household income: $67,361
- ZIP code: 15201
Bloomfield
The Bloomfield neighborhood in Pittsburgh has a mixed urban-suburban feel, a lot of bars and restaurants, and is ranked as one of the best neighborhoods to live in Pittsburgh. Located between the Central Lawrenceville and Shadyside neighborhoods, the area is popular with socially active professionals and has a high percentage of renters:
- Population: 8,887
- Median sale price: $293,828
- Change in sales price (year over year): -1.6%
- Days on market: 56
- Median rent: $952
- Renter-occupied households: 69%
- Median household income: $52,642
- ZIP code: 15224
Knoxville
The Knoxville neighborhood in Pittsburgh has a mixed urban-suburban feel, with a lot of bars, coffee shops, and parks. Despite having some of the lowest home prices in Pittsburgh, over half of the residents in the neighborhood rent their homes:
- Population: 6,452
- Median sale price: $46,950
- Change in sales price (year over year): -6.5%
- Days on market: 41
- Median rent: $861
- Renter-occupied households: 52%
- Median household income: $35,987
- ZIP code: 15210
Sheraden
Located across the Ohio River from Downtown Pittsburgh, Sheraden has a sparse suburban feel. The Sheraden neighborhood boasts relatively affordable home prices, with nearly half of the residents renting where they live:
- Population: 5,236
- Median sale price: $125,000
- Change in sales price (year over year): 23.8%
- Days on market: 71
- Median rent: $823
- Renter-occupied households: 49%
- Median household income: $38,086
- ZIP code: 15204
East Liberty
The East Liberty neighborhood in Pittsburgh is adjacent to Bloomfield and Shadyside and is a popular area for renters. East Liberty has a vibrant urban feel:
- Population: 5,783
- Median sale price: $292,500
- Change in sales price (year over year): -14.6%
- Days on market: 84
- Median rent: $882
- Renter-occupied households: 79%
- Median household income: $32,881
- ZIP code: 15206
Elliott
Located next to Sheraden, the Elliott neighborhood in Pittsburgh borders the Ohio River and is located just west of downtown. The area has a sparse suburban feel, relatively affordable home prices, and a good percentage of renters:
- Population: 2,355
- Median sale price: $104,000
- Change in sales price (year over year): 3.5%
- Days on market: 84
- Median rent: $890
- Renter-occupied households: 38%
- Median household income: $56,945
- ZIP code: 15220
Beltzhoover
The Beltzhoover neighborhood in Pittsburgh has a sparse suburban feel, is good for families, and receives high marks from Niche.com for diversity and nightlife. Beltzhoover is located just north of Brookline, has relatively affordable home prices, and is also popular with renters:
- Population: 2,057
- Median sale price: $148,000
- Change in sales price (year over year): 66.7%
- Days on market: 32
- Median rent: $843
- Renter-occupied households: 40%
- Median household income: $33,410
- ZIP code: 15210
>>Explore Roofstock's Pittsburgh investment properties.
