Pittsburgh, PA: Steel City
With 302,971 residents, Pittsburgh is the second-most populous city in Pennsylvania. It also serves as the county seat of Allegheny County. Pittsburgh is nicknamed “Steel City” due to the high concentration of steel-related businesses. However, as home to 446 bridges, it is also known as the “City of Bridges.”
The arts and culture scene of Pittsburgh is lively and attracts many visitors. Notable locations include the Heinz Hall for the Performing Arts, the Benedum Center for the Performing Arts, the Andy Warhol Museum, the Pittsburgh Center for the Arts, the Carnegie Museum of Art, and the Carnegie Museum of Natural History. Colleges and universities located in the city include the University of Pittsburgh, Carnegie Mellon University, Chatham University, Duquesne University, and the Community College of Allegheny County.
Sports also play a major role in the culture of Pittsburgh. Home to the Pittsburgh Steelers (NFL), the Pittsburgh Pirates (MLB), and the Pittsburgh Penguins (NHL), the residents of this city are ardent fans of the black-and-gold teams. Other points of interest include the Pittsburgh Zoo and PPG Aquarium, the National Aviary, and the Phipps Conservatory and Botanical Gardens.
How Is Pittsburgh’s Rental Market?
Pittsburgh has an attractive rental market. The median listing price for a home in this city is $234,700, which is about the same as the national median. The city also has a sizable renter population, making it appealing to rental property owners. In fact, 52.8% of the city’s residents rent their homes.
Image via towncharts.com
Landlords can also earn a good living in Pittsburgh. The average rent for an apartment in Steel City is $1,331, which is above the national average. To break it down further, 35% of apartments fall under the $1,001 to $1,500 rental range, while 18% fall under the $1,501 to $2,000 rental range. Another 12% command a rental rate higher than $2,000.
Image via rentcafe.com
In terms of occupancy, Pittsburgh does not disappoint. In 2019, the vacancy rate in this city was 4.72%. This is notably lower than the national vacancy rate at the time, which was 5.97%. Pennsylvania is also known to be friendlier to landlords, making it a favorable environment to manage a rental property.
Why Go With a Pittsburgh Property Management Company?
When it comes to rental management, purchasing the property is the easy part. After that, you have to juggle an overwhelming number of duties and responsibilities. This is why most rental property owners choose to hire a property management company in Pittsburgh.
But, what can a rental property management company do for you? Simply put, they can take over your duties as a landlord. Their services can include but are not limited to finding tenants for your property, screening tenants, showing your property, setting rent, collecting rent, preparing the lease agreement, enforcing lease terms, and overseeing property maintenance and repairs.
Property management in Pittsburgh is no joke. If you’re experiencing the following, then you’d be better off with professional help:
- Lack of Time. Managing a rental property is a full-time job — one that demands your time and attention. If you’ve got no time to spare for it, it’s best to hire a property management company.
- Lack of Skill or Experience. Rental property management requires a certain level of skill and know-how, especially when it comes to marketing, research, and even legalities.
- Location. If you live far from your rental property, it won’t be easy driving to and fro all the time.
- Multiple Property Owners. If you own many rental properties, it can be difficult to stay on top of all of them. A property management company has the resources to keep track of all your properties at once.
- No Interest in Being a Landlord. Sometimes, you just don’t like the work. If you just want to do the investing and the profiting, a property management company is the way to go.
Taking the Next Step
The hunt for the best Pittsburgh rental management company can be exhausting. Start your search right with the help of Rental Choice’s online directory. We list down property management companies by area, including ones in and around Pittsburgh.