Are you looking to invest in Pittsburgh, PA real estate? Downtown Pittsburgh and surrounding areas are the best places for investors especially if you’re a first-time home buyer! The market is reliable given that it’s been categorized as a fast-growing city for decades.
Pittsburgh’s key industries are energy, information technology, advanced manufacturing, financial and business services, and health and life sciences. There are strong factors like cultural diversity that attract a multitude of new residents and make it a city where professionals prefer to stay after graduation.
It’s even said that the Pittsburgh area is poised to become the next Silicon Valley. It’s a central business district for leading hospitals, local universities, renowned banks, and large corporations. Aside from that, nearby neighborhoods in the Pittsburgh area offer the best amenities from vibrant shopping districts and trendy dining spots to a serene green space and natural environments.
All these factors drive more people to live and work here. Thus, it leads to an increase in employment and population growth. Given this scenario, investors can expect a high demand for rental housing.
Whether you choose to invest in a residential or commercial property in a Pittsburgh neighborhood, you’re bound to generate income and gain steady earnings. This is expected from the influx of residents and entrepreneurs settling in this livable tech city where first-rate schools are accessible.
This article will look at some of the best neighborhoods in the Pittsburgh area that you could consider for your next property investment.
Best Pittsburgh Neighborhoods to Buy Real Estate
Lawrenceville is an inviting neighborhood for real estate investors. It’s touted as one of the largest of Pittsburgh’s neighborhoods and remains accessible to the downtown area. Residential properties along the riverfront are attractive thanks to their serene views and coffee shops. Families are drawn to living in Lawrenceville for its easy access to schools and parks with walking trails.
You can also easily attract young professionals to your rental as Lawrenceville is a hub for entertainment, dining, and shopping. They can indulge in the food, arts, and cultural scenes as well as the nightlife.
Additionally, Lawrenceville is the center for tech businesses. If you’re looking to maximize the earning potential of a Lawrenceville rental then it’s the right time call your real estate agent to check out several properties here.
South Side is situated across from the Monongahela River and is divided into South Side Flats and South Side Slopes. It’s home to the business district where plenty of shops, restaurants, coffee shops, and bars support this neighborhood’s economy.
It’s also a great place for professionals whose offices are located downtown given its excellent public transit system. Moreover, South Side is pedestrian-friendly so residents can quickly make their way downtown. Median home value is generally considered affordable considering its a prime location and the salaries of professionals working in Pittsburgh.
As a rental owner, you can target young professionals, entrepreneurs, and families as your prime demographics. What’s more, rental vacancies have dropped in the South Side since revitalizing the business area has become a priority.
In Friendship, the neighborhood offers a strong sense of community. Most residents work in the universities and hospitals situated close by. Among these are the University of Pittsburgh, Carnegie Mellon University, West Penn Hospital, and University of Pittsburgh Medical Center.
It’s a great option for families, students, or professionals working in the medical and university fields. Some of the schools and medical centers are even accessible by foot. Most of the properties in the Friendship neighborhood are large Victorian-style houses. However, you can always renovate these classic architectural styles and turn them into a multi-family property.
Friendship has experienced a growth in home values due to its attractive community and sought-after amenities. Setting up single-family homes or other rental properties here is bound to generate strong returns with the projected high residential demand for people working and studying in the area.
If you plan to build short-term rentals, you might want to consider investing in Sheraden. It’s lucrative and rated at the top when it comes to rental demand for Airbnb tenants. What’s more, Sheraden offers great value given its affordable prices in Pittsburgh.
Targeting visitors and holiday tourists for your Sheraden rental property is recommended. They can enjoy Sheraden Park, the Carnegie Museum of Art, the Andy Warhol Museum, and the Phipps Conservatory and Botanical Gardens as popular tourist attractions.
Even if South Shore is hailed among the costlier neighborhoods for investors in Pittsburgh, it can still be financially rewarding. The riverfront community continues to propel the rental demand upwards. Its access to shopping and entertainment in Station Square cements its reputation as a lucrative neighborhood in Pittsburgh.
You can target families, professionals, and retirees who prioritize convenience and great views.
Brookline neighborhood provides diversity and historic allure. It also tends to gain the attention of families because it offers wonderful amenities such as parks, playgrounds, and pedestrian-friendly streets. Presently, the median property values in Brookline are affordable allowing investors to expand their portfolio.
In a Nutshell
Pittsburgh is one of the best places to live. It is a city that real estate investors always have their eye on. It’s progressive and filled with convenient urban amenities providing residents with entertainment, arts and culture, employment opportunities, and access to top educational institutions.
If you’re looking to purchase a property in Pittsburgh, you may want to consider Lawrenceville, South Side, Friendship, Sheraden, Southshore, or Brookline. These are the best neighborhoods as they offer investors and locals something unique!
If you would like help managing your rental properties speak to the experts at DeSantis Property Management. Don’t hesitate to contact us today if you have questions about investment opportunities in Pittsburgh, PA!