Pittsburgh area building too many higher end apartments (price, housing)

[stburr91]

Originally Posted by xdv8

So you think tax assessments would be lowered in the East End where the existing rental market would face downward pressure? When do you see that happening, especially when they are already artificially low?

The only thing that will happen in healthy areas will be that multi family homes converted back to single family giving that market some relief in addition to slight rental decrease for those that don't sell.

Well, I didn't expect people on here to like the post about the sobering reality that the region needs a healthy rental market, and that rents trending downward is not necessarily a good thing.

If you think assessments are too low now, wait tens years of a stagnant or declining rental market, and the assessments will be even lower. The county can't justify raising the assessments in a declining market.

Of course I'm talking about the region as a whole, after all, these high end units don't exist in a vacuum, the oversaturation of the market has a trickle down effect.

Lastly, I'm not saying the rental market is collapsing, but I am saying that if the trend of oversaturating the market continues, it will become a problem.

[gg]

Originally Posted by xdv8

So you think tax assessments would be lowered in the East End where the existing rental market would face downward pressure?

Are you really thinking taxes would go down? I have never seen that in our region and they keep adding new taxes. They won't go down unless someone sells a building at a lower price than the assessment and the new owner fights the assessment. I know Florida adjusts downward sometimes, but not our region. We are taxed to death and that will only continue to get worse.

[xdv8]

Originally Posted by gg

Are you really thinking taxes would go down? I have never seen that in our region and they keep adding new taxes. They won't go down unless someone sells a building at a lower price than the assessment and the new owner fights the assessment. I know Florida adjusts downward sometimes, but not our region. We are taxed to death and that will only continue to get worse.

No, I don't. I think it's preposterous to believe this which is why I asked for clarification from OP. Did you mean to quote someone else?

[SteelCityRising]

Originally Posted by RogersParkTransplant

Keep an eye on Spring Garden and the adjacent neighborhoods -- there are still some rentals to be had for super cheap prices, and I think you would enjoy seeing the changes in East Deutschtown up close. (I would include you too SCR, but something tells me you're going to hang on in Polish Hill for a bit...)

I don't want to move again until I'm ready to buy. 😫

[Paul2421]

Originally Posted by PghYinzer

Those $1500 a month apartments are filled with high wage earners who are paying wage tax to the city, which has been growing at a swift pace for the last few years. That increase in wage tax revenue has allowed the city to increase spending on necessary things like street paving, police/EMS, and infrastructure all while not raising taxes. Not having to raise taxes, while increasing spending, is a direct positive for the working/middle class of Pittsburgh.

are there any stats indicating that these are being filled by wage earners and not students? i would think the engineers moving here would do so on the prospect of being able to afford a nice single family house within city limits. they could live in an expensive apartment in nyc/sf. i don't really see a reason for the sentient tech worker to move here for a few years as they are better off growing their salary in the high cost of living area and then settling down into a lower cost of living area.

[WhoIsStanwix?]

Originally Posted by Paul2421

are there any stats indicating that these are being filled by wage earners and not students? i would think the engineers moving here would do so on the prospect of being able to afford a nice single family house within city limits. they could live in an expensive apartment in nyc/sf. i don't really see a reason for the sentient tech worker to move here for a few years as they are better off growing their salary in the high cost of living area and then settling down into a lower cost of living area.

I am sorry, but NYC or SF are multiples of 2-3x the "expensive" $1,500 per month apartments here. $1,500 was the standard 1 br cost for a newly updated apartment in Hartford as well as downtown Louisville and surrounding city neighborhoods by the time I left either of those towns several years ago.

Again, I will not deny that we may be at a saturation point at this end of the apartment market, however, the KDKA article is very short on hard facts with reliable references (which no one seems to want to address), and the perspective some have that $1,500 gets you more than a bunk bed in a shared 1 bedroom apartment that is recently remodeled in the major coastal cities is laughable.

[_Buster]

Originally Posted by WhoIsStanwix?

I am sorry, but NYC or SF are multiples of 2-3x the "expensive" $1,500 per month apartments here. $1,500 was the standard 1 br cost for a newly updated apartment in Hartford as well as downtown Louisville and surrounding city neighborhoods by the time I left either of those towns several years ago.

Again, I will not deny that we may be at a saturation point at this end of the apartment market, however, the KDKA article is very short on hard facts with reliable references (which no one seems to want to address), and the perspective some have that $1,500 gets you more than a bunk bed in a shared 1 bedroom apartment that is recently remodeled in the major coastal cities is laughable.

You may be overestimating, or maybe just have more expensive tastes than average, but you can still get 1 bedrooms around 1500 in close in areas to DC for example, like Arlington VA like this for example

https://www.rent.com/virginia/arling...owers-4-453599


Philly is cheaper than the DC area, so I'm sure they have better deals than that-- although maybe not in the trendiest parts of center city.


Also just for curiosity I searched for 1 bdrms in downtown Louisville, and found a whole bunch in the range of 900-1200 that seemed reasonably nice and updated. But I don't know that city, so maybe you are speaking of a specific location only.

[atlguy44]

I know the winters in Pittsburgh can be harsh but have been reading a lot about the city renovation projects, especially on the river. It seems to be very nice with new condos, apartments restaurants etc. Does anyone have first hand experience with living there? I don't mind cold weather and my needs are more around walkability, safety, proximity to cultural events and health care from a large university medical center or health care system

[RogersParkTransplant]

Originally Posted by atlguy44

I know the winters in Pittsburgh can be harsh but have been reading a lot about the city renovation projects, especially on the river. It seems to be very nice with new condos, apartments restaurants etc. Does anyone have first hand experience with living there? I don't mind cold weather and my needs are more around walkability, safety, proximity to cultural events and health care from a large university medical center or health care system

Sure, most of the regular posters on here live either in or near Pittsburgh. There are certainly nice living options along the rivers, especially downtown and in the Strip District. When people ask if Pittsburgh is safe and walkable, my first question is usually to ask -- compared to what? I think anyone who has lived in a larger northern city will think Pittsburgh is safe but maybe a little sleepy; compared to a larger southern city it would probably look a bit rundown but affordable and walkable.

[bluecarebear]

Originally Posted by RogersParkTransplant

Sure, most of the regular posters on here live either in or near Pittsburgh. There are certainly nice living options along the rivers, especially downtown and in the Strip District. When people ask if Pittsburgh is safe and walkable, my first question is usually to ask -- compared to what? I think anyone who has lived in a larger northern city will think Pittsburgh is safe but maybe a little sleepy; compared to a larger southern city it would probably look a bit rundown but affordable and walkable.

Walkable, yes. Affordable, no. The housing in the South is higher quality but at the same price. A renter will need to pay top dollar for new in Pittsburgh.