Why People Rent

You may have seen hundreds and hundreds of luxury apartment buildings popping up around Pittsburgh. They have everything you can imagine! This includes high end renovations, pools, hot tubs, grills to cook out, views, parking, even coffee machines!

The market has shifted lately to where people want to be pampered with their living situation. They want access to all of their needs and wants right in their back yard. While prices have definitely risen for rent in Pittsburgh, more and more consumers are taking on a lease. Here are the main reasons why people will rent in Pittsburgh.

Debts

A lot of the growing renters are millennials or people under 30 years old. This generation is full of school loans and car loans. Most of them have not improved their income to a degree that allows them to save large sums of money. It is difficult to keep up with the debt payments to even consider adding more debt with a mortgage or property. This has limited them from purchasing and home, and has caused this group of people to continue renting.

Location

Many people wish to be near the city. Whether it be for work, the bars, nightlife, or just ease of transportation, location matters. Many apartments have popped up to fill this need. This includes south side, the strip, lawrenceville, east liberty, and oakland. The convenience of having everything you need in walking distance, or a short bus ride to work can be extremely attractive for buyers in Pittsburgh. This is another reason why renters may stick to the lease instead of adding travel to their list of concerns.

Low Maintenance

As a tenant, you do not need to repair or maintain the unit. This is a major benefit to renting an apartment. When you own a property you are in charge of the taxes, insurance, roof repairs, plumbing issues, etc. Being able to call someone at anytime to handle repairs is a major convenience. Many younger renters are also working more or socializing more and are rarely home. Some may find the idea of maintaining a house and cleaning a larger property to be unnecessary if they are rarely there.

Renting has definitely expanded over the years in Pittsburgh. There is absolutely an argument to do so when you consider the low maintenance, convenience, and the debts required to purchase a home. Pittsburgh has been bringing in a younger generation with the technology jobs as well. This generation is known for renting for the reasons listed above. While it is nice to know each mortgage payment is creating more equity in your home, some just can't afford it or don't find it that appealing.