Location: Pittsburgh, PA | Metro: Pittsburgh, PA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,500 |
| 1 Bedroom | $1,600 |
| 2 Bedrooms | $1,940 |
| 3 Bedrooms | $2,480 |
| 4 Bedrooms | $2,690 |
| 5 Bedrooms | $3,120 |
| 6 Bedrooms | $3,494 |
| 7 Bedrooms | $3,774 |
| 8 Bedrooms | $3,963 |
U.S. Census Bureau data (2024)
The analysis of ZIP code 15203 in Pittsburgh, PA, reveals several key points for landlords and small-portfolio investors.
The first question addresses whether the rent math works. The Fair Market Rent (FMR) for the area as of fiscal year 2024 is set at $1700. In comparison, the Zillow Observed Rental Index (ZORI) indicates a market rent of $1,685. This suggests that landlords can set rents slightly above the market average to align with the FMR without significantly deterring potential tenants.
Regarding the affordability of acquisition, the median home value in ZIP 15203 stands at $222,472. With no available data on days on market (DOM) and a negligible 0.2% price-cut share, it appears that homes in this area are not frequently listed for long periods nor do they often require price reductions. This implies that acquiring properties here should be straightforward, with minimal negotiation needed.
Tenant demand is robust in ZIP 15203, which has a population of 10,370. Notably, 62.1% of the residents are renters, indicating a strong pool of potential tenants. This high percentage of renters suggests that there is ample demand for rental properties in the area, making it a viable option for investment.
In summary, the rent math in ZIP 15203 works favorably for landlords who can set rents close to the FMR while still being competitive with market rates. Acquisition costs are reasonable given the median home value, and the lack of significant DOM and price-cutting data supports an efficient buying process. Furthermore, the high percentage of renters in the area ensures a steady demand for rental units. These factors collectively make ZIP 15203 a promising investment opportunity for those looking to enter the rental market in Pittsburgh, PA.
Data Sources: FMR data from HUD (2027). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.