In my last blog, I took a dive into the strategy of catering rental property to the ever growing portion of the population heading into retirement. If you are unsure about the cultural and demographic shifts occurring in America, then read that first! A USA Today article recently published ranked the best and worst places to retire in the US. Somewhat surprisingly, Pittsburgh came out on top!
The blog claims that seniors are placing a premium on health care over warm weather. Furthermore, retirees are thinking more practically and are seeking affordable places with ease of access to amenities and low crime rates. Pittsburgh, thanks to UPMC, boasts excellent affordable healthcare and was top ranked on the “friend factor” meaning 18% of the population is 65+.
Cost of living is more important to retirees than before as people are retiring with far less savings than ever before. Multifamily real estate is well positioned to offer great convenience and service to seniors in Pittsburgh and will benefit from low vacancy rates and strong demand in a growing market segment. Pittsburgh on the whole is one of the most affordable cities in America but the most growth will come from class B rentals in areas near health care.