A newly released King of Prussia District report, The State of Rental and Owner-Occupied Multifamily Housing in King of Prussia, shows a robust multifamily housing market in Upper Merion Township/King of Prussia for the first quarter of 2020 and strong demand for the inventory added to the area over the last five years.
The key report findings indicate that demand for new and existing multifamily housing remains strong, with King of Prussia leading the Philadelphia region in lease-up rates through the end of 2019.
Additionally, while there were some concerns about how the housing boom would impact the local school district, the report found that the impact was low.
Out of 1,811 completed new multifamily units, only 27 new school-aged children were generated.
The report also found that residents are attracted to amenity-rich, mixed-use neighborhoods such as the Village at Valley Forge and Moore Park KOP, which covers nearly all of the new housing development in the township.
“This report illustrates that residential development helps to energize the community and contribute greatly to the local economy,” said Eric Goldstein, Executive Director of King of Prussia District.
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