King of Prussia, PA Rental Market Trends
King Of Prussia Rent Report: May 2024
Welcome to the Apartment List May 2024 Rent Report for King of Prussia, PA. Currently, the overall median rent in the city stands at $1,901, roughly the same as last month. Prices remain down 2.0% year-over-year. Read on to learn more about what’s been happening in the King of Prussia rental market and how it compares to trends throughout the broader Philadelphia metro area and the nation as a whole.
King Of Prussia rents are flat month-over-month and down 2.0% year-over-year
The median rent in King of Prussia rose by 0.1% over the course of April, and has now decreased by a total of 2.0% over the past 12 months. King of Prussia’s rent growth over the past year has has fallen behind both the state (0.4%) and national averages (-0.8%).
King of Prussia rent growth in 2024 pacing below last year
Four months into the year, rents in King of Prussia have risen 2.8%. This is a slower rate of growth compared to what the city was experiencing at this point last year: from January to April 2023 rents had increased 5.8%.
King of Prussia rents are 23.9% higher than the metro-wide median
If we expand our view to the wider Philadelphia metro area, the median rent is $1,534 meaning that the median price in King of Prussia ($1,901) is 23.9% greater than the price across the metro as a whole. Metro-wide annual rent growth stands at 0.9%, above the rate of rent growth within just the city.
The table below shows the latest rent stats for 5 cities in the Philadelphia metro area that are included in our database. Among them, Exton is currently the most expensive, with a median rent of $2,256. Norristown is the metro’s most affordable city, with a median rent of $1,278. The metro's fastest annual rent growth is occurring in Newark (1.8%) while the slowest is in King of Prussia (-2.0%).
You can also use the map below to explore the latest rent trends in the Philadelphia metropolitan area.
Methodology
Apartment List is committed to the accuracy and transparency of our rent estimates. We begin with reliable median rent statistics from the Census Bureau, then extrapolate them forward to the current month using a growth rate calculated from our listing data. In doing so, we use a same-unit analysis similar to Case-Shiller’s approach, capturing apartment transactions over time to provide an accurate picture of rent growth in cities across the country. Our approach corrects for the sample bias inherent in other private sources, producing results that are much closer to statistics published by the Census Bureau and HUD. For more details, please see the Apartment List Rent Estimate Methodology.
Data Access
Apartment List publishes monthly rent reports and underlying data for hundreds of cities across the nation, as well as data aggregated for counties, metros, and states. These data are intended to be a source of reliable information that help renters and policymakers make sound decisions. Insights from our data are covered regularly by journalists across the country. To access the data yourself, please visit our Data Downloads Page.
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