Attracting over 7,000 new students each year, Penn State University continues to drive the local economy of State College. As one of the largest employers downtown, loyal alumni are constantly returning to Happy Valley to work for their Alma Mater. Over the last five years, the Borough of State College has started to implement a plan to grow the economy becoming more independent from the University and RISE at State College is the missing piece.
As State College grows, so does the cost of living. In the past few years, the boom in the economy has driven the cost of living index to 113.50, well above the national average of 100. According to Sperling's Best Places, "Housing is the main factor in the cost of living difference." As Undergraduates continue to pour into the housing market, rental rates increase and availability is in short supply. Over time it has become common knowledge that those who work in Downtown cannot afford to live in Downtown. As the Borough sees the long-term effects this could have on their economy, they look to us to bridge the gap.
RISE at State College will be the second new high rise to be built in the last two years. Providing housing for over 450 undergrads,
With the Borough of State College, we are additionally pioneering a Reduced Rent program to provide housing at affordable rates for those who work in Center County. We are so proud to have given many of the hard-working locals who cherish their downtown a way to live in it!
Each person who enters the program, like our first applicant, Nicholas Nathan, are often so ecstatic about the news, they bring in their friends and family the following day. As other companies plan to build in State College, RISE is set apart from the competition through the strong relationship with its community.
Cross Cordosi, State College Student
Through this leasing season, we have heard the personal stories from over 50 applicants. Each one filled with excitement and joy when describing how the program will change their lives. Giving husbands and wives a place to live near their jobs, creating a community for graduate students to live together, and supporting adults returning to school with an affordable housing option. RISE at State College is making Happy Valley a little happier!