Rents Have Jumped in Worcester -- Once the Most Affordable Rental Market in Greater Boston
While rent prices across Massachusetts have been sharply increasing for many years, a handful of cities in the area have managed to remain largely immune to the issue. Worcester has always been a great case in point, with median rents that tend to be a lot more reasonable than what you will find in most of the other 16 Greater Boston cities. According to recent reports, however, that is starting to change. As always, Boston City Properties is here to bring you the latest regarding real estate and rental info for Worcester and the rest of Massachusetts.
Rents Are Up 16 Percent
In December 2017, the median monthly rent for a one-bedroom apartment in Worcester was around $1,150. At that time, in fact, the median rent price had actually dropped by about 5 percent versus the same period in 2016. At the time, Worcester boasted the second lowest median rent out of the 16 cities that are included in Greater Boston. As of December 2018, however, median rents in Worcester had increased by 16 percent. Median rent for a one-bedroom apartment, $1,330 per month, represents an increase of nearly $200 per month.
An Upward Trend
Although it appeared that median rents in Worcester had flattened out during the year 2017 and even dipped near the end of it, that has changed dramatically over the last 12 months or so. After hovering at around $1,150 per month in December 2017, the median rent for March 2018 had risen to $1,180. In July, it jumped up to $1,280 per month. Not surprisingly, rent prices for larger units have increased as well. As of December 2018, the median rent for a two-bedroom apartment in Worcester was $1,480 per month.
Will the Trend Continue?
For those who have turned to Worcester for relief from the sky-high rent prices around metro Boston, these latest trends are worrisome indeed. Given how quickly median rents started to increase in the city during 2018, it is safe to assume that it has much to do with people being pushed out of the city proper due to exorbitant rental prices. Just as places like Somerville have stopped being affordable refuges for renters, cities as far afield as Worcester are now joining the bandwagon. At this point, copious amounts of new construction and drastic changes to existing laws will be needed to stem the latest tide of rent increases.
Need an Apartment in Worcester?
Even though rent prices have been increasing in Worcester, it is still one of the most affordable cities in Greater Boston for renters. If you want to rent an apartment there and need help finding an affordable place, look no further than WorcesterRealEstate.com. Sign up now for free, immediate access to our constantly updated database of MA real estate listings, which includes listings for apartments for rent throughout Massachusetts.