Report: Worcester median rent rose 7.6% in 2023
Photo/Grant Welker
The Grid apartments in downtown Worcester
Rental rates saw a large increase in Worcester in 2023, but not as large of an increase seen in other midsize American metros.
The Worcester metro area saw its median monthly rent increase from $1,661 in 2022 to $1,788 in 2023, a 7.6% increase, according to a Friday report produced by Construction Coverage, a construction-focused research firm based in San Diego.
This $127-per-month growth put Worcester’s 2023 increase at 61st out of the 95 midsize metros included in the report. Worcester’s median monthly rent of $1,788 was the 23rd highest among midsize metros included.
Construction Coverage conducted an analysis of U.S. Department of Housing and Urban Development’s 50th Percentile Rent Estimates data to compile the report.
The largest increase seen among midsize metros was Hickory-Lenoir-Morganton, North Carolina, with an increase of 28.1%. Five midsize metro areas saw a median rent decrease in 2023, with Reno, Nevada seeing a decline of 0.8%, the largest decrease seen among midsize areas.
Worcester’s increase was identical to the statewide increase, which also came in at 7.6%, putting Massachusetts 43rd among the 50 states included in the report. The Boston-Cambridge-Newton area saw an increase of 7.6%, while Springfield saw an increase of 11.8%.
Rhode Island saw the largest climb in rent, with 17.9%, while Hawaii saw the smallest increase at 1.7%. However, Hawaii’s median rent of $2,590 put it second on the list of highest median rents, just behind California’s median of $2,690. Massachusetts had the third highest median rent, which came in at $2,431.
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