Worcester ranked third in Northeast rental market; 24th nationally
PHOTO/MATT VOLPINI
Tom Rheault, standing in front of his triple decker in Worcester, is among those getting a great return on their rental properties, according to a new study.
Appreciating rental prices drove Worcester to the third best market in the Northeast in which to own rental property, according to the quarterly Rental Ranking Report by All Property Management.
All Property ranked Worcester as the third best market for return on investment in the Northeast, beating out traditional powerhouses like Boston and Philadelphia, and 24th in the country. In the previous quarter it was ranked 4th in the northeast and 48th in the nation.
Other reports have indicated that sales of triple deckers have been extremely strong in the city.
Worcester’s year-over-year rental price appreciation rate was 10.6 percent. This was more than twice the national average, placing Worcester at the ninth-highest rental price appreciation in the U.S. during that period, according to the report.
Worcester’s relatively high annual job growth rate, 2.09 percent, and excellent vacancy rate of 1.4 percent (the lowest vacancy rate in the country during the second quarter of 2015), further indicate that demand for Worcester housing is currently quite strong and will likely remain that way for many quarters to come, according to All Property.
Seattle-based All Property Management connects rental property owners with professional management companies.
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