Worcester rents have increased by 6.1%
Photo/Grant Welker
145 Front at City Square
In the last year, Worcester rents have increased by 6.1%, as of the third quarter, good for sixth place in small U.S. metro areas, according to a Texas real estate data firm.
According to RealPage, Worcester’s average rent in the third quarter was $1,693 per month, with 97.5% of those units occupied and 393 more under construction. In the third quarter 2018, the average rent was $1,595 per month.
RealPage said total U.S. apartment occupancy in the third quarter climbed to 96.3%, up from 95.9% the year prior.
Several notable apartment projects completed within about the last year are the 365-unit 145 Front St. apartments and 48 apartments above the Worcester Public Market in Kelley Square.
The Central Building at 332 Main St. was also rehabilitated with 55 new apartment units.
Worcester’s rent growth was higher than Huntsville, Ala.; Fresno, Calif.; Portland, Maine; Spoke, Wash.; Albuquerque, N.M.; and Johnson City, Tenn.
Wilmington, N.C. had the highest rent increase at 8.2%, followed by Boise, Idaho; Tucson, Ariz.; Santa Maria and Santa Barbara, Calif; and Bakersfield, Calif.
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I look forward to a serious analysis of this data that does not glorify it from a real estate point of view, but instead looks at the effect of skyrocketing rents on Worcester's working population, what it means for homelessness in Worcester, and whether the social and business costs of pricing renters out of the market and driving them out of their homes doesn't actually outweigh the benefits to landlords. Do we really want Worcester to become more famous for its homeless than for its solid residential base?
It's amazing to see the city evolve. But the rent increases are not conducive to what the average working class family are making working their 9-5 jobs (some folks work 2 jobs to afford a sub par appartment to provide a roof over their families head).
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