Worcester third in northeast for rental investment returns
Realtor Tom Rheault stands in front of the triple decker he purchased as a first-time buyer. Worcester has been ranked 35th in the nation on return on investment for rental property owners.
A ranking released Wednesday evaluating the return on investment for rental properties has ranked Worcester third in the northeast.
All Property Management, an online network of property management services, evaluated nine categories such as vacancy rate, property appreciation, job growth, days on market, and tax and insurance cost to create its Rental Ranking Report. In the report, Worcester came in third in the northeast behind first and second place Washington, D.C. and Boston for return on investment of rental properties. The metropolitan area was ranked 35th overall in the nation on the list.
Worcester was found to have the lowest vacancy rate in the country at 3.05 percent for residential rental properties and fifth best in the country for job availability. Overall, according to the report, the northeast rental market has lagged behind the rest of the country with smaller metropolitan areas such as Worcester and Springfield (ranked 42 on the list) outperforming many larger metropolitan areas such as New York City and Philadelphia.
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