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Worcester rents have grown 0.8% in the past year, hitting a median of $986 for a one-bedroom apartment and $1,256 for a two-bedroom, according to the data website Apartment List. That rate trails year-to-year growth of 2.3% for the average Massachusetts rent and 1.4% for the nation.
If we want to keep attracting job holders from the eastern part of the state to live here, we have to remain mindful of the cost of their transportation to their metro Boston area jobs. Whether one drives or takes commuter rail, this is expensive. The main marketing plug for developers downtown seems to have been, let's bring metro Boston jobholders here with our lower rents. A couple of problems with that: Theory didn't work out. The cost of construction has pushed rents on those new apartments higher than much of the rental property already in existence in the city. The other problem: The high cost of commuting, both in time and money for those who commute back and forth from Worcester to Boston . If rents rise high enough, renters won't renew their leases and instead move closer to their work to get a better quality of life for the same price they pay to live here.
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SubscribeWorcester Business Journal presents a special commemorative edition celebrating the 300th anniversary of the city of Worcester. This landmark publication covers the city and region’s rich history of growth and innovation.
See Digital EditionStay connected! Every business day, WBJ Daily Report will be delivered to your inbox by noon. It provides a daily update of the area’s most important business news.
Worcester Business Journal provides the top coverage of news, trends, data, politics and personalities of the Central Mass business community. Get the news and information you need from the award-winning writers at WBJ. Don’t miss out - subscribe today.
Worcester Business Journal presents a special commemorative edition celebrating the 300th anniversary of the city of Worcester. This landmark publication covers the city and region’s rich history of growth and innovation.
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Worcester rents have grown 0.8% in the past year, hitting a median of $986 for a one-bedroom apartment and $1,256 for a two-bedroom, according to the data website Apartment List. That rate trails year-to-year growth of 2.3% for the average Massachusetts rent and 1.4% for the nation.