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Some Worcester rents are falling ... really

  • Posted by Worcester News Jan 9 - Filed in News - #Worcester  #housing  #Zumper  #rental market trends  - 4,284 views

    Corner of Palm and Houghton, Worcester MA
    John Phelan, CC BY-SA 3.0, via Wikimedia Commons

    WORCESTER — Rents for 1- and 2-bedroom apartments in Worcester are down compared to last year, according to new data from Zumper’s Rental Market Trends.

    The city remains among the more affordable in the Boston metro area, even as some nearby cities post sharp increases.

    The median rent for a 1-bedroom apartment in Worcester is $1,760, unchanged month over month and down 2.2% from a year ago. That places Worcester well below the state median of roughly $2,200 and far behind the region’s most expensive cities, including Brookline, Cambridge and Boston.

    Brookline tops the list with a median 1-bedroom rent of $3,040. Portsmouth saw the steepest annual increase among the cities analyzed, with 1-bedroom rents up 18.5% year over year. Medford also recorded strong growth, rising 8.8%.

    Several cities saw rents decline over the past year, including Quincy, where 1-bedroom rents fell 6.8%, Lowell at 6.4%, and Somerville at 6.2%. Worcester’s annual decline was more modest by comparison.

    For 2-bedroom apartments, Worcester’s median rent stands at $2,000, up 0.5% from the previous month but down 4.8% year over year. That figure is again significantly lower than Boston, where the median 2-bedroom rent is $3,460.

    Within Worcester, average rents vary by neighborhood, according to Zumper’s neighborhood data. Franklin Plantation and the Shrewsbury Street area have the highest average rents at $2,200. Green Island, Webster Square, Vernon Hill and Bell Hill follow closely at about $2,100.

    University Park averages $2,080, while the Central Business District comes in just under $2,000. North Quinsigamond Village averages $1,975, and Institute Park is among the more affordable neighborhoods listed, with an average rent of $1,850.

    Despite recent declines, Worcester continues to rank as one of the least expensive rental markets among cities in the broader Boston metro area, a factor that has contributed to steady demand as renters seek alternatives to higher-priced urban cores.

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