Worcester rental market among "worst" in country, Forbes says
WORCESTER - Looking to rent in Worcester? A new report from Forbes says apartment hunters have it worse in the central Massachusetts city than just about anywhere else in the country.
The magazine ranked Worcester third on its list of the most competitive rental markets in America.
Few rental units available in Worcester
"With extremely low vacancy rates and some of the worst availability of rental units, Worcester metro area renters are battling a tough rental market," Forbes wrote.
Worcester has a rental vacancy rate of 1.7% compared to the the average of 6.3% in other metro markets, Forbes says. And renters have seen prices go up $163 in the past year, the third-highest increase among cities studied.
The median rental price in Worcester is $1,995, about $200 more than the median price of the rest of the metro markets Forbes studied.
Most and least competitive rental markets
The only rental markets more competitive than Worcester are the New York metro area and Virginia Beach, according to the report. Rounding out the Top 5 are the Honolulu and Milwaukee markets.
Boston was 12th in the most competitive ranking and experienced one of the biggest increases in rental prices. Forbes says rent jumped $200 from 2023 to 2024.
Where can you find cheaper rent? Just get on the Mass Pike and head west a few hours.
In upstate New York, the Albany-Schenectady-Troy area was ranked 12th on the list of least competitive rental markets. The median rent there is $1,500 per rental, about $300 less than the study average.