WORCESTER — In a recent study, Worcester beat out Boston as one of the most competitive rental markets in the country.
The study, conducted by Forbes Advisor, ranked the Worcester Metro Area third in the nation for most competitive rental market. Forbes reached its conclusion by examining data on rental costs and availability in the 75 largest metropolitan areas across the country.
“With extremely low vacancy rates and some of the worst availability of rental units, Worcester Metro Area renters are battling a tough rental market,” the study said.
Giving the Worcester Metro Area a score of 90.29 out of 100, Worcester ranks as the seventh worst in terms of rental unit availability in the study, with only 94 rentals available per 100,000 households, significantly lower than the study’s average of 240.
“Worcester has the second-lowest rental vacancy rate study-wide (1.7%) which is lower than our study average of 6.3%,” the study said.
The study also found that, over the past year, renters in the Worcester Metro Area have experienced the third-largest increase in median rental prices, with an average hike of $163.
“Worcester made it in the top 25 most competitive rental markets due to its high rental prices, with a median price of $1,995 per rental—nearly $200 higher than the study median price of $1,804,” the study concluded.
Boston, scoring 77.04, ranked 12th. It had 689 rentals available per 100,000 households, 595 more than Worcester, despite tying Milwaukee for the highest rental price increase at +$200.
