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Updated almost 4 years ago on . Most recent reply

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Ethan Green
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Thoughts on investing in the Worcester Ma market??

Ethan Green
Posted

I was looking to start investing in real estate but don’t have enough cash for my area ( Boston Ma ) what do people think about Worcester. The prices are almost half and cash flow looks good . But I heard tenants can be a problem in the area. Thanks .

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Brian J Allen
  • Real Estate Agent
  • Worcester, MA
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Brian J Allen
  • Real Estate Agent
  • Worcester, MA
Replied

Ethan,

I would be glad to shed some light on things for you regarding Worcester.  First off you are correct, prices are lower in Worcester and returns are higher.  Rents in Worcester are creeping up and have gone up approximately 20-30% in the last 3 years, prices have followed.  As with any city, there are different sections which have different characteristics.  Geography plays a big role here due to the 7 hills and I 290 which cut its way through the city in the 60s.  Rents differ by neighborhood, parking situations and quality of units.  All of these can be explained to you by a solid multi family buyer's agent who does a lot of work in Worcester.  Do not get tricked by price without understanding the location you are buying, or the quality of the building.  Most of these places were built from 1890-1920 and it shows.  Time has not been kind to many of them, but others have been loved and maintained.  I have personally seen 1400 distinct properties in the last 3-4 years and I recommend you see at least 20 buildings before you make an offer so you can see the nuances of the market.  Best of luck, Worcester is a great city and has seen a renaissance over the past couple of years, most notably with Polar Park which opened this spring.

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