Rent Prices in Worcester up 50% in the last year- Agents say

Very interesting article here about rents in Worcester.

https://drive.google.com/file/...

There are definitely people who have had their rents go up by 50% in Worcester in the last year.

Say your rent was $1000 for a 3 BR unit with parking.  The jump to $1500 doesn't even get you to market rent for that unit which is probably $1700/month

The sad news here is that there are still a lot of people who will have their rents increase.

Overall rents in Worcester are "LOW" in comparison to other locations like Marlboro or Framingham.

This is hurting the people who have lived here for a long time and are on fixed income, or have low paying jobs in Worcester.

Just like in 2006 Worcester is once again becoming a bedroom community to these job centers.

And like in 2006 the current occupants from Worcester are getting pushed further West and South.

Landlords who have had their properties for a number of years and might have cost basis of $300k for their 3 decker can charge $1000 per floor for $3000/month gross rents.  By the same token those who paid $600k for a similar building should be asking $2k per floor in rent.  

This big run-up in prices fueled by the FED and its dual mistakes of MONEY PRINTING and HOLDING DOWN INTEREST RATES has caused hardship for those most vulnerable the renters.

Hopefully the current proposed Fed plan of raising rates and Quantitative Tightening(selling off assets from its balance sheet) will slow the market and lower the upward pressure on rents.

Until then, expect rents to go up to levels where the current occupants cannot pay.