High unemployment and the availability of foreclosed properties coming back on the market are helping to keep rents stable in Worcester County, according to rental property managers.
Young people are not entering the ownership class like they were in the past and older owners are selling in favor of renting, the study says. And though tenants income levels have not kept pace, demand for rental property has driven up rents. Ed Murphy, CEO of WeRentCentralMass, a Worcester-based listing and rental company, said he has certainly seen those trends here. Murphy said that a three-bedroom apartment in Worcester was renting for around $800 per month three years ago. That rent has now risen to around $1,100. CLICK TO READ FULL STORY
For more than 100 years, Widoff's Bakery on Water Street was the place to go to get your bulkies on Sunday morning. In the not-too-distant future, it could serve as a place to pick up your medical marijuana.
In Worcester, this is a unique situation that probably only affects a few other cities across the nation. It wouldn't hold true in Boston, said CEO of Worcester Apartment Rental Agency, Ed Murphy. In Boston if you were going to purchase an equal property that you were renting, you would need $40,000 more to put down.