Gardner, MA Surprisingly Has the Third Most Competitive Rental Market in the US

Finding an apartment in Gardner might seem easy, but Central Massachusetts hosts one of the toughest rental markets in the US, according to a Forbes Advisor study.

Overview of the Worcester Metro Area

The study analyzed data from the 75 most populated metro areas nationwide, ranking the Worcester metro area as the third most competitive market. This area encompasses Worcester County and Windham County in northeast Connecticut, boasting a population of over 866,000.

Tight Rental Housing Market

The rental market in the Worcester metro area is described as extremely tight, with the seventh-lowest number of available rental units per 100,000 households, far below the study average. The rental vacancy rate is less than 2 percent, the second-lowest in the country.

Rising Rental Prices

Renters in the region have experienced the third-highest increase in rental prices over the past year, with a significant hike of $163. The median rental price in Worcester stands at $1,995, nearly $200 higher than the study's median price.

Comparison with Other Metro Areas

Other metro areas in the region, such as Boston-Cambridge-Newton, Hartford, and Bridgeport-Stamford-Norwalk, also rank among the top 25 most competitive rental markets in the survey.

National Trends in Rental Markets

The study attributes the hot rental market across the country to high mortgage rates and elevated home prices, indicating greater cost savings in renting versus buying, especially in top metro areas.

Least Competitive Rental Markets

New England lacks representation among the 25 least competitive rental markets. The Albany-Schenectady-Troy Metro Area in New York comes closest, ranking 12th. Baltimore takes the top spot as the least competitive rental market with a median rental price of $1,500.

Ranking Methodology

The rankings were based on eight metrics, including available rentals, rental vacancy rate, rental price changes, and the percentage of renter-occupied housing units compared to owner-occupied units.