Property Management Blog

Worcester Tax Relief Increases Property Development & Investment The Worcester Telegram is reporting that "seventeen active tax-relief plans that were approved for commercial development projects in the city have generated about $16.5 million in total real estate taxes and triggered more than $306 million in total private investment". Furthermore, six relief plans will produce approximately 246 new rental units in the city. This continued growth of the real estate and rental markets [...]

City Introduces Worcester Housing Now Program to Help Developers Banker & Tradesman is reporting that "the city of Worcester has launched a new program aimed at helping certain developers get streamlined access to capital to revitalize troubled small two- to four-unit properties throughout the city." This new program called "Worcester Housing Now" was developed in an effort to revitalize a number of properties that have been neglected, leading to "resident health issues, [...]

Worcester Sees Growth In Average Rental Rates The Worcester Business Journal is reporting that "in the last year, Worcester rents have increased by 6.1%, as of the third quarter, good for sixth place in small U.S. metro areas". Furthermore, that "Worcester’s average rent in the third quarter was $1,693 per month, with 97.5% of those units occupied and 393 more under construction". This compares to third quarter last year, which was only [...]

Worcester Sees Growth In Condo Market A recent article from the Worcester Telegram & Gazette is indicating that the Worcester Condo market is trending upwards (at least compared to last year), per data from The Warren Group, which tracks residential real estate transactions in Massachusetts. When compared to condo sales from August 2018, this year's data is showing that sales are up 5% at 225 condos purchased in Worcester County. Furthermore, that [...]

Worcester Initiates Vacant Storefront Leasing Program A recent article from the Worcester Business Journal about commercial leasing programs and economic impact is mentioning that Worcester is one of "eight communities across Massachusetts to make a new incentive program targeting empty storefronts." According to the article, Worcester will now be offering up to $10,000 in refundable state tax credits for certain locations in the downtown commercial area as part of the state's inaugural [...]