The small Massachusetts market of Worcester delivered its highest-ever volume of apartment supply in the past year. In the year-ending 3rd quarter, more than 1,160 units were delivered in Worcester, marking a 2.2% increase in total apartment inventory, according to data from RealPage Market Analytics. That was the highest volume on record in the RealPage data set, which goes back to 2000. Worcester, which has a total inventory of about 55,000 apartment units, is about an hour southeast of Boston. The market, which encompasses approximately the middle third of Massachusetts and some parts of north central Connecticut, has a population just under 800,000 residents. Additionally, Worcester boasts decent job growth, with a 1.7% increase to total employment in the year-ending 3rd quarter 2024. Still, based on the latest U.S. Census data, the population here shrank nearly 12% from 2021 to 2022.
