32 2023 Economic Forecast • Worcester Business Journal • www.wbjournal.com
H O U S I N G
Housing
boom
Residential development will con-
tinue its upward trajectory in 2023,
as prices will remain high
T
he development boom in Central
Massachusetts will spill over into
communities that have been lacking
investment. is may pose difficulties for
residents who have seen their rents go up
and homeowners whose taxes are increasing due to a
rise in property values.
Rents will remain high in Worcester
ough developers are racing to meet demand with
large multifamily projects due to open in 2023 and the
city is on the verge of passing an inclusionary zoning
ordinance, renters are unlikely to see much relief in the
upcoming year from rental prices that have increased
80% in the last seven years. Inclusionary zoning
BY TIMOTHY DOYLE
WBJ Staff Writer
The 196-unit Alta
Union House in
Framingham is
part of a wave of
new developments
in MetroWest over
the past five years.
PHOTO | GRANT WELKER
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