Marlborough, MA, June 17, 2017 --(PR.com
)-- Although Marlborough was hurt by the most recent economic downturn, the city has recovered swiftly, and real estate prices, activity, and occupancy, as well as local employment, have returned to 2007 levels, according to preliminary findings of a housing market analysis of the City of Marlborough.
Kyle S. Talente, vice president and principal of economic planning and real estate consulting firm, RKG Associates Inc. (RKG), presented these and some of his firm's other findings on Tuesday, during a public meeting organized by the Marlborough Economic Development Corporation (MEDC).
According to RKG's analysis, the number of households in Marlborough has grown by about 12% since the start of the millennium, with one- and two-person households representing the largest total increase, and households with an income above $100,000 accounting for about 40% of the total change. Over the same time period, RKG found that ownership values have risen by more than 81% – from $181,000 in 2000 to $328,430 in 2016 - and rent levels have increased by 18% in the past 4 years alone, with vacancy remaining below 5%. Although 1,500 new apartments and 700 new owner units have been developed in Marlborough since 2000, the study points out that Marlborough Public School enrollment has not been affected.
RKG projects that one-person households, as well as households where two spouses are living with children, will grow the most over the next 5 years, and households where income is higher than $100,000 will make up close to 55% of the total change. RKG’s projections also indicate that Marlborough will add 1,325 new jobs and 619 new households by 2025.
The MEDC had commissioned RKG to conduct the housing analysis of Marlborough, after the City Council signed off on a temporary cessation on the issuing of special permits for housing projects in March. Tuesday’s public meeting, held at the Marlborough Senior Center, gave community members the opportunity to learn more about the details of and give their feedback on the study.
“It is clear to anyone looking at Marlborough today that the city has been undergoing substantial and positive changes that have been laying the foundation for steady economic growth,” said MEDC executive director Meredith Harris. “RKG’s preliminary findings certainly support that, and we are glad they were able to share them with and gather feedback from our community. We now look forward to receiving the full report and recommendations in the next couple of months.”
For high resolution images from the public meeting, go here: https://www.dropbox.com/sh/2okgov0jwzftvop/AAD07bwGYkjgCnsFQiPQuOJCa?dl=0
The Marlborough Economic Development Corporation (MEDC) is the state chartered economic development corporation for the City of Marlborough, MA and represents a public-private partnership for planning. MEDC works with municipal and private investors to foster economic development, job growth and community revitalization. For a complete overview of MEDC, visit MarlboroughEDC.com.
About RKG Associates, Inc.:
RKG Associates, Inc. is a multi-disciplined consulting firm, founded in 1981. It serves private, public, and institutional clients and provides a comprehensive range of advisory, planning, marketing, and management services throughout the U.S. and around the world. To learn more about RKG Associates, Inc., visit RKGassociates.com.