Rent Rises in Wilmington for the Third Straight Month

Rent prices in the Wilmington metro area climbed for the third consecutive month, hitting an average of $1,290 in May, a 0.8% increase from April and marking the highest rate since November 2023, according to the latest data from Apartment List.

Breakdown: One-bedroom apartments now cost an average of $1,178, up 0.8% from last month, mirroring the price hike for two-bedroom units, which also rose by 0.8% to $1,265.

• In Wilmington proper, rent prices experienced a slightly lower increase of 0.6%, bringing the average to $1,272 in May.

Vacancy Rates Rise: Despite the uptick in rent, the vacancy rate in the Wilmington metro area also increased, reaching 6.59% in May, up from 6.55% in April. This is the highest vacancy rate since July 2023 and marks the fifth consecutive month of increases.

Bottom Line: The simultaneous rise in rent and vacancy rates suggests a complex dynamic in Wilmington’s housing market. While demand rises putting upward pressure on prices we are also seeing supply grow as the multi-family building boom continues to add additional rental units to the market.