Rent prices in the Wilmington metro area rose for the fifth consecutive month in June, however, year-over-year prices remain on the decline, according to the latest data from Apartment List.
- Overall rent climbed to $1,299, marking a 0.5% increase from the previous month and hitting the highest level since November 2023.
Annual Decline: Despite this upward trend, rent prices have been on a year-over-year decline for the 14th consecutive month. The current overall rent is down 2.7% compared to the same period last year, slightly better than the 2.6% drop recorded in May but still representing the second smallest annual decline over the past 12 months.
Breaking It Down: One-bedroom rents in the Wilmington metro area decreased by 2.7% year-over-year, bringing the average to $1,186. Two-bedroom units experienced a slightly larger decline of 2.8%, with the average rent now at $1,273.
Vacany: The vacancy rate has also been trending upwards, rising for the sixth straight month to 6.77% in June, up from 6.62% in May. This is the highest vacancy rate since last June, although it is down 1.9% from the same period last year.
Bottom Line: The continuous rise in rents, despite the year-over-year decline, reflects ongoing changes in the housing market dynamics in the Wilmington metro area. Renters are feeling the pressure of increasing costs, even as the broader trend indicates some relief compared to last year. The increasing vacancy rate suggests that more units are available, which could potentially ease rent prices in the future if the trend continues.
