Rents in Wilmington dropped again in November, marking the 19th straight month of decline, according to Apartment List.
- The median rent fell to $1,267, down 3.1% from a year ago and the lowest level in ten months.
- Prices are now 9.6% below the September 2022 peak of $1,402.
Nationally, the median rent fell by $12 to $1,382 in November, with year-over-year prices down just 0.6%, showing Wilmington’s sharper drop in comparison.
Still Higher: Despite the decline, Wilmington renters are still paying a higher share of their income—25% on average—compared to the national figure of 23%.
- NOTE: Households are considered cost-burdened when they spend more than 30% of their income on rent. Wilmington
5-Year High: The local vacancy rate rose to 8.0% in November, up from 7.8% the previous month and the 11th straight increase.
- This is the highest level since 2017, driven by increased housing supply.
Why It Matters: Falling rents are reshaping the housing market in Wilmington. With high home prices and elevated mortgage rates, more renters may see value in staying put, easing pressure on the for-sale market.
Bottom Line: As supply rises and demand softens, renters may find more affordable options, while landlords face growing competition.
