The Wilmington, North Carolina metro area has witnessed a continuous decline in median rental prices with prices falling year-over-year for 20 straight months, according to the latest data released by Apartment List.
34 Month Low: The median rent in Wilmington closed out 2024 at $1,249, a 1.8% drop from December 2023. This figure represents the lowest median rent in the region since February 2022, with a notable 11% decrease from the peak of $1,402 seen in September 2022.
- This extended period of falling rents highlights a cooling rental market after years of sharp increases.
- However, the 1.8% decline from last year is the smallest monthly drop since June 2023, hinting that the surge in housing supply might be aligning with demand.
Vacancy Rate Rises: Adding another layer to the market dynamics, the vacancy rate in Wilmington has risen to 8.28% in December 2024, which is the highest it has been since September 2017.
- This rate is significantly up from the all-time low of 2.38% recorded in October 2021.
Bottom Line: While rent declines have slowed, the rise in the vacancy rate to an almost 7-year high could mean continued declines in median rents as rising supply outpaces demand in southeastern North Carolina.
