While Wilmington remains a competitive housing market for homebuyers, its rental market is showing less intensity compared to national trends, according to the latest data from RentCafe.
Competition: At the start of 2025, Wilmington’s Rental Competitiveness Index stood at 67.1, slightly down from 67.2 a year ago—marking the lowest rating in the state.
- The number of average vacant days on the market remained steady at 44, as did the number of prospective renters per unit, holding at five.
Supply: One of the most notable shifts was in the supply of new apartments. The share of new apartments rose to 2.95%, more than doubling from 1.30% a year ago, a sign that the ongoing building boom continues to shape Wilmington’s rental market.
- Despite this influx of new units, existing apartment complexes are holding their ground, with lease renewal rates climbing to 64.8%, up from 60.6% in early 2024.
- Occupied apartments ticked up slightly to 92.1%, from 92.0% the year before.
On a national level, only 0.75% of apartments were newly built, helping push the national Rental Competitiveness Index to 75.7—more than eight points higher than Wilmington’s.
Building Works: Wilmington isn’t the only market seeing rental price shifts. Austin, TX, has made headlines for a 22% drop in rents since the pandemic peak, thanks to a surge in new apartment construction. Wilmington has also seen a decline, though more modest: rents in the metro area have fallen 10.7% from their October 2022 peak, according to Apartment List.
Bottom Line: It all comes down to basic supply and demand—when you build more housing, prices fall. Wilmington’s ongoing development boom is keeping rental costs in check, offering a more balanced market compared to other parts of the country.
