Rents in the Wilmington metro area fell for the 22nd consecutive month in February, dropping 0.8% year-over-year to $1,250, according to the latest data from Apartment List.
Why It Matters: The decline was the smallest since the rental downturn began in June 2023, suggesting the slide may be nearing its end.
- The 0.8% annual decline marks a slowing trend after steeper drops in previous months.
Rising: Despite the year-over-year decline, rents rose 0.6% from January, the first monthly increase since August and the largest since July.
Vacancy: Not surprisingly, as rents have fallen, the vacancy rate has risen with the rate rising to 8.8% in February, up from 8.5% in January and the highest level since July 2017.
- A rising vacancy rate could keep pressure on rents, but the monthly increase signals potential stabilization—especially if the economy remains strong.
The Bottom Line: If economic conditions hold, Wilmington’s prolonged rental downturn may finally be approaching its end.
