For the second consecutive month, rents in the Wilmington, NC metro area have remained steady year-over-year, signaling a potential end to a prolonged period of declining rental prices, according to Apartment List.
- The median rent in Wilmington stood at $1,269 in May, reflecting a 0.8% increase from the previous month and a 3.5% rise since the beginning of the year.
- This stabilization follows a 23-month streak of year-over-year rent decreases, during which prices fell from a peak of $1,402 in September 2022 to current levels—a cumulative drop of approximately 9.5%.
The vacancy rate in Wilmington has also shown signs of improvement. After 16 consecutive months of increases, the rate dipped to 9.42% in May, down from 9.48% in April.
- However, it remains elevated compared to the 6.62% rate observed in May 2024, indicating that while demand is rebounding, supply still outpaces occupancy.
National Trends: Wilmington’s rental trends align with national patterns. Apartment List reports that the national median rent increased by 0.4% in May, with year-over-year growth turning slightly negative at -0.5%.
Bottom Line: Multi-family development has slowed over the past year, along with population growth. However, Wilmington is still one of the most desirable destinations in the country, and this latest report highlights that.
