Rents in the Wilmington metro area fell for the 23rd consecutive month in March while vacancies continued to climb, according to the latest report from Apartment List.
- The median rent dropped to $1,263, down 0.5% from the same time last year. While it marks another year-over-year decline, it’s also the smallest annual drop since May 2023, when the streak began.
- On a month-to-month basis, rents increased by 0.9% from February — the largest monthly jump since April 2023 and up from the 0.4% rise the previous month.
Vacancy rates climbed to 9.27% in March, up from 8.8% in February — marking the 15th straight month of increases and the highest rate since May 2017.
Nationally, rents increased by 0.6% from February but remained down 0.4% year-over-year.
- The national vacancy rate rose to 6.9%, breaking the previous peak of 6.8% and setting a new record since data tracking began in 2017.
Bottom Line: Renters in the Wilmington area is still benefiting from the building boom. However, after almost two years of falling rents, it looks like rents could be back on the rise.
