Jul
01

Newer Wilmington Apartments Leasing Well

By

New apartment development is booming in the Wilmington market. There are now more than 900 units under construction and another 1,800 units proposed, according to the latest report published by Real Data. Most of the new development is occurring in the North submarket.

Demand for apartments in Wilmington has been strong over the last year, allowing the average vacancy rate to improve to 5.5%. Apartments that are one to five years in age hold the lowest vacancy rate in the market at 3.9%, which is good news for developers planning new apartments.

The average rent for an apartment in the Wilmington area has increased to $835 per month, as compared to $800 per month just one year ago.

Categories : Wilmington

Comments are closed.