Median rents in Wilmington fell for the fifth straight month to start 2024, according to the latest data from Apartment List
- M-O-M: Median rents in the Wilmington metro area fell to $1,258 in January, down 1.0% from December and the lowest level since March 2022.
- Y-O-Y: Median rents are down 3.6% compared to the same time last year.
Off The High. Rents are down 6.3% from the the 2023 high and are down 10.7% from the all-time high in September 2022.
Drop Across The Board. One-bedroom median rents fell for the sixth month to $1,149 and two-bedroom rents fell for the fifth month to $1,233.
Vacancy. The vacancy rate rose to 6.4% in January, up from 6.38% in December and the first monthly increase in 8 months.
- The vacancy rate is up from the 6.27% reported the same time last year.
National. Nationally, rents fell for the sixth straight month and are down 3.5% from the July 2023 high.
BOTTOM LINE: The big jump in apartment supply is obviously helping to put downward pressure on prices and is bringing some much needed relief to renters who had a rough ’21 and ’22.