Wilmington, North Carolina

LOCAL ECONOMIC GROWTH for Wilmington, NC
WILMINGTON SUBMARKETS

Wilmington Apartment Market Summary
The average occupancy rate in the Wilmington apartment market has fallen to 93.9%. However, excluding apartments in lease-up, the average occupancy rate is 95.5%. Demand remains healthy with 177 units absorbed over the last year. Communities that are sixteen to thirty years in age have the highest occupancy rates in the market at 96.6%.

There are currently 403 units under construction in the metro area. Additionally, there are over 1,200 units in various stages of planning, with most planning to begin construction within the coming year. The majority of the proposed communities are located in the North submarket.

Rental rates increased over the past year to $715. One bedroom units average $599 per month, two bedroom units rent for an average of $737 per month and three bedroom units average $915 per month. Within the overall market, existing apartments raised their rents 4.1% in the last year.

Based on the current development pipeline, occupancy rates should hold around 94% in the next year. Rental rates are expected to increase between 3% and 4% per year as occupancy rates remain relatively high.

Market Data Information Source: © June 2007 Real Data Aptindex