Rent Prices Continue to Rise
The Port City’s rent prices are continuing to increase and caused Wilmington to jump its national ranking based on the year-over-year rental price growth. Based on a report prepared by Apartment List, Wilmington is currently ranked #40 for year-over-year rent growth of 3.4 percent. This increase in rent prices outpaced the national average, which was 1.5 percent and also higher than traditionally high-rent markets like San Francisco and New York.
The increasing cost to rent leads to concerns that many local residents wont be able to afford to live in the region. The biggest issue that we are facing is a lack of affordable housing in our area, causing residents to pay more than 30 percent of their gross incoming on housing, creating a cost-burden. The city of Wilmington and New Hanover County officials are taking action to address this issue and to try to identity ways to encourage more affordable housing.
With rent prices increasing, the debate on whether to BUY or RENT is revisited. Contact one of our Real Estate Professionals today to go over what the best decision is for YOU! (910) 367-2965
