Study shows 7.4% rent increase in Wilmington in 2019
WILMINGTON, NC (WWAY) — Apartments seem to be shooting up left and right in Wilmington. One study shows Wilmington ranks at the top of the list for rent growth.
In a study done by RealPage Inc., Wilmington was ranked the number one small metro city for annual rent growth so far in 2019.
As of the second quarter of 2019, Wilmington rent prices have jumped 7.4%
JC Lyle from WARM NC says it’s always great to see more people come to the city, but with that, comes the need for affordable housing.
“The one thing that’s going to help with that is that the supply is increasing,” Lyle said. “We’re continuing to see developers that want to come here and want to build apartments and cottages and sometimes single-family homes for rent, so that will help. just increasing the supply will help a lot.”
Lyle says as new housing comes in, it can cause prices to go down with existing housing.