Department of Numbers

Wilmington North Carolina Residential Rent and Rental Statistics

The median monthly gross residential rent in Wilmington, NC (the Wilmington metro area) was $921 in 2016 according to the Census ACS survey.1 Average gross rent in Wilmington was $903 in 2016. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2017 Wilmington median and average rent data will be released in September of 2018.

Data is also available below for Wilmington rental vacancy rates, Wilmington rent as a percent of median income and the fraction of renters in Wilmington.

Show dollars as: Nominal Real

Real Gross Rent in Wilmington North Carolina (2016 dollars)2

2016 1 Year Change 3 Year Change
US Median Gross Rent $981 +0.93% +7.80%
North Carolina Median Gross Rent $839 +0.12% +7.29%
Wilmington, NC Median Gross Rent $921 -2.75% +3.14%

Wilmington, NC Real Gross Rent Trends

Median gross rent for Wilmington peaked in real terms in 2015 at $947 and is now $26 (2.75%) lower. Average gross rent for Wilmington peaked in real terms in 2015 at $936 and is now $33 (3.53%) lower.

Real Gross Rent in Wilmington: Wilmington NC Median, Wilmington NC Average, North Carolina Median, US Median

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Wilmington

Date US
Median
North Carolina
Median
Wilmington, NC
Median
Wilmington, NC
Average
2016 $981 $839 $921 $903
2015 $972 $838 $947 $936
2014 $942 $810 $886 $914
2013 $910 $782 $893 $911
2012 $898 $768 $895 $917
2011 $898 $768 $829 $851
2010 $912 $780 $899 $875
2009 $916 $784 $909 $894
2008 $932 $785 $924 $873
2007 $885 $761 $874 $809
2006 $895 $769 $885 $833
2005 $869 $758 $841 $806

Wilmington Rental Vacancy Rate

The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2016 the rental vacancy rate for Wilmington North Carolina was 7.04% according to Census ACS data.

Rental Vacancy Rate in Wilmington North Carolina

2016 1 Year Change 3 Year Change
US 5.89% +0.04% -0.60%
North Carolina 6.99% -0.03% -0.47%
Wilmington, NC 7.04% +1.30% -1.22%

Trends in Wilmington, NC Rental Vacancy Rate

The rental vacancy rate in Wilmington peaked in 2008 at 15.41%. Since then it has fallen by 8.37% to 7.04%. Data records for this series originated in 2005. From a 2015 post peak low of 5.74%, the rental vacancy rate has increased by 1.30%.

Rental Vacancy Rate: Wilmington NC, North Carolina, US

Rental vacancy rate in North Carolina

Historical Rental Vacancy Rate data for Wilmington

Date US North Carolina Wilmington, NC
2016 5.89% 6.99% 7.04%
2015 5.85% 7.02% 5.74%
2014 6.32% 7.29% 7.71%
2013 6.49% 7.46% 8.26%
2012 6.77% 8.00% 14.64%
2011 7.40% 9.31% 13.63%
2010 8.17% 9.97% 15.21%
2009 8.43% 10.10% 13.99%
2008 7.86% 9.58% 15.41%
2007 7.87% 9.26% 12.66%
2006 7.70% 9.98% 12.93%
2005 7.74% 9.99% 13.13%

Rent as a Fraction of Income

Using median household income data for Wilmington, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Wilmington, median monthly gross rent as a fraction of median household income was 22.04% in 2016 according to the ACS.

Wilmington North Carolina Median Annual Rent as a Fraction of Median Household Income

2016 1 Year Change 3 Year Change
US 20.43% -0.20% -0.35%
North Carolina 19.90% -0.84% -0.43%
Wilmington, NC 22.04% +0.73% -0.35%

Trends in Wilmington, NC Rent as a Fraction of Income

The fraction of median Wilmington household income required to pay median monthly gross rent peaked in 2009 (relative to the 2005 series origin) at 22.76%. Since then it has fallen by 0.72% to 22.04%.

Fraction of Income towards Rent: Wilmington NC, North Carolina, US

Percent of median household income going towards median monthly gross rent in Wilmington North Carolina

Historical Data for Annual Rent as a Fraction of Income in Wilmington North Carolina

Date US North Carolina Wilmington, NC
2016 20.43% 19.90% 22.04%
2015 20.63% 20.75% 21.31%
2014 20.89% 20.70% 21.76%
2013 20.78% 20.34% 22.39%
2012 20.65% 20.09% 21.14%
2011 20.70% 20.36% 22.30%
2010 20.50% 20.25% 22.54%
2009 20.12% 19.78% 22.76%
2008 19.00% 17.89% 20.38%
2007 18.66% 18.21% 20.88%
2006 18.90% 18.47% 20.51%
2005 18.89% 18.71% 20.60%

Renter Fraction in Wilmington North Carolina

You can calculate the renter fraction in Wilmington in at least two ways: by housing units or by population. I've gone with the housing units measure here. This measure looks at the number of renting households in Wilmington as a fraction of total Wilmington households. In 2016 39.19% of households were renters according to Census ACS data.

Wilmington Fraction of Renters by Household Units

2016 1 Year Change 3 Year Change
US 36.88% -0.09% +0.38%
North Carolina 35.78% -0.35% +0.04%
Wilmington, NC 39.19% +0.99% -1.26%

Trends in the Wilmington, NC Renter Fraction

The Wilmington household renter fraction peaked in in 2013 at 40.45% and is now 1.26% below that level. The origin year for the series is 2005.

Fraction of Renting Households: Wilmington NC, North Carolina, US

Fraction of renters in Wilmington

History of Wilmington Renter Fraction

Date US North Carolina Wilmington, NC
2016 36.88% 35.78% 39.19%
2015 36.97% 36.13% 38.20%
2014 36.90% 35.75% 38.63%
2013 36.50% 35.74% 40.45%
2012 36.09% 34.56% 33.70%
2011 35.42% 33.49% 35.68%
2010 34.65% 32.83% 32.18%
2009 34.13% 32.81% 31.64%
2008 33.36% 31.82% 30.32%
2007 32.80% 31.70% 33.60%
2006 32.73% 31.94% 31.48%
2005 33.10% 31.81% 32.90%

1. Gross rent is defined as contract rent plus the estimated average monthly cost of utilities (electricity, gas, water, and sewer) and fuel (oil, coal, kerosene, wood, etc.). Because some rentals include utilities and others don't, gross rent is a way of normalizing the variability.

2. Real dollars are calculated using the CPI-U less shelter series.

3. The rental vacancy rate is computed by dividing the number of vacant units for rent by the sum of the renter-occupied units, vacant units that are for rent, and vacant units that have been rented but not yet occupied.