Wilmington North Carolina Residential Rent and Rental Statistics
The median monthly gross residential rent in Wilmington, NC (the Wilmington metro area) was $1,093 in 2019 according to the Census ACS survey.1 Average gross rent in Wilmington was $1,042 in 2019. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2020 Wilmington median and average rent data will be released in September of 2021.
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.
Real Gross Rent in Wilmington North Carolina (2019 dollars)2
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US Median Gross Rent | $1,097 | +1.86% | +6.82% |
| North Carolina Median Gross Rent | $931 | +1.64% | +5.92% |
| Wilmington, NC Median Gross Rent | $1,093 | +1.67% | +13.38% |
Wilmington, NC Real Gross Rent Trends
At $1,093, real median gross rent in Wilmington was at its highest level in 2019 since the series began in 2005. Average gross rent for Wilmington peaked in real terms in 2018 at $1,077 and is now $35 (3.25%) lower.
Real Gross Rent in Wilmington: Wilmington NC Median, Wilmington NC Average, North Carolina Median, US Median
Real Gross Rent History for Wilmington
| Date | US Median |
North Carolina Median |
Wilmington, NC Median |
Wilmington, NC Average |
|---|---|---|---|---|
| 2019 | $1,097 | $931 | $1,093 | $1,042 |
| 2018 | $1,077 | $916 | $1,075 | $1,077 |
| 2017 | $1,043 | $888 | $939 | $936 |
| 2016 | $1,027 | $879 | $964 | $946 |
| 2015 | $1,017 | $877 | $992 | $980 |
| 2014 | $986 | $848 | $928 | $958 |
| 2013 | $953 | $819 | $935 | $954 |
| 2012 | $940 | $804 | $937 | $961 |
| 2011 | $941 | $805 | $868 | $891 |
| 2010 | $955 | $817 | $941 | $916 |
| 2009 | $960 | $821 | $952 | $936 |
| 2007 | $927 | $797 | $915 | $847 |
| 2005 | $910 | $794 | $880 | $844 |
Wilmington Rental Vacancy Rate
The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2019 the rental vacancy rate for Wilmington North Carolina was 4.44% according to Census ACS data.
Rental Vacancy Rate in Wilmington North Carolina
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| North Carolina | 6.60% | -0.43% | -0.39% |
| Wilmington, NC | 4.44% | -1.25% | -2.60% |
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 10.97% to 4.44%. Data records for this series originated in 2005.
Rental Vacancy Rate: Wilmington NC, North Carolina, US
Historical Rental Vacancy Rate data for Wilmington
| Date | US | North Carolina | Wilmington, NC |
|---|---|---|---|
| 2019 | 5.97% | 6.60% | 4.44% |
| 2018 | 6.15% | 7.03% | 5.69% |
| 2017 | 6.18% | 6.77% | 5.47% |
| 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% |
| 2007 | 7.87% | 9.26% | 12.66% |
| 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 22.74% in 2019 according to the ACS.
Wilmington North Carolina Median Annual Rent as a Fraction of Median Household Income
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 20.03% | -0.47% | -0.40% |
| North Carolina | 19.48% | -0.57% | -0.42% |
| Wilmington, NC | 22.74% | -1.28% | +0.71% |
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 2018 (relative to the 2005 series origin) at 24.02%. Since then it has fallen by 1.28% to 22.74%.
Fraction of Income towards Rent: Wilmington NC, North Carolina, US
Historical Data for Annual Rent as a Fraction of Income in Wilmington North Carolina
| Date | US | North Carolina | Wilmington, NC |
|---|---|---|---|
| 2019 | 20.03% | 19.48% | 22.74% |
| 2018 | 20.50% | 20.05% | 24.02% |
| 2017 | 20.13% | 19.59% | 20.86% |
| 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% |
| 2007 | 18.66% | 18.21% | 20.88% |
| 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 2019 37.48% of households were renters according to Census ACS data.
Wilmington Fraction of Renters by Household Units
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 35.89% | -0.16% | -0.99% |
| North Carolina | 34.69% | -0.17% | -1.09% |
| Wilmington, NC | 37.48% | -1.76% | -1.71% |
Trends in the Wilmington, NC Renter Fraction
The Wilmington household renter fraction peaked in in 2013 at 40.45% and is now 2.97% below that level. The origin year for the series is 2005.
Fraction of Renting Households: Wilmington NC, North Carolina, US
History of Wilmington Renter Fraction
| Date | US | North Carolina | Wilmington, NC |
|---|---|---|---|
| 2019 | 35.89% | 34.69% | 37.48% |
| 2018 | 36.05% | 34.86% | 39.24% |
| 2017 | 36.13% | 34.60% | 36.37% |
| 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% |
| 2007 | 32.80% | 31.70% | 33.60% |
| 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. ↩
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