Located near Independence Mall — the area’s largest retail shopping destination — Park Place is one of the most walkable neighborhoods in Wilmington, located between downtown and the University of North Carolina at Wilmington. Grocery stores and other conveniences are just a stroll away, as is Empie Park, which is equipped with tennis and basketball courts. Rent in the Park Place area is significantly lower than downtown Wilmington and mainly consists of full homes, with apartments available as well.
If you're not sure how much an apartment will cost, the table below shows the average price by size.
Welcome to the August 2022 Wilmington Apartment Report. In this assessment of the local rental market, Rentable data scientists and rental experts break down the August 2022 key findings and figures for the Wilmington rental landscape.
Our experts analyze the pricing trends — one-bedroom, two-bedroom, year-over-year and month-over-month — in Wilmington and surrounding areas and provide comparisons to the entire metro area, nearby cities and some of the most desirable and expensive cities in the United States. Take a look at the last 12 months of Wilmington average rent prices in the chart below.
Wilmington rent prices decreased over the last month. From July to August, the city experienced a 0.0% decrease for the price of a one-bedroom apartment. The rent price for a Wilmington one-bedroom apartments currently stands at $1,041.0.
When we take a look at the two-bedroom comparison from July to August, Wilmington experienced a -0.52% decrease for the price of a two-bedroom apartment. The rent price for a Wilmington two-bedroom apartments currently stands at $1,330.0.
Rent prices have decreased in Wilmington over the last month. But how have the surrounding areas fared when it comes to the recent volatility in apartment prices? Rent prices in 0 of the Wilmington suburbs increased last month. On the other hand, 1 local areas experienced a decrease in the price of a one-bedroom apartment.
More key findings include:
Rents did not increase in any of the Wilmington suburbs
Rent decreased in Leland, NC.
1 suburb is currently priced higher than the city of Wilmington.
Rent growth in Wilmington over the past year has been declining. When compared to major cities nearby, along with some of the most expensive cities in the country, Wilmington average rent prices appear to be relatively affordable for local residents.
The price for a Wilmington one-bedroom apartment remains vastly more affordable than four of the largest cities in the United States — New York City, Washington, D.C. San Francisco and Los Angeles. And pricing compares quite similarly to nearby Midwest cities.
You can view the full rundown of Rentable's August 2022 National Apartment Report and data set here.
For more information about Wilmington and surrounding area rent prices, take a look at the complete data set below.
|1 BR August||1 BR M/M % Change||2 BR August||2 BR M/M % Change|
Each month, using over 1 million Rentable listings across the United States, we calculate the median 1-bedroom and 2-bedroom rent prices by city, state, and nation, and track the month-over-month percent change. To avoid small sample sizes, we restrict the analysis for our reports to cities meeting minimum population and property count thresholds.