Cost of rent continues to rise in Wilmington

Cost of rent continues to rise in Wilmington

WILMINGTON, NC (WECT) - It's costing you more to rent in Wilmington.

According to ApartmentList.com, rents in Wilmington are up by 4.1 percent.

The group reports that nationwide, rents increased rapidly throughout 2014 and 2015 but plateaued since May of 2016 in most places. The price of rent fell in several cities, including San Francisco, Miami and Houston.

Jessica Edwards, a realtor expert from The Carolina's Finest, said rents in Wilmington increased in our area in large part due to a boom in construction of multi-family homes.

Edwards said although rates overall increased, owners with existing rentals are not seeing an increase in prices, instead, they are being forced to hold their prices to keep in competition with new developments.

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