Rent in Wilmington is growing faster than average hourly wages in the US

Rent in Wilmington is growing faster than average hourly wages in the US

WILMINGTON, N.C. (WECT) - Wilmington rents have increased 0.2 percent in the past month alone.

Though it looks like a small rise, this is the eleventh straight month that the city has seen rent increases, according to ApartmentList.com.

Apartment List uses both census information and listing data to publish monthly reports on rental trends.

Rent growth tends to be higher in the late spring and summer months due to seasonality in the market, but the recent pace of growth is still high with this factor in mind, the website reports.

Wilmington’s year-over-year rent growth is high when compared to the national and state averages.

According to the data, the Port City has a growth rate of 4.2 percent, where the state has seen a 2.8 percent increase and the nation has experienced a 1.6 percent rise.

Wilmington has seen a higher year over year rent growth rate than the state and national averages. (Source: WECT)
Wilmington has seen a higher year over year rent growth rate than the state and national averages. (Source: WECT)

Wage Comparison

Another number worth factoring in to the mix is the rise in average hourly earnings. According to the US Bureau of Labor Statistics, average hourly earnings have increased 3.1 percent over the past year.

On a national level, growth in average hourly earnings is higher than the rate rent is increasing. Though this is good news for millions of renters across the nation, the people of Wilmington are more likely to struggle to pay their rent.

Growth in other NC cities

The Port City, however, isn’t the only place seeing rental prices rise: High Point, Raleigh and Durham have all experienced year-over-year growth above the state average too.

July numbers put median rent in Wilmington at $970 for a two-bedroom unit. Compare that to the national average for that same sized unit: $1,190.

Many buzzing cities in North Carolina are still cheaper than the national average. Charlotte’s median going rate for a two bedroom is $1,140 and Raleigh has a $1,170 price tag. Still, but one thing worth noting is Wilmington is surpassing both cities in year over year rent growth.

For the state as a whole, Cary takes the cake for the most expensive and the fastest growing. They’re growing the fastest at 4.4 percent and have a $1,290 median rent.

Copyright 2019 WECT. All rights reserved.