Wilmington’s housing market has continued to grow, and the current rental inventory doesn’t fit the demand. As a result, Wilmington, NC is experiencing a spike in apartment construction – there are plans to build a total of 1,800 new apartment homes. Many factors have increased the demand for rentals, such as: stricter mortgage lending guidelines have left potential homeowners unable to purchase a home, some people that qualify for a mortgage remain reluctant to enter a still-unsettled housing market, and the retirees sell their homes and opt for maintenance free, apartment living.
New construction is great for the City, as it means carpenters, painters, electricians, plumbers, landscapers, carpet installers, etc are staying busy. It also means that despite a somewhat-flat local economy, people still are choosing to call Wilmington home.
