Print
Real Estate - Residential

Report: Local Apartment Vacancy Rate Remains Low

By Cece Nunn, posted Apr 28, 2017
Nearly 3,700 apartments have been built and absorbed in the Wilmington area since 2013, according to a recent report.

While new development growth of recent years might have reached its peak because bank financing for such projects has slowed down nationally and overall labor and construction costs have risen, the report says demand remains high for apartments in the Port City and surrounding communities.

"Vacancy is actually lower now than at the beginning of 2013 before these units [3,675 apartments] entered the market," states a first-quarter report on the area's apartment market that was compiled by Richard Cotton.

Cotton is managing director of Multifamily Realty Advisors and a commercial broker who specializes in the sale of apartment communities and apartment development sites.  

"There are currently 740 vacant units, or 4.6 percent of the total number of apartment units in Wilmington, currently estimated at 16,013 units," Cotton wrote in the report.

The report states that 2,267 units are under construction in the area, including more than 500 in Brunswick County.

Some apartments that have been proposed or that were in the development pipeline in Wilmington have failed to start, while others are nearing completion.

The leasing office for Element Barclay, a 402-unit luxury apartment complex on South 17th Street and George Anderson Drive, is expected to open Monday, according to a spokesman. The community is adjacent to The Pointe at Barclay, where The Pointe 14 movie theater opened March 17.

For a project on Carolina Beach Road, developers are happy with the rate at which the new units are being leased.

"Leasing at Meridian at Fairfield Park is going very well. The property finished construction in late December and is currently 77% occupied and 87% preleased," wrote Mark Barker of Meridian development company NorthView Partners, in an email. "The property management company, Bell Partners, has done an excellent job leasing the property.  The on-site leasing staff led by Cary Green has done a great job marketing the property by pointing out the overall quality, unit and property amenities to prospective residents."

Rental rates at Meridian at Fairfield Park range from $876 to $1,736 for the one- to three-bedroom units, where apartment sizes are 631 to nearly 1,500 square feet, according to the complex's web site.

According to the latest data from the Real Data Apartment Index, the average rent in Wilmington is $954 a month, excluding by-the-bed student housing, Cotton's report stated.

The report said apartments in the 1- to 5-year-old age group have the highest average rent at $1,421 per month, followed by apartments currently in lease-up, with average rents at $1,229 per month. Rates have increased a little more than 4 percent in the past year for the market as a whole, according to the report.  
Ico insights

INSIGHTS

SPONSORS' CONTENT
Billhunter300x300 b&w

Marketing to the Short Attention Span

Bill Hunter - Wilmington Design Company
Lyleheadshot2017 1251720228

Housing for VIPs

JC Lyle - Wilmington Area Rebuilding Ministry
Geofflosee300x300 10221511305

Wilmington Proctors in Admiralty to Present at Annual Seminar

Geoffrey Losee - Rountree Losee LLP

Trending News

After 40 Years, Air Wilmington Could Have New Owner

Christina Haley O'Neal - Feb 19, 2018

Pollution Concerns Slow National Gypsum Incentives Discussion

Cece Nunn and Christina Haley O'Neal - Feb 19, 2018

In The Current Issue

Safur’s Take On Crime Prevention

Safur is developing high-tech wearable devices to help stop sexually-based crimes from happening....


Tech Association Begins Monthly Jobs Snapshot

NC Tech has launched a new platform to view available IT positions in the state, broken down in several ways....


Local Businesses Awarded AAA Distinctions Again

Three Wilmington hospitality businesses received 2018 AAA Four Diamond distinctions, a rating that less than 4 percent of thousands of annua...

Book On Business

The 2018 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

WilmingtonBiz Expo - Keynote Lunch with John Gizdic, CEO, New Hanover Regional Medical Center
Wilmington's Most Intriguing People of 2017
2017 Health Care Heroes