Although apartment construction is under way throughout the area with more units coming, the occupancy rate for the Wilmington apartment market is still high, at 93.9 percent, according to the Real Data Apartment Index, down only slightly from a year ago.

Since the beginning of 2013 through the end of the third quarter this year, more than 2,500 units have been completed, a Multifamily Realty Advisors report released this week says.

"The twenty apartment projects (2,508 units) completed since the beginning of 2013 include two existing communities that built additional units. Of those 20 projects, seven communities with 760 units (with 2,109 beds) were purpose-built 'by-the-bed' student housing communities; three communities with 242 units were either senior housing or tax credit funded communities; and the ten remaining communities accounting for 1,506 units were market rate communities," says the report, which was compiled by Richard Cotton, a broker and managing director of Multifamily Realty Advisors.

Cotton lists 11 proposed apartment projects, including Phase II of downtown Wilmington's City Block Apartments, an addition to apartments on South Front Street, Westfall Park Apartments at 1817 Sir Tyler Drive across from Mayfaire and Beau Rivage Apartments on Beau Rivage Drive off Carolina Beach Road. 

"Most of the new apartment communities are very upscale and offer amenities that you would only expect in a first-class hotel, commanding montly rents from $1.20 to $1.50 per square foot or more," Cotton's report says.

Five apartment sales, only counting those with more than 80 units, closed since the beginning of the year, amounting to a year-to-date transaction volume of $118.4 million. The apartment communities that sold and included in the report were St. Andrews Reserve, Still Meadow Village, Hunterstone, Campus Walk I and II and Egret Crossing. 

The report also says 1,269 apartments in seven projects are under construction, while 1,609 have been proposed. The average apartment rental rate for the entire Wilmington market is up to $907 a month, with apartments in the 1- to 5-year age group showing the highest average rents at $1,333 per month. That's followed by apartments in lease-up that have average rents of $1,264 per month, according to the report.