Wilmington Apartment Market Outpaces Other NC Cities’

Apparently things are good down on the coast:

Overall, Wilmington’s apartment market continues to trump occupancy rates in all of North Carolina’s major cities, including Charlotte, Raleigh and Greensboro.

In a July report released by Apartment Index, Wilmington’s average occupancy rate now sits at 93.8 percent. That’s slightly lower than the 94.3 percent rate reported last quarter…

Rents also remain healthy.

Despite seeing occupancy rates drop slightly, metro Wilmington’s average rents have increased from $715 per month last quarter to $760 per month this quarter. That’s up $90 from $670 per month in 2009, according to the report. 

“I do expect over the coming year the occupancy rate may fall to 93 percent, but that’s still a pretty healthy number,” Addington said. “Rents should continue to grow at 3 percent annually in Wilmington.”