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As we reach the halfway point of the year, it’s clear that the rental market is shifting. After several years of inflated prices during and after COVID, conditions are beginning to normalize. For property owners, this correction brings both challenges and opportunities, making it more important than ever to stay informed and strategic about pricing.
A Market in Correction
Over the past three years, rental rates climbed sharply, but we’re now seeing the market adjust. Properties are sitting on the market longer than in recent years, much like the sales market, where homes are often listed for 90–120 days. Increased inventory in Wilmington, and surrounding areas like Leland, Bolivia, Sneads Ferry, and Holly Ridge, is contributing to this change. With more apartment communities and single-family homes available, it will take time for the market to absorb all the new supply.
Setting the Right Rental Rate
Many property owners turn to online tools like Zillow to estimate rental value, but those numbers can often be outdated or misleading. Remember- just because a property is listed at a certain price doesn’t mean it will lease at that rate! Instead, we recommend looking at properties that have recently leased in your area. With our portfolio of managed homes, we’re able to draw on real, up-to-date rental data to recommend accurate pricing that helps owners avoid long vacancies.
Staying Competitive
In today’s market, it’s not always enough to simply match the going rate. Being slightly below market or offering leasing incentives can make your property stand out. Right now, we’re seeing move-in specials like half a month to a full month of free rent, which help renters offset upfront costs. These strategies can be especially effective as we approach the end of prime leasing season in Wilmington, which typically winds down by mid-August.
Market corrections aren’t new, and with our experience, we know how to navigate them. If you’re unsure about how to price your property or whether to offer an incentive, we’re here to help. The key is to come in competitively right from the start so your property doesn’t sit vacant and lose money. Reach out to our team today, and let’s work together to set the right rental rate and create a strategy that works in today’s market.