Wilmington, NC Multifamily Market Report | Lee & Associates | Q1 2026

Market Overview

Wilmington's multifamily market continued to stabilize in Q1 2026, with 12-month net absorption reaching 3,861 units, down slightly from the prior quarter but still reflecting steady demand. Vacancy edged down to 13.1%, indicating gradual improvement as new deliveries are absorbed, while asking rents increased to $1,582 per unit and sale prices rose to $209,156 per unit, signaling continued investor interest, with cap rates holding firm at 6.0%. Construction activity slowed to 1,714 units underway as total inventory expanded to 37,962 units, with the market trending toward equilibrium supported by consistent demand and moderating supply growth.

About Lee & Associates

Lee & Associates is a nationwide commercial real estate brokerage serving investors, owners, and occupiers across property types. Their Q1 2026 Wilmington multifamily market report tracks net absorption, vacancy, asking rents, sale pricing, and top transactions to help investors and owners assess current market conditions. To read the full report, click here.