Wilmington, NC Multifamily Market Report | Lee & Associates | Q4 2025

Market Overview

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Wilmington's multifamily market built genuine momentum through 2025, with trailing 12-month net absorption reaching 4,667 units in Q4, up from 2,879 a year prior and growing every quarter in between. That sustained absorption drove vacancy down from 17.2% to 13.0% over the same period. No units are currently under construction, removing near-term supply competition and strengthening the case for continued tightening. Asking rents dipped slightly to $1,458 per unit as prior deliveries finished lease-up, but sale pricing climbed to $179,245 per unit and cap rates compressed to 6.28%, reflecting improving investor confidence. With occupancy gains accelerating and development paused, Wilmington enters 2026 in a stronger position than it has seen in several years.

‍About Lee Associates

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Lee Associates is a nationwide commercial real estate brokerage serving investors, owners, and occupiers across property types. Their Wilmington Q4 2025 multifamily market report tracks absorption, vacancy, asking rents, and capital markets activity to help investors and owners assess market conditions. To read the full report, click here.