Residential Rental Market Picking Up
By Laurin Penland
Wilmington, NC – Developers and property managers in the Wilmington area say they have more residential properties to rent and more people to rent them.
Developers and property managers say more residential properties have hit the rental market in the last six months in Wilmington, Leland, Hampstead, Surf City, and Castle Hayne.
Houses that would have been sold are being rented by people waiting out the down economy. Downtown Wilmington developer Dave Spetrino says his apartments go quickly.
"We are seeing unbelievable activity in the number of calls that we are getting, unsolicited, from people who are saying, 'do you have anything in any range that we can be renting?' And that's an encouraging sign for our area."
While Spetrino's seen an increase in rentals in downtown Wilmington, Century 21 says significantly more military families are renting in Hampstead.
Another property owner says he hasn't seen a big change in vacancy, but that he is getting more interest.
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