Rental Homes in Wilmington, Delaware
(2024 Case Study)
By: 
Fact CheckedThis month, our team at Signature Properties took a close look at the rental market in Wilmington, Delaware, to better understand rental rates, unit sizes, occupancies and many other interesting stats in this area.
As part of doing business, we buy houses and turn them into rentals.
For that reason, this research was critical for us to better understand one of our main exit strategies in Wilmington.
Here’s what we found out:
Key Takeaways
- On average, a rental home in Wilmington will cost you $1,706 per month.
- 44% of all rentals in the area are single-family houses (vs. apartments, condos, etc.)
- 35% of rentals are 3-bedroom units. Most tenants with families prefer a 3-bedroom rental.
What Is The Average Rental Rate In Wilmington? It’s $1,706.
After researching the various rental listings and descriptions in Wilmington, Delaware, we discovered that the median rental rate in Wilmington is $1,706. This is 18.7% lower than the national average of $2,099.
We also noticed that when considering all rental data available in Wilmington, the typical range (25th – 75th percentiles) is roughly between $1,000 and $2,500 per month. There are only a handful of landlords charging more than ~$2,500 – these are luxury or high-end rentals.
When compared to other places near Wilmington, such as Philadelphia, Cherry Hill, Allentown, and Lancaster, Wilmington’s house rental rates are mostly comparable but often a bit higher. You pay a premium for being in the suburbs right outside of the city of brotherly love!
Other locations, such as Trenton, however, have cheaper housing options.
Is your rental property in disrepair? You can easily sell it for cash to a professional home buyer in Wilmington.
Are There More LTRs then STRs in Wilmington, Delaware? Yes, 87% More!
My team also noticed that Wilmington, Delaware lists 87% more long-term rental homes for lease than short-term rental houses. While most listings are for long-term rentals, a smaller selection (35%) represents mid-term or short-term rental listings.
For the most part, these rental listings in Wilmington were active and available. However, there were a few already scooped up by tenants or “pending contract”. In a populated market like Wilmington, numbers can change quickly.
As pointed out above, many of the rentals were for an entire single-family home. However, there are other larger companies in Wilmington who have apartment buildings and townhomes for lease. Some of the major landlords in Wilmington include Compass, Patterson-Schwartz Property Management and Long & Foster Greenville.
Important note: not every rental unit is equal. Some have dedicated parking spaces, indoor garages, storage units and swimming pools. These perks often garner a larger monthly rental price.
60% of rental units in Wilmington, Delaware are for single-family houses or townhomes
Over half of the rentals were for an entire single-family home or townhome. In Wilmington, you can also rent an apartments, condominiums, cooperative units or similar types of places.
How Many Rentals Are 3-Bedrooms Or More? 45.8% In Wilmington.
Most rentals with 3-bedrooms also have 1+ bathrooms.
Though there are some rentals that are categorized as studios or efficiencies, there is not a lot of those available.
And, as one might expect, the more bedrooms your rental house has…the bigger the price you will pay per month.
The market rate for 3-bedroom homes in Wilmington, Delaware is currently $1,900.
Top 5 Rental Homes in Wilmington
After reviewing a sample of homes available for lease in Wilmington, Delaware, we pulled out some current listings that we thought had potential:
- One-Bedroom Rental Option: Pets, a pool and a rent special? You can’t beat this 1 bedroom setup at Crosby Hill.
- Two-Bedroom Rental Option: Two-bedroom / Two-bathroom for $2,360? Plus a $1,000 gift card at move-in. The Concord on Silverside Rd. might be your next home!
- Three-Bedroom Rental Option: This townhome on Pony Ln. could be just the right amount of space you need! For $2,495 per month, it could be yours.
- Four-Bedroom Rental Option: This home on Bardell Dr. is newly renovated and ready for tenants. Recently reduced to $2,600, this could be a great deal.
- Our Favorite Rental Option: This stately building could be your new home! It’s pricy, at $6,000 monthly, but definitely an experience.
There were hundreds of other available properties, but this should give you a good taste of how the pricing and rental terms can fluctuate on a case by case basis. It’s also critical to understand Wilmington‘s different neighborhoods, which leads me to this:
Quick Tip: Wilmington is a great option overall. Many people relocate to Wilmington from Philadelphia – it is the logical next step and closest metro. Before you sell your house in Philadelphia though, lock down your next rental or residence.
Conclusion
In general, Wilmington, Delaware, presents an “expensive, but okay” rental market for those looking move to or relocate within. It’s certainly not the most expensive city in America, but it’s also not the cheapest by any means – especially when you consider lower cost options just minutes away in Philadelphia, Delaware and other locations around New Jersey.
Rental options are plentiful at the time of writing this case study if you’re a prospective tenant in Wilmington.
If you already own a rental house and you’re interested in selling, my team and I can help you get it done quickly and seamlessly. Find out here how you can sell your house fast in Wilmington.
One last tip: selling a house and moving into a rental is a big change. One way to stay organized is by making a list and schedule for yourself, movers, friends and family leading up to the big “moving day”.
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Author: Doug Greene
Doug Greene is no stranger to all topics real estate and business. For over a decade he has been educating others and helping homeowners navigate difficult, complex problems with their property.
His work has been featured in the NY Times, Washington Post, Realtor.com, Apartment Therapy, HomeLight, Homes & Gardens and many more.