The top rental markets in Delaware are Wilmington and Dover.
The TurboTenant Report includes analysis of the average number of leads per property, the average number of days on market, average rent price, median sale price, median income, security deposit trends and livability score.
Delaware Rental Trends:
Delaware is the second smallest state, but is growing in both population and economy. It heavily relies on chemical manufacturing and the finance industry – also, it has no sales tax. Property investors will see positive numbers in Delaware’s cities. Here are some highlights from the top rental markets in the First State.
Days on Market:
The city with the lowest days on market is Wilmington at 12 – under the national average which sits at 15 days; Dover has the highest number of days on market at 14.
Leads:
The top two for the largest amount of leads per listing are above the national average sitting at 38. Here they are:
- Wilmington – 140 leads per listing
- Dover – 68 leads per listing
Average Rent: (2 bedroom listings)
With the national average rent at $1,207 for a two-bedroom, Dover comes below that with the lowest average rent of $1,009 for a two-bedroom compared to the highest rent in Delaware at $1,284 in Wilmington.
Median Home Sale Price:
According to data from Redfin, which is a national real estate brokerage company, the national median home sale price sits at $306,000. Delaware’s highest median sale price comes below that at $210,000 in Wilmington with its lowest median sale price at $167,000 in Dover.
Median Income:
Delaware’s median income rings in at $52,200 – above the national average at $48,500.
Security Deposit Trends:
Security deposits have decreased and stayed the same in Delaware’s cities between 2018 and 2019. With the largest being a decrease of -16.43% in Dover at $1,078, and no increase in Wilmington with the current average at around $1,095 – below the national average for security deposits which is $1,200.
Livability Score:
All of Delaware’s cities have a livability score of 57 or higher with the highest being Dover at 63!
Please visit here for our full methodology.
Whether you’ve found the best investment property in these top rental markets, or somewhere else, TurboTenant can help streamline your rental process with easy and free online rental applications as well as thorough tenant screening so you can find the best renter for your property.
