Wilmington, DE: Corporate Capital of the World
With 70,898 residents, Wilmington is the most populous city in Delaware. It serves as the seat of New Castle County. Known for being a corporation-friendly environment, Wilmington is nicknamed the “Corporate Capital of the World.” Colleges and universities located here include Delaware College of Art & Design, Goldey-Beacom College, and Widener University Delaware Law School.
Wilmington hosts many cultural events throughout the year. A good number of these are ethnic festivals, owing to the city’s diverse population. Some of the most recognized festivals include the Italian Festival, the Big August Quarterly, the Clifford Brown Jazz Festival, the Riverfront Blues Festival, and the Peoples’ Festival. The residents of Wilmington also maintain an active lifestyle, with access to several outdoor activities.
When it comes to the arts, Wilmington does not disappoint. Notable attractions include the Delaware Art Museum, the Delaware Center for the Contemporary Arts, and the Grand Opera House. Other points of interest include Brandywine Zoo, the Delaware Sports Museum and Hall of Fame, Fort Christina State Park, the Riverfront Market, Rodney Square, and the Wilmington Riverfront.
What Is Wilmington’s Rental Market Like?
Wilmington is particularly popular among rental property investors because of its affordable real estate, large renter population, and above-average rental rates. The median listing price for a home in this city is $248,000, though some can be as expensive as $4.2 million. Despite relatively affordable homes, most of the city’s population still chooses to rent. In fact, 56.6% of the city’s residents rent their homes.
Image via towncharts.com
When it comes to rental prices, Wilmington offers landlords more-than-decent returns. The average rent for an apartment in this city is $1,355, and only a small percentage goes below the $1,000 mark. Most of the apartments, about 56%, command a rate between $1,001 and $1,500.
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How a Wilmington Property Management Company Can Help
The rental market in Wilmington is definitely favorable to property investors. However, it takes more than just capital to become a successful landlord. There are several variables at play, and you must have a deep understanding of the landlord-tenant laws in Delaware to operate within the law. The bottom line? Being a landlord takes up a lot of time, energy, and resources.
A Wilmington rental management company, though, can help you with all of it. A rental management company can handle the entire tenancy process from start to finish. Although services can change depending on the company you hire, they generally include the following:
- Rental property advertising
- Tenant screening
- Property showings
- Rent setting and collection
- Lease agreement preparation
- Routine inspections (including move-in and move-out inspections)
- Lease terms enforcement
- Maintenance and repairs management
- Tenant support
- Budget management
- Tax preparation
- Eviction assistance
Find the Best Property Management in Wilmington
Good rental management companies are hard to come by, especially if you don’t know where to look. Begin your search for the best property management company today using our comprehensive online directory. Search by city or state, browse through the list of reliable results, and click on any (or all) of them to find out more information.
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