A Guide to Renting Properties and Market Trends in New Castle Delaware

New Castle County is one of Delaware’s most incredible locations to live. The majority of New Castle County inhabitants own their houses. There are several taverns, restaurants, coffee shops, and parks in New Castle County. New Castle County is home to many families and young professionals, and its citizens are generally liberal.

There are many factors to consider when investing in real estate or renting a property in New Castle Delaware. While cash is always a primary issue, the general market trends in New Castle, Delaware is another crucial component of investing. To begin with, how healthy is the market? There are several chances in practically every market, but at the end of the day, you will want to choose one with the most earning potential while also aligning with your goals as an investor.

Investing in Delaware real estate is no exception. A thorough examination of previous market circumstances and predicted developments is essential for individuals considering purchasing houses for sale in Delaware and transforming them into investment properties. Furthermore, one must look at up-to-date data for a more accurate real estate and rental market analysis.

Location

New Castle, which began as an outgrowth of the Dutch West India Company, has evolved into a well-established city in New Castle County. It is located on the Delaware River, with gorgeous rows of homes surrounding the municipal borders.

Wilmington is about 6 miles south of New Castle. The town is located on the Delaware River and near the Delaware Memorial Bridge, which is across the river into New Jersey. The New Castle Airport is located on the outskirts of town.

Why New Castle, DE

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New Castle is a riverfront town with a population of 5,300 people. New Castle has something for everyone, with a diverse range of homes, age groups, and attractions. If you’re thinking about property management in New Castle, Delaware, several fantastic amenities will entice tenants and make it a terrific place to live.

Despite its tiny size, New Castle offers a variety of activities. Walking through the New Castle Historic District is a beautiful look back in time, with blocks of historic homes such as the Amstel House, Read House, and Stonum. To enhance your enjoyment of this intriguing environment, take a walk down the river at New Castle Battery Park or take in the breathtaking surroundings of First State National Historical Park.

Each attraction is magnificent and adds to what makes New Castle unique. Even the eateries, such as Mamma Gina Pizza and the beloved Jessop’s Tavern on Delaware Street, are distinctive. New Castle exudes warmth, elegance, and historical significance.

New Castle Education

The Colonial School District serves New Castle, which has nine elementary schools, three middle schools, and one high school. Serviam Girls Academy, St. Peter’s Catholic School, and Delaware Valley Classical School are among the private possibilities.

Market Trends in New Castle

Market statistics from the United States Census Bureau and the local listing feed. According to market trends, New Castle’s average price per square foot has risen by $21 (14%) in the last six months. The average sales price declined from $290,000 to $289,950 in six months. Property in New Castle spends an average of 9 days on the market. Buyers should anticipate paying 99% of the asking price.

Selecting the Best New Castle Property

Property hunting can be a stressful affair. However, there are several things you can do to make the process go more simply.

• Contact local real estate agents. They are the first to know of available houses for rent.
• Use credible and trustworthy websites to locate available property listings.
• Examine the location properly before making any proposals.
• Before making any decisions, investigate your chosen location’s environmental conditions and flood threats.
• Examine the prices at which previous homes were sold or rented to get a sense of the “rent price” for the property you’re looking for.

New Castle’s Average Apartment Prices

• In 2022, the most common rent for apartments in New Castle, Delaware, is somewhere between $1,345 and $1,780.
• The average rent for a studio apartment in New Castle, DE, is $1,780.
• A one-bedroom apartment costs, on average, $1,345.
• The average rent for a two-bedroom apartment is $1,525.

Types of Rental Properties in New Castle, DE

According to the United States Census Bureau, 38% of New Castle inhabitants rent, while 62% own a house. Large-scale apartment buildings with more than 50 units account for 23% of New Castle’s rentals, small-scale complexes with less than 50 units account for 58%, and single-family rentals for 19%.

What do Average Apartment Complexes in New Castle, DE look like?

The average age of New Castle rental buildings is 46 years, with 9% being newer apartment complexes constructed since 2000. The average height of apartment buildings in the city is three floors, with 98% being garden-style communities, 2% being mid-sized structures, and none being high-rises. These qualities apply to large-scale apartment communities with 50 or more flats.

What are the most frequent apartment floorplans in New Castle, DE?

Apartments for rent in New Castle come in various sizes and floorplans. Studio apartments account for 1.0% of available rental units and are perfect for singles, renters on a budget, and those who prefer a central location over more space. Rentals with one-bedroom floorplans account for 36% of all apartments in the city, while two-bedroom floorplans account for around 55% of all rentals in New Castle.

The remaining floorplans include three or more bedrooms and are generally selected by families, bigger homes, or roommates sharing space.

Real Estate Investing in New Castle, DE

Real estate investing can be among the most financially rewarding things a person can do. It is far more secure than equities and bonds. Furthermore, unless the market slumps, all sorts of real estate properties appreciate over time.

Investing in the Delaware real estate market has dangers, but it also has advantages that other sorts of investments do not have. If you are serious about investing in any of Delaware’s markets, you should work with the correct financial tools and specialists to make the best judgments.

Conclusion

We highly advise you to migrate to New Castle, given everything it offers. New Castle, with a population of about 5300 people and pleasant and loving neighborhoods, might be an excellent choice for you and your family’s fresh, new beginning. Furthermore, Delaware has no state or municipal sales taxes.