As a real estate professional, I work every day at the intersection of housing, community, and market dynamics. I’ve helped people buy their first homes, transition between rentals, and navigate Delaware’s tight and often stressful housing market. And from where I stand, Wilmington needs to pass the proposed Rent Stabilization Ordinance—not just for renters, but for the long-term health of our neighborhoods, our economy, and our housing market.

Some of my colleagues in real estate may bristle at the idea of rent regulation. But the truth is, this ordinance is about stopping rent gouging – not stopping profit. It caps annual rent increases at a reasonable level, while still allowing for fair returns, cost coverage, and inflation. It doesn’t freeze rents or punish fair landlords – it simply adds guardrails to prevent the kind of sudden, extreme hikes that destabilize families and communities..

I’ve seen what happens when rents spiral out of control. Tenants—working families, seniors, young professionals—get priced out of homes they’ve lived in for years. Kids have to switch schools mid-year. Businesses lose their regular customers. Homes sit vacant because no one in the community can afford them anymore. And all of that makes it harder, not easier, to sell homes, attract buyers, and build trust in our housing market.

Stable renters make stable communities. When people can afford to stay in their homes, they put down roots. They support local businesses, invest in their neighborhoods, and often become future homeowners. Rent stabilization helps make that possible – ensuring Wilmington doesn’t lose its people to displacement and short-term profit-taking.

I’ve also worked with responsible landlords—people who maintain their properties, communicate with tenants, and value long-term relationships over turnover. These are not the folks who will be hurt by this ordinance. In fact, they will benefit when the market isn’t skewed by a few bad actors who hike rents by 40–50% just because they can.

Let me be clear: I believe in the real estate industry – and I believe in fair, stable housing for everyone. These are not opposing ideas. We can have a strong housing market and fair rules that protect residents. Wilmington has the opportunity to set that standard. 

I urge the City Council to listen to the voices of renters, advocates, and yes, even those of us in the housing industry who know that healthy communities are built on stability. Let’s pass Rent Stabilization and show that Wilmington can grow without pushing people out.

Mary Corcoran is a Licensed Realtor in Wilmington, DE