Dallas Multifamily Report – March 2025
The Metroplex multifamily market is tackling some growth pains.
Dallas-Fort Worth’s multifamily market displayed moderate performance across fundamentals at the start of 2025. Average advertised asking rents remained pressured by supply, decreasing 0.4 percent on a trailing three-month basis through January, to $1,518, and down 1.8 percent year-over-year. Meanwhile, the national rate rose 0.8 percent year-over-year, to $1,746. The metro’s occupancy rate in stabilized properties remained among the lowest in the country, sliding 0.4 percent year-over-year through January, to 92.7 percent.
The Metroplex’s employment growth decelerated to 1.6 percent year-over-year through November, above the 1.3 percent U.S. rate. Over the 12-month period ending in November, the metro added 65,400 net jobs. Financial activities (15,200 jobs), education and health services (13,900) and government (10,300) led gains. The metro’s unemployment rate stood at 3.5 percent in December, below the U.S. (4.1 percent) and the state (4.2 percent) figures. Significant projects underway in Dallas include the DFW Forward, a $9 billion capital improvement plan at the Dallas Fort Worth International Airport that began in 2024.
Following last year’s cycle peak in deliveries, no units came online in Dallas in the first month of 2025, but the pipeline remained robust, with 56,575 units underway. Following a decade-low annual volume of $3.5 billion in 2024, the metro recorded only six sales in January.
