Dallas-Fort Worth Multifamily Report – November 2025
While some fundamentals are softening, absorption is matching the delivery wave.
Dallas–Fort Worth’s multifamily fundamentals were steady during the first three quarters of 2025. Average advertised asking rents ticked down 0.4 percent, on a trailing three-month basis through September, to $1,518, while the national average was down 0.1 percent. The occupancy rate in stabilized properties inched up 10 basis points year-over-year to 93.1 percent in August, lagging the U.S. figure by 160 basis points.
Employment growth decelerated to 1.1 percent year-over-year through July, outpacing the U.S. rate of 0.8 percent. Unemployment stood at 4.4 percent in August, up 50 basis points year-to-date and underperforming the U.S. (4.3 percent), according to preliminary data from the Bureau of Labor Statistics. DFW employers added 44,000 net jobs year-over-year through July, led by education and health services (17,000) and government (12,200), while two sectors lost a combined 10,200 positions. Momentum was supported by the launch of DART’s 26-mile Silver Line and the opening of Wells Fargo’s 850,000-square-foot Irving campus for 4,500 employees.
A total of 20,312 units came online in 2025 through September. While the pipeline was robust, with 50,270 units underway, construction starts moderated. Investment activity remained tepid by the metro’s standards, totaling $2.9 billion year-to-date through September. The average price per unit rose 4.1 percent year-to-date to $166,783, trailing the $209,188 U.S. rate.
