Dallas Multifamily Report – July 2025
Multifamily is recalibrating in the Metroplex after record supply.
Supply growth continued to dominate Dallas–Fort Worth’s fundamentals in early 2025. After 11 consecutive months without growth, the average advertised asking rent recorded its first uptick on a trailing three-month basis in May, up 0.1 percent to $1,528. Year-over-year, rates fell 1.5 percent, lagging the U.S. figure, which climbed 1.0 percent to $1,761. The occupancy rate in stabilized properties slid 50 basis points year-over-year, to 92.6 percent in April, marking the third-lowest rate among Yardi Matrix’s top 30 metros.
Employment growth stood at 1.3 percent through March, outperforming the 0.9 percent U.S. rate. Education and health services (12,700 jobs) and trade, transportation and utilities (11,200 jobs) led gains, while manufacturing (-1,400 jobs) and professional and business services (-700 jobs) contracted. The unemployment rate stood at 3.5 percent in April, outperforming both the U.S. (4.2 percent) and Texas (4.1 percent). While Dallas-area office construction moderated, it still remained above national levels. Meanwhile, office-to-residential conversions are on the rise, with 4.8 million square feet tagged by CommercialEdge as highly suitable for redevelopment.
Developers delivered 9,386 units in 2025 as of May and had an additional 53,496 units underway, with new construction moderating closer to typical volumes. Investment remained tepid, although the $1.5 billion in sales recorded through May ranked highest in the U.S. The average price per unit rose 10 percent year-to-date.
