MARKET SNAPSHOT

Dallas-Fort Worth Q2 2025

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AVERAGE RENT

$1,542 Q2 2025

OCCUPANCY RATE

90.9% Q2 2025

NET ABSORPTION

14,001 H1 2025

ANNUAL RENT CHANGE

-1.2% Q2 2025

ANNUAL OCCUPANCY CHANGE

-80 BPS Q2 2025

COMPLETIONS

19,664 H1 2025

KEY TAKEAWAYS

After three consecutive quarters of 10,000+ unit deliveries, construction activity is finally slowing in Dallas-Fort Worth. Completions are projected to taper to 5,900 units in Q3 and just 3,200 in Q4—potentially marking the lowest quarterly total since Q3 2019.

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Record 2024 deliveries pushed an unprecedented number of units into lease-up in early 2025, keeping annual rent growth negative for the eighth straight quarter (-1.0%). Quarter-over-quarter rents held steady in Q2, suggesting the market may be entering an early phase of stabilization as renter demand starts to align with new supply.

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DFW’s construction pipeline has dropped to 25,000 units, the lowest level in a decade, signaling easing supply pressure ahead. Still, the upper-tier segment remains under strain, with occupancy (including units in lease-up) falling to 87.9% due to elevated deliveries over the past two years.

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MARKET OUTLOOK

Dallas-Fort Worth’s multifamily market remains in a period of adjustment, shaped by the lingering effects of record-setting deliveries in 2024 and the first half of 2025...

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