Dallas, TX Multifamily Market Report | Cushman & Wakefield | Q1 2026

Market Overview

‍The Dallas-Fort Worth multifamily market entered Q1 2026 with stabilizing fundamentals driven by easing supply pressures and resilient demand across core growth corridors. Total inventory across the metro reached 887,847 units following 8,063 deliveries during the quarter, while units under construction declined to 32,856, a 24.5% year-over-year reduction signaling a meaningful downshift in future supply risk. Net absorption totaled 4,082 units, improving from late-2025 levels, with leasing momentum strongest in high-growth suburban submarkets, including Denton (522 units), Allen/McKinney (500 units), Anna/Melissa (387 units), and Frisco/Little Elm (391 units). Stabilized vacancy averaged 10.1% across the metro, with vacancy pressure increasingly submarket-specific rather than metro-wide as localized lease-up dynamics tied to recent deliveries drove most of the variation. Effective rents closed the quarter at $1,508 per unit ($1.69 per square foot), down 2.9% year-over-year, though rents have remained largely stable over the past two quarters, reinforcing the view that DFW is approaching a near-term pricing floor. Uptown/Park Cities stood out as one of the few submarkets to record positive year-over-year effective rent growth at 1.3%. On the investment side, 41 transactions totaling 9,448 units closed in Q1, surpassing prior-year activity in both deal count and unit volume, with an average price of approximately $348,200 per unit.

‍About Cushman & Wakefield

‍Cushman & Wakefield is a leading global commercial real estate services firm with approximately 53,000 employees across more than 350 offices in nearly 60 countries, reporting $10.3 billion in revenue in 2025. Their quarterly Dallas/Fort Worth Multifamily MarketBeat report tracks vacancy, absorption, effective rents, deliveries, and construction activity across 38 submarkets to help owners, developers, and investors assess market conditions and opportunities. To read the full report, click here.