Waco, TX Multifamily Market Report | Matthews | Q1 2026

Market Overview
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Waco closed Q1 2026 with vacancy at 9.1% and rent growth at 0.6%, two metrics that tell a more measured story than the broader Texas market. While Austin and Dallas have absorbed sharp rent declines, Waco's smaller scale and more affordable renter base have kept fundamentals relatively balanced. Asking rents averaged $1,240 per unit, with lower-tier assets showing particular resilience. With 1,100 units currently under construction and no new deliveries reported in the quarter, supply pressure exists but is moderating. Cap rates have settled around 7.1% and pricing holds in the $65,000 to $80,000 per unit range, reflecting cautious but stable investor underwriting.

‍About Matthews

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Matthews Real Estate Investment Services is a national commercial real estate brokerage and advisory firm serving multifamily owners, investors, and developers across major U.S. markets. Their Waco, TX Q1 2026 multifamily market report tracks vacancy, rent growth, cap rates, and construction activity to help clients assess market conditions and refine investment timing. To read the full report, click here.