Dallas, TX Multifamily Market Report | Cushman & Wakefield | Q4 2025

‍Market Overview

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Dallas/Fort Worth closed 2025 with demand firmly intact but fundamentals still adjusting. Net absorption totaled nearly 25,000 units for the year, consistent with 2024 and among the strongest figures of any major U.S. market. Completions, however, remained elevated at just under 31,000 units, a 22.6% decline from the prior year, keeping stabilized vacancy at 9.8%, up 90 basis points year-over-year. Effective rent averaged $1,509 per unit, down 1.7% annually, though the pace of decline moderated as the pipeline thinned. Units under construction fell to roughly 32,000, approximately 3.5% of total inventory, signaling further supply relief ahead. Investment activity strengthened: total 2025 sales volume exceeded $1.6 billion across 205 transactions, surpassing 2024 in both count and dollar volume, with assets averaging around $190,000 per unit.

‍About Cushman & Wakefield

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Cushman & Wakefield is a global commercial real estate services firm with approximately 52,000 employees across 60 countries and $9.4 billion in revenue. Their Dallas/Fort Worth Q4 2025 multifamily MarketBeat tracks stabilized vacancy, effective rents, net absorption, and investment sales to help owners and investors evaluate conditions across the Metroplex. To read the full report, click here.