Dallas-Fort Worth Multifamily Market Report

Delivery decline shifts performance. Vacancy kept trending downward in the first quarter of 2025, driven by tightening across Fort Worth and inner-ring Dallas suburbs. Thinning construction pipelines in Irving, Plano and Keller allowed supply-demand dynamics to rebalance, while elevated completions in Frisco, McKinney and Denton modestly outpaced absorption despite strong year-overyear occupancy gains. This geographic split will likely continue as development concentrates in northern growth corridors while tapering elsewhere. Metrowide deliveries are expected to normalize to 25,000 units — down from a record 43,000 in 2024 and in line with the past 10-year average — supporting further vacancy compression.