Dallas-Fort Worth, TX Multifamily Market Report Q3 2026

Dallas-Fort Worth (DFW) multifamily absorption jumped to 6,736 units in Q3 2026, nearly double the 3,447 units absorbed in Q3 2025, and vacancy held at 6.1%, 7 basis points tighter than a year ago. Average rent of $1,493 is up 0.2% year over year but 3.4% below the Q3 2023 peak of $1,545, while the average cap rate has risen for 19 straight quarters to 5.66%. This Matthews™ Dallas-Fort Worth, TX Multifamily Market Report Q3 2026 covers demand, supply, pricing, and investment sales across 24 submarkets so owners, investors, and lenders can see where DFW apartment fundamentals are strongest.

Key Findings

• Q3 demand rebounded: DFW absorbed 6,736 units versus 3,447 in Q3 2025, though trailing-12-month absorption of 25,244 units is down from 40,980 a year earlier.
• Vacancy is 6.1%, with Lakewood/Wheatly Place the tightest submarket at 4.3% and Southern Fort Worth the loosest at 7.4%.
• Rent of $1,493 is up 0.2% year over year, and Oak Lawn/Park Cities leads rent growth at +6.6%.
• New supply is easing: Q3 completions were 6,390 units and trailing-12-month completions of 26,062 units are down 23%. Annual completions peaked at 42,334 units in 2024.
• Investors recorded $10.8B in DFW multifamily sales over the trailing 12 months (+3%), at $171K per unit, 12% below the Q3 2022 peak of $193K.

Dallas-Fort Worth Multifamily Supply & Demand Dynamics

How is renter demand in Dallas-Fort Worth?

DFW absorbed 6,736 units in Q3 2026, compared with 3,447 in the same quarter last year. Trailing-12-month absorption of 25,244 units is down from 40,980 a year earlier. Vacancy is 6.1%, and average rent of $1,493 is up 0.2% year over year.

How many new apartments are being built in DFW?

DFW recorded 6,390 completions in Q3 and 26,062 over the trailing 12 months, down 23% from the prior 12-month period. Units under construction equal 4.2% of inventory and are concentrated in Frisco/The Colony/Prosper, where they represent 13.8% of existing stock. The 42,212-unit pipeline equals about six and a half quarters of absorption at the trailing pace, so lease-up competition is likely to continue.

Dallas-Fort Worth Multifamily Investment Market

What are DFW multifamily cap rates and pricing?

DFW multifamily cap rates average 5.66%, up for 19 straight quarters and 111 basis points above the Q4 2021 low of 4.54%. Pricing sits at $171K per unit, lower for four consecutive years. Sales volume reached $10.8B over the trailing 12 months, up 3% from the prior period, with $4.12B closing in Q3. The 2021 high-water mark was $30.0B. Owners planning a sale or refinance should underwrite to today’s cap rate and pricing, not the 2021 peak.

Dallas-Fort Worth Multifamily Submarket Highlights

Vacancy is lowest in Lakewood/Wheatly Place (4.3%), West Fort Worth/Parker County (5.1%), Oak Lawn/Park Cities (5.2%), and Downtown Dallas (5.3%). It is highest in Southern Fort Worth (7.4%), Rockwall/Far East Counties (7.3%), and Denton (7.2%). Rent growth is led by Oak Lawn/Park Cities (+6.6%), Downtown Dallas (+5.1%), and Far South Counties (+3.5%), while Denton (-3.4%) and Northside/Haltom City/Meadowbrook (-3.0%) are weakest. Construction is heaviest in Frisco/The Colony/Prosper (13.8% of inventory), Denton (10.2%), and Rockwall/Far East Counties and Allen/McKinney (9.5% each).

Dallas-Fort Worth Multifamily Market by the Numbers

• Vacancy: 6.1%
• Average rent: $1,493 (+0.2% year over year)
• Q3 2026 net absorption: 6,736 units
• Trailing-12-month completions: 26,062 units
• Under construction: 4.2% of inventory (42,212 units)
• Trailing-12-month sales volume: $10.8B (+3%)
• Average cap rate: 5.66%
• Price per unit: $171K

Dallas-Fort Worth Multifamily Market FAQs

What is the Dallas-Fort Worth apartment vacancy rate in Q3 2026?

The DFW multifamily vacancy rate is 6.1% in Q3 2026, down 7 basis points from Q3 2025.

What is the average apartment rent in Dallas-Fort Worth?

Average rent in DFW is $1,493 in Q3 2026, up 0.2% year over year and 3.4% below the Q3 2023 peak.

Which DFW submarket has the lowest multifamily vacancy?

Lakewood/Wheatly Place has the lowest multifamily vacancy at 4.3%, followed by West Fort Worth/Parker County at 5.1%.

What is the average multifamily cap rate in Dallas-Fort Worth?

The average DFW multifamily cap rate is 5.66% in Q3 2026, up for 19 consecutive quarters.

Previous Dallas-Fort Worth Multifamily Market Reports

Track how the market has moved quarter to quarter: read the Dallas-Fort Worth, TX Multifamily Market Report Q1 2026 and the Dallas-Fort Worth, TX Multifamily Market Report Q2 2026.

The bottom line for owners: stronger Q3 absorption and easing completions are positive signs, but a 42,212-unit pipeline and a cap rate that has expanded for 19 quarters keep valuations under pressure. Owners in tight submarkets such as Lakewood/Wheatly Place and Oak Lawn/Park Cities hold the strongest position. Download the full report above for submarket charts and detail, or contact Andrew Gross, Managing Director in Dallas-Fort Worth, to discuss your property.

Sources: Matthews™ Research, RealPage, RCA, CoStar Group, Inc., and BLS. Information is for reference only. Sources deemed reliable but not verified.