Dallas-Fort Worth Multifamily Market Report

First-half construction reached new heights. Nearly 24,000 apartments opened from January to June 2024, shattering the prior six month record of 15,400 units set in the second half of last year. That historic influx kept vacancy on the ascent. At the same time, demand also accelerated, slowing the rate of increase. Household formation amid barriers to single-family homeownership helped boost occupied apartment stock by more than 20,000 rentals during the first half of this year, exceeding every annual total from 2001 to 2014. This held the vacancy uptick at just 20 basis points from January to June 2024, after the rate surged by 430 basis points across the prior two years. Still, the construction pipeline remains sizable at over 75,000 units underway in July, keeping pressure on vacancy in the near term. The Allen-McKinney, Denton, Frisco-Prosper, Intown Dallas and South Fort Worth areas have the most rentals underway.