DFW Rents Keep Falling as Apartment Supply Grows

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DFW Rents Keep Falling as Apartment Supply Gives Tenants More Leverage

DFW renters are getting some relief as asking rents continue to decline, even during the typically strong summer leasing season.

Rents are moving lower: The median asking rent in DFW reached $1,461 in June, down 2.7% year over year. The decline is notable because summer typically brings stronger rental demand, suggesting that growing supply is outweighing seasonal pressure across the metro.

Supply is giving renters leverage: DFW permitted 2.9 new multifamily units per 1,000 residents in 2025, keeping the development pipeline active. The steady flow of new apartments is giving renters more choices and helping put downward pressure on rents as properties compete for tenants.

National rents are cooling: Across the 50 largest U.S. metros, median asking rent fell 1.5% year over year to $1,692 in June. Studio rents declined 2.2%, while one- and two-bedroom rents each fell 1.4%. Despite the recent declines, rents remain well above pre-pandemic levels.

Buying remains more expensive: The median DFW home list price was $439,990 in June, essentially flat from a year earlier, while price per square foot declined 2%. With home prices holding relatively steady as rents fall, renting continues to offer a meaningful affordability advantage for local households.

The for-sale market is shifting: DFW active listings fell 4.4% year over year and new listings declined 6.5%, while homes spent one additional day on the market. About 26.8% of active listings received price reductions, indicating that sellers are still adjusting to changing market conditions.

➥ THE TAKEAWAY

More supply, more pressure: For DFW renters, the combination of falling rents and continued apartment construction is creating more choice and improving affordability. For multifamily owners and investors, however, the growing supply pipeline could keep competition elevated and limit rent growth until new units are absorbed.

➥ Texas multifamily is nearing a turning point as construction falls, capital returns, and rents remain soft, creating a strategic window for owners to act decisively across markets.

➥ Austin multifamily rents are showing early momentum, but elevated supply and falling occupancy continue to weigh on fundamentals despite strong employment growth.

➥ Dallas' 23Springs is now 93% leased after adding more than 108,000 SF of new tenants, including King & Spalding, PGIM, and an AI company.

➥ Crow Holdings plans to replace Dallas Market Hall with a 40-acre, 245-megawatt data center campus as AI-driven demand reshapes the city's CRE landscape.

➥ Texas multifamily permitting has fallen sharply, with June approvals at 45,062 units—less than half the 2023 peak as developers pull back across major metros.

➥ Ryan Cos. secured a permit for Austin’s $262M Grant Building, bringing 230-plus apartments and restaurants closer to construction as multifamily conditions improve.

➥ Crown Sterling withdrew plans to convert an Addison office building into 365 apartments after city officials recommended denying the rezoning request.

Houston apartment rents remain among the weakest in the U.S. as abundant single-family housing, soft job drivers, and lingering supply pressures continue to dilute multifamily demand, keeping rent growth well below national averages. 

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