Dallas–Fort Worth, TX

Market Update

The Dallas-Fort Worth market continues to exhibit robust economic and demographic trends, with a population of approximately 8.34 million as of the fourth quarter of 2026, reflecting a year-over-year growth rate of about 3%. This growth follows a consistent upward trajectory from 7.76 million in 2021 to the current figure, driven in part by a net migration of 68,609 individuals. The median household income stands at $92,733, while the unemployment rate is reported at 4.5%. Employment levels have reached approximately 4.33 million, and the renter share is about 40%, indicating a significant demand for housing in the area.

In terms of multifamily fundamentals, the median gross rent is currently $1,718, with year-over-year rent growth recorded at 1%. The HUD Fair Market Rents for a two-bedroom unit are benchmarked at $1,771, which is slightly below the asking rent of $1,884 for the same unit type. This suggests a moderate level of affordability pressure, as the growth in rents has not kept pace with broader market expectations, contributing to a stable but cautious rental environment.

From a capital markets perspective, the multifamily cap rate is currently at 6.69%, which is roughly 35 basis points tighter than the national median of 7.04%. Over the trailing 24 months, there have been 159 transactions totaling approximately $1.17 billion, with a median price per unit of $181,952, which is about 9% lower than the national benchmark. These figures indicate a stable investment climate, although the rental growth is lagging behind national trends, suggesting a need for careful underwriting in future acquisitions.