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Good morning. Dallas-Fort Worth is absorbing apartments faster than any big US market, nearly 20,000 units by midyear. Rents haven’t caught up yet, and buyers are treating that gap as the opening.
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Market Snapshot
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Fill first
DFW Soaks Up Nearly 20,000 Apartments While Rents Sit Still
Dallas-Fort Worth led the country in apartment absorption at midyear, a demand story buyers are already underwriting even as rents refuse to move.
By the numbers: DFW recorded net absorption of nearly 20,000 units at midyear 2026, per a Northmarq report, outpacing New York City and Phoenix, neither of which topped 15,000.
Supply slows: Developers delivered close to 13,000 units in the Dallas metro over the first half, well short of what renters absorbed, while nationally completions ran about 150,000 against 225,000 units of absorption.
Pricing power is thin: Average asking rent in Dallas sat at $1,496, and growth was essentially flat at negative 0.5%, a sign landlords are still competing hard even as occupancy climbs.
Capital is circling: A Machine Investment Group and RPM Living venture bought the 490-unit 75 West, Bascom Group added the 370-unit Jasmine in its 42nd Texas deal, and Baltise and Peruna teamed with RPM on the 374-unit Crest at Las Colinas.
Distress opens the door: Two of September's three deals involved assets with recent foreclosure histories, turning North Texas apartment stress into an entry point for well-capitalized and foreign buyers.
➥ THE TAKEAWAY
The buyers' bet: Buyers are underwriting the gap between full buildings and flat rents, betting they can lease up now and capture growth once the construction slowdown thins deliveries. If absorption holds, expect flat rents to firm and more distressed North Texas assets to trade.
Around Texas
➥ The Cowboys want a sports and entertainment district around Arlington's AT&T Stadium, echoing their $2B Star complex in Frisco as rival team districts multiply across North Texas.
➥ Houston pulled in $1.5B of office sales through July even as vacancy climbed to 24.1%, with buyers paying up for trophy towers while weaker space sits empty.
➥ Visits to Galleria Dallas rose nearly 9% as North Texas's top malls rebound, lifting Stonebriar's appraised value more than 17% to $352.4 million on stronger traffic.
➥ Austin effective rents rose 1.8% to $1,316 in Q2, the first quarterly gain in three years as record oversupply slowly clears and vacancy slips to 12.3%.
➥ Benefits-software firm Selerix is relocating headquarters from McKinney to a 28,000 SF Plano penthouse, nearly doubling its footprint as North Texas keeps luring corporate tenants.
➥ Developer Jeff Blackard is pitching The Marco, a 143-acre Venetian village in Prosper with a 15-acre lagoon and 4,400 homes, though the town council postponed its zoning vote.
Follow the Money
| OFFICEDALLAS Woods Capital's 33-story 2100 Ross heads to an Oct. 6 foreclosure auction after an alleged default on a $98M loan, the latest hit to downtown's core. |
| INDUSTRIALHOUSTON Lincoln Property and New York Life acquired Greenspoint Mall to build the $150M, 1.2M SF CityNorth Industrial Park, with demolition starting in October. |
| MULTIFAMILYTEXAS The Texas County and District Retirement System committed $200M to TPG Essential Housing IV, a residential debt fund chasing a $3B raise. |
| INDUSTRIALBAYTOWN Gulf Coast Crating leased an entire 428K SF spec building at Velocis's Baytown 146, filling the developer's first Houston-market project. |
| OFFICEHOUSTON JLL is marketing the 71-story Wells Fargo Plaza, Texas's third-tallest tower and 70.6% leased, for co-owners MetLife and New York State's pension fund. |
| RETAILCYPRESS Trademark and MetLife will break ground Oct. 1 on Dunham Pointe, a 202K SF Whole Foods-anchored district already 14 tenants deep. |
📈 CHART OF THE WEEK
The Texas Employment Forecast indicates jobs will increase 1.2 percent in 2026, with an 80 percent confidence band of 0.8 to 1.6 percent.
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