房地产 -达拉斯多户家庭数据2025年第三季度 Dallas Multifamily Figures Q3 2025

1CBRERESEARCH©Q32025CBRE,INC.

FIGURES|DALLASMULTIFAMILY|Q32025

DallasMultifamilyReport

▽93.9%▽1’448▽4’311▽$1’541

OccupancyRateNetAbsorption(Units)CompletedUnitsAvg.RentPerUnit

Note:Arrowsindicatechangefrompreviousquarter.

Source:CBREEconometricAdvisors’Q32025.

MARKETHIGHLIGHTSFIGURE1:OccupancyandAverageRentPerUnit

Occupancy(%)Rent($/Unit)

—TheDallasmultifamilymarketclosedQ32025withanoccupancyrateof

93.9%.Thisrepresenteda-.4%decreasefromQ22025.98$1,700

97

—Therewere1,448unitsabsorbedinQ32025,comparedto8,963unitsinQ2$1,650

2025.96

$1,600

—Therewere4,311unitsdeliveredinQ32025,comparedto5,636unitsinQ295

2025.

94$1,550

—TheoverallaveragerentperunitformultifamilyinDallasendedQ32025at

$1,541,representinga-$0.01changefromQ22025.93$1,500

92

—ThetotalmultifamilyinvestmentsalesinQ32025amountedto$1753.2

millionintotalvolume,comparedto$2976.5millioninQ22025.91$1,450

90$1,400

OccupancyRent($/unit)

Source:CBREEconometricAdvisors’Q32025.

2CBRERESEARCH©Q32025CBRE,INC.

FIGURES|DALLASMULTIFAMILY|Q32025

MarketOverview

FIGURE2:MarketStatisticsbySubmarket

6.1

4.8

6.1

6.1

6.0

7.1

5.2

7.4

7.2

6.6

6.4

7.2

6.6

6.7

5.1

5.1

5.1

5.4

6.1

6.8

5.8

5.5

6.7

8.0

6.1

5.7

5.6

6.9

6.0

6.0

6.2

6.8

6.9

5.7

6.7

4,311

0

855

0

240

511

375

0

0

0

30

381

0

0

638

0

0

10

0

0

290

0

9

0

0

15

0

0

26

564

0

0

331

0

36

27,163

683

4,089

395

360

2,355

682

494

175

310

2,010

1,690

792

277

2,210

716

1,122

715

654

67

1,297

337

99

963

222

484

762

794

115

490

152

502

587

88

400

23,143

344

4,374

436

309

2,553

393

557

0

0

2,130

1,646

642

300

1,571

675

653

467

550

0

826

0

141

475

220

250

768

711

26

574

0

360

650

0

542

660,628

28,715

32,490

18,701

22,185

24,462

23,260

6,094

20,089

26,356

32,574

22,020

22,486

3,833

44,083

4,669

26,418

26,362

10,072

11,603

17,518

12,083

17,124

40,607

12,384

20,162

18,442

9,744

19,505

17,967

8,558

15,898

13,285

18,193

12,686

Net

Completion

Absorption

Last12

mos

mos

Net

Absorption(Units)

Vacanc

yRate

(%)

Completions(Units)

Inventory(Units)

Rent

Per

Unit

sLast12

Market

$1,541

$1,470

$1,539

$1,554

$1,534

$1,362

$1,834

$1,497

$1,141

$1,245

$1,650

$1,355

$1,458

$1,166

$2,154$1,428

$1,715

$1,528

$1,550

$1,196

$1,412

$1,338

$1,546

$1,181

$1,276$2,341

$1,605

$1,490

$1,273

$1,130

$1,367

$1,191

$1,634

$1,723

$1,620

TotalMarket

Addison/BentTree

Allen/McKinney

Carrollton/FarmersBranchCentral/EastPlano

Denton

EastDallas

EllisCounty

FarEastDallas

FarNorthDallas

Frisco

Garland

GrandPrairieHuntCountyIntownDallas

KaufmanCounty

LasColinas/Coppell

Lewisville/FlowerMound

LoveField/MedicalDistrictMesquite

NorthDallas

NorthIrving

NorthOakCliff/WestDallasNortheastDallas

NorthwestDallas

OakLawn/ParkCitiesRichardson

Rockwall/Rowlett/WylieSouthIrving

SoutheastDallas

SouthernDallasCountySouthwestDallas

TheColony/FarNorthCarrolltonWestPlano

ZangTriangle/Cedars/FairPark

1,44834654(52)148165411(80)48(46)(157)279(128)(34)41722(117)(101)(130)(31)433(30)(149)(561)171(160)(72)(12) (9)492(10) (8)282(109)

(197)

FIGURE3:MarketStatisticsbyBuildingVintage

YearBuilt

Built1960s

Built1970s

Built1980s

Built1990s

Built2000s

Built2010-present

AvgRent

$1,286

$1,243

$1,278

$1,530

$1,656

$1,813

%Rent

Growth(Y-o-

Y)

0.6%

-2.5%

-5.8%

-3.4%

-2.9%

-1.1%

Occupancy

Rate(%)

93.1

93.5

94

94.4

94.5

94

Occupancy

Change(Y-o-Y)

-0.3%

1.4%

1.3%

0.7%

1.2%

1.0%

Source:CBREEconometricAdvisors,Q32025.

FIGURE4:MarketStatisticsbyUnitType

UnitTypeAvgRent%RentGrowth(Y-o-Y)

Studio$1,196-0.3%

1Bedroom$1,337-1.4%

2Bedroom$1,785-1.2%

3Bedroom$2,4530.7%Source:CBREEconometricAdvisors,Q32025.

FIGURES|DALLASMULTIFAMILY|Q32025

3CBRERESEARCH©Q32025CBRE,INC.

AverageRentsandOccupancy

FIGURE5:RentChangeQ-o-QandAverageRentTrend

Rent($/Unit)$1,700

$1,650

$1,600

$1,550

$1,500

$1,450

$1,400

RentGrowth

4.0%

3.0%

2.0%

1.0%

0.0%

-1.0%

-2.0%

-3.0%

Rent($/unit)RentGrowth(%)

FIGURE6:OccupancyChangeQ-o-QandOccupancyRateTrend

Growth(%)0.8%

0.6%0.4%0.2%0.0%

-0.2%

-0.4%

-0.6%

-0.8%

-1.0%

-1.2%

-1.4%

Occupancy(%)98.0

97.0

96.0

95.0

94.0

93.0

92.0

91.0

90.0

OccupancyGrowth(%)OccupancyRate(%)

Source:CBREEconometricAdvisors,Q32025.

FIGURE7:TopSubmarketsbyRentGrowthY-o-Y

ZangTriangle/Cedars/FairPark

EastDallas

LoveField/MedicalDistrict

IntownDallas

EllisCounty

-1.0%-0.5%0.0%0.5%1.0%1.5%2.0%%RentGrowth

Source:CBREEconometricAdvisors,Q32025.

FIGURE8:TopSubmarketsbyOccupancyGrowthY-o-Y

NorthDallas

NorthIrving

LasColinas/Coppell

KaufmanCounty

SouthernDallasCounty

0.0%0.5%1.0%1.5%2.0%2.5%3.0%3.5%4.0%%OccupancyGrowth

Source:CBREEconometricAdvisors,Q32025.Source:CBREEconometricAdvisors,Q32025.

4CBRERESEARCH©Q32025CBRE,INC.

Construction,NetAbsorption,andDetailbyInventoryType

FIGURE9:CompletionsandNetAbsorption

Units

12,000

10,000

8,000

6,000

4,000

2,000

0

(2,000)

(4,000)

(6,000)

(8,000)

2021.42022.22022.42023.22023.42024.22024.42025.2

CompletionsNetAbsorption

FIGURE10:TopSubmarketsbyNetAbsorption

Allen/McKinney

SoutheastDallas

NorthDallas

IntownDallas

EastDallas

0200400600800Units

Source:CBREEconometricAdvisors,Q32025.

FIGURE11:RentandVacancybyPropertyVintage

$/UnitVacancy(%)

$2,000

$1,800

$1,600

$1,400

$1,200

$1,000

$800

$600

$400

$200

$0

Built1960sBuilt1970sBuilt1980sBuilt1990sBuilt2000sBuilt2010-present

mAvg.RentPerUnit■VacancyRate

8.0

7.0

6.0

5.0

4.0

3.0

2.0

1.0

0.0

Source:CBREEconometricAdvisors,Q32025.

FIGURE12:AverageRentByUnitSize

3Bedroom

2Bedroom

1Bedroom

Studio

$0$500$1,000$1,500$2,000$2,500$3,000

Avg.RentPerUnit

Source:CBREEconometricAdvisors,Q32025.Source:CBREEconometricAdvisors,Q32025.

FIGURES|DALLASMULTIFAMILY|Q32025

5CBRERESEARCH©Q32025CBRE,INC.

InvestmentSales

FIGURE13:MultifamilyInvestmentSaleVolume

$VolumeUnits

9,000

8,000

7,000

6,000

5,000

4,000

3,000

2,000

1,000

0

50,000

45,000

40,000

35,000

30,000

25,000

20,000

15,000

10,000

5,000

0

TotalVolume($)TotalUnitsSold

Source:MSCIRealCapitalAnalytics,Q32025.

FIGURE15:MultifamilyInvestmentSalePricePerUnit

$/Unit

$250,000

$200,000

$150,000

$100,000

$50,000

$0

Price/UniteeoeeoeTrendSource:MSCIRealCapitalAnalytics,Q32025.

FIGURE14:Q32025LargestSaleTransactionsby#ofUnits

Buyer

PropertyName

City

Units

InvestorsEquityGroup

Eastgrove

Dallas

656

YamasaCoLtd

TheBoatHouseAtAusti

TheColony

526

ArchwayHoldings

InfinityOnTheMark

Dallas

373

KKR

CortlandonOakLawn

Dallas

368

BSRTrust

TheOwnsbyApartments

Celina

367

MGProperties

OvationatGalatynPark

Richardson

361

WeidnerAptHomes

SkylineFarmersMarket

Dallas

340

TheConnorGroup

LegacyEstates

Frisco

320

FederalCapital

CrestManor

Lewisville

312

RPMLiving

LTDWestCommerce

Dallas

308

KeyRealEstateCo

SereneatLaVillita

Irving

306

PalladiumGroup

PalladiumBucknerStatio

Dallas

304

Source:MSCIRealCapitalAnalytics,Q32025.

FIGURE16:Q32025MultifamilyInvestmentSalesbyBuildingVintage

Total

UnitsAvg.PPU

YearBuiltVolume($)

PropertyCount

Pre-19601960s

1970s

1980s

1990s2000s

2010-present

GrandTotal

$0

$26,405,404

$14,920,536

$317,606,500

$272,199,974

$121,224,123

$1,000,836,639

$1,753,193,176

0

3

1

9

6

3

15

37

0

237

105

2,117

1,355

594

4,450

8,858

$0

$111,415

$142,100

$150,027

$200,886

$204,081

$224,907

$172,236

Source:MSCIRealCapitalAnalytics,Q32025.

FIGURES|DALLASMULTIFAMILY|Q32025

6CBRERESEARCH©Q32025CBRE,INC.

EconomicOverview

FIGURE17:HousingStarts

16.0

14.0

12.0

10.0

8.0

6.0

4.0

2.0

0.0

n)gStarts

Housingstarts-singlefamilyHousingstarts-multifamily

FIGURE18:Unemployment

Unemployment(000s)

LaborForce(000s)

140

120

100

80

60

40

20

0

3150

3100

3050

3000

2950

2900

2850

2800

2750

2700

2650

Laborforce——Unemployment

Source:OxfordEconomics,Q32025.

FIGURE19:HouseholdCount&AverageSize

HHCountAvg.HHSize

(000s)

2.762.752.742.732.722.712.70

2.69

2,100

2,050

2,000

1,950

1,900

1,850

NumberofhouseholdsAveragehouseholdsize

Source:OxfordEconomics,Q32025.

FIGURE20:TotalPopulation&NetMigration

NetMigration(000s)

Population(000s)

35

30

25

20

15

10

5

0

5,800

5,700

5,600

5,500

5,400

5,300

5,200

5,100

5,000

PopulationNetmigration

Source:OxfordEconomics,Q32025.Source:OxfordEconomics,Q32025.

FIGURES|DALLASMULTIFAMILY|Q32025

7CBRERESEARCH©Q32025CBRE,INC.

CBREEconometricAdvisors

TylerMangin

Sr.Economist,Multifamily

tyler.mangin@

MattVance

VicePresident,MultifamilyResearch

matt.vance@

MultifamilyDefinitions

—StockunitsTotalcountofmarket-rate,multifamilyunitsinstructurescontainingfiveormoreunits.Doesnotincludecondos.

—OccupiedStockunitsTotalcountofoccupiedmultifamilyunits.

—RentableCompletionsunitsChangeinrentablestockfromoneperiodtothenextduetotheconstructionofnewmultifamilyunits.Onlyincludesmarket-rateunitsinstructurescontainingfiveormoreunits.Doesnotinclude