Invest In Apartment Buildings In Lewisville, TX

Who Rents In Lewisville And Why

Lewisville is a renter city. Of its households, 53.7% rent, which comes to 27,874 renter households in a population of 131,080 (U.S. Census ACS 2020–2024). The Texas renter share is 37.4%. Renter households grew 23.4% over the five-year comparison period, and employed residents rose 24.1%, so the growth in tenants has come with growth in paychecks. Median household income is $89,233, up 38.4%.

The job base is a mix of corporate offices, health care, production and distribution. Mary Kay opened a $125 million, 480,000-square-foot manufacturing and research facility in Lewisville in 2018 and 2019, pulling about 500 workers from its old Dallas plant. Primoris Services built a 43,000-square-foot shared services office for accounting, payroll and tax staff, reported in February 2024, replacing its earlier space on South Stemmons Freeway. Medical City Lewisville is the city's main hospital, and Lewisville ISD is one of the large public employers. Older but still present names include Sysco's food distribution operation, Xerox and TIAA. The Majestic Airport Center warehouses and the I-35E corridor tie Lewisville into the region's logistics work, while State Highway 121 and the DCTA A-train put Dallas, Denton and DFW Airport within commuting range.

For owners, that spread matters more than any single tenant. A renter base split among office, plant, warehouse and hospital jobs tends to hold up better than one tied to a single employer. The Census sample puts Lewisville's unemployment rate at 4.3%.

Lewisville Rents, Construction And The Current Cycle

Median gross rent in Lewisville is $1,670 a month (U.S. Census ACS 2020–2024), up 38.0% from $1,210 in 2015–2019 and above the Texas median of $1,403. That rent climb has strained tenants: 50.6% of renter households spend 30% or more of income on housing. HUD's FY2027 two-bedroom Fair Market Rent for the Dallas metro area is $1,807.

New supply has been steady and large-scale. Toll Brothers Apartment Living and The Davis Cos. started Whitlow, a 420-unit four-story community in Old Town, in 2022 with completion planned for early 2024. JPI broke ground on Jefferson Castle Hills, 761 units in two phases inside the 2,900-acre Castle Hills master plan, in April 2024, with Phase I scheduled for the fourth quarter of 2025. JPI also proposed a 380-unit project at Castle Hills Marketplace on Windhaven Parkway in 2023.

New lease-ups have cost owners some pricing power. Transwestern's Q3 2025 report, using RealPage data, put the Lewisville/Flower Mound submarket at 94.5% occupancy and an average rent of $1,524, down 3.6% from a year earlier, with 1,106 units under construction. That is a little better than DFW as a whole, which sat at 93.8% occupancy with rents down 2.9%. The Census rental vacancy rate of 4.4% looks tighter because it counts every rental, including houses and small buildings, and Census gross rent includes utilities, so it runs above managed-property asking rents. ACS figures also carry a margin of error.

Census counts 21,668 homes in buildings of 5 or more units, 40% of the housing stock, and that count rose 6.7% in five years. The median home was built in 1997. A buyer looking at apartment syndications in Lewisville is mostly choosing between older communities, which compete on price, and the newer product in Old Town and Castle Hills, which is leasing up into falling submarket rents. Underwriting should assume flat or soft rents until the construction pipeline clears.

Lewisville Neighborhoods We Watch

Lewisville's apartment stock splits into a few distinct pockets.

Lewisville By The Numbers

We track 133 Texas cities. Lewisville places 54th for median gross rent, 12th for renter share and 42nd for five-year rent growth. Its rents fall in the middle of the pack. In raw numbers, Lewisville has about 24,694 more residents, 5,286 more renter households and 1,361 more homes in buildings with 5 or more units than in the 2015–2019 survey. Renter households grew by about 3.9 for every new home in a larger apartment building. Not every renter lives in an apartment, but demand has clearly kept ahead of new multifamily supply.

Lewisville Compared With Denton County

Lewisville's median gross rent of $1,670 is above the Texas median of $1,403, and its renter share is 53.7% compared with 37.4% statewide.

Lewisville Rent Affordability In Dollars

At $1,670 a month, the median Lewisville rent adds up to $20,040 a year, or roughly 22.5% of what the median household earns. Under the common 30% guideline, a household needs about $66,800 a year to cover that rent comfortably. That's a heavier load than the Texas average of 21.5%. Renters usually earn less than the all-household median, so the real burden for tenants is higher than this simple ratio shows.

In dollars, Lewisville rent climbed $460 a month over five years and household income climbed $24,758 a year. The two have moved together, so affordability today looks much like it did five years ago. HUD's FY2027 Fair Market Rent for a two-bedroom unit, $1,807, is 8.2% above the median gross rent for all unit sizes. That gap matters for buildings that accept Housing Choice Vouchers, since local housing authorities base voucher payment standards on it.

Quick Facts: Lewisville Rental Market

These are the core numbers for Lewisville, TX, each from the Census Bureau's American Community Survey.

• Lewisville, TX has 131,080 residents, up 23.2% from the 2015–2019 survey (U.S. Census ACS 2020–2024).
• Median household income in Lewisville, TX is $89,233, up 38.4% over five years (U.S. Census ACS 2020–2024).
• Median gross rent in Lewisville, TX is $1,670 a month, up 38% over five years (U.S. Census ACS 2020–2024).
• 53.7% of households in Lewisville, TX rent, about 27,874 renter households (U.S. Census ACS 2020–2024).
• 40% of homes in Lewisville, TX are in buildings with 5 or more units (U.S. Census ACS 2020–2024).
• The rental vacancy rate in Lewisville, TX is 4.4%, and 50.6% of renters spend 30% or more of income on rent (U.S. Census ACS 2020–2024).
• The median home in Lewisville, TX was built in 1997 (U.S. Census ACS 2020–2024).

What We Look For In A Lewisville Apartment Building

Our buy box in Lewisville is the same one we use nationwide: 5+ unit apartment buildings, stabilized or in need of work, priced on today's rents. Then we test the property against the local data on this page and a full inspection of its major systems.

Texas has no state income tax on wages, and property taxes are often one of the largest expenses for apartment owners. We underwrite the tax bill after purchase, not the seller's current bill, since a sale often resets the assessment. Texas has no statewide rent control law, though local rules on notices, fees and deposits still apply. Insurance quotes in Texas reflect hurricane and flood exposure and hail and wind damage, so we get a quote before we make an offer.

After a stretch of fast rent growth, we keep rent assumptions modest and leave room for concessions if new supply opens nearby.

Due Diligence For Apartment Syndications In Lewisville

Whoever the sponsor is, these are the questions we would want answered about any apartment syndication in Lewisville, based on the local numbers above.

• What vacancy does the plan assume? Rental vacancy in Lewisville is 4.4%. A plan that assumes much lower vacancy than the market should explain why.
• What rent growth is underwritten? Rents here rose 38% over five years. Ask whether the plan assumes that pace continues, and what happens to the deal if rents stay flat.
• How was the property tax bill estimated? A sale often triggers a reassessment, so the bill after purchase can be well above what the seller pays today.
• How big is the repair reserve? The median home in Lewisville was built in 1997, and even newer buildings need money set aside for roofs, HVAC and appliances.
• How and when does capital come back? Ask what the plan is for a refinance or sale, and what happens if that takes longer than expected.

How Passive Investing In A Lewisville Apartment Syndication Works

Here's the short version. The general partner, in this case Skyline, finds an apartment building in Lewisville, buys it with a loan and investor capital, and runs it. Limited partners supply part of that capital and hold an ownership share, without landlord duties or personal liability for the loan.

It's a long-term commitment. The property has to be refinanced or sold before most capital comes back, and the outcome isn't certain. Eligibility rules vary by offering, and most are limited to accredited investors. See investing with Skyline Capital for how we work with limited partners.

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