Plano, Murphy & Wylie Apartments Offering Up to 2.5 Months Free Rent (February 2026)

By Alexander Concepcion

Looking for a great deal on apartments in Plano, Murphy, or Wylie? Here’s the bottom line: rental specials are offering up to 2.5 months of free rent in February 2026. With a surge in newly built apartments, renters now have more choices and bargaining power in what’s become a soft rental market.

Key Highlights:

Free Rent Offers: Up to 2.5 months free on 12- to 15-month leases.
Plano Market Trends: 2-bedroom rents dropped 25% year-over-year, while 1-bedroom rents rose 5%.
Nearby Comparisons: Plano offers higher base rents but bigger concessions (8–10 weeks free) compared to nearby cities like Frisco and Allen.
Who Benefits: Ideal for families, professionals, and hybrid workers seeking suburban living with strong schools, modern amenities, and easy commutes.

Top Apartment Deals:

The Emory (Murphy/Wylie): 2 months free on a 13-month lease.
Alta Magnolia (East Plano/Allen): 2.5 months free on a 12-month lease.
Alta Firewheel (Garland): Up to 10 weeks free rent.

Timing matters – February is a great time to lock in deals before spring demand spikes. Calculate your net effective rent and confirm lease terms to maximize savings.

Plano & East Collin County Rental Market Overview

Plano Area Apartment Rental Prices and Concessions Comparison February 2026

Lease Terms and How Incentives Work

In Plano, Murphy, and Wylie, most rental specials require a minimum lease of 12 months, though some properties may ask for a commitment of 13 to 15 months to access the best offers. For instance, The Dayton in Plano currently requires a 12-month lease to qualify for its specials.

When you see "free rent", it typically means full months waived from your lease, often applied to the first or second month. On the other hand, "weeks free" refers to smaller increments – 6 weeks, for example, equals roughly 1.5 months. Another common incentive is the "Look & Lease" offer, which rewards quick decision-making. If you sign a lease within 24 to 48 hours of your tour, you can save hundreds of dollars through credits or waived fees. These offers often stack on top of other monthly specials.

Longer leases tend to come with better concessions because they provide landlords with greater occupancy stability. For example, while a standard 12-month lease might offer 6 weeks to 2 months of free rent, leases of 13 to 15 months can sometimes unlock even more generous offers.

Next, let’s see how these lease terms and incentives compare to nearby areas.

How Prices Compare to Nearby Cities

Rental prices and concession strategies vary significantly across the region. As of February 2026, the average rent for a 1-bedroom in Plano is $1,680, reflecting a 5% increase year-over-year. Meanwhile, Frisco’s average has dropped 19% to $1,356. Allen averages $1,420 for a 1-bedroom (an 8% increase), and McKinney’s average is $1,538 (up 3%).

What really sets these markets apart isn’t just the base rent – it’s the concessions offered. Plano and East Plano properties often provide 8 to 10 weeks of free rent to balance their higher base prices. Richardson, closer to downtown Dallas, typically offers only about 1 month free, with an average 1-bedroom rent of $1,421 (down 8%).

City	1‑Bedroom Avg Rent	Year‑Over‑Year Change	Typical Special (Feb 2026)
Plano	$1,680	+5%	8–10 weeks free
Frisco	$1,356	–19%	2 months free
Allen	$1,420	+8%	2 months free
McKinney	$1,538	+3%	1 month free
Richardson	$1,421	–8%	1 month free

Living in Plano, Murphy, and Wylie

Commute Access and Major Roads

Plano stands out as a key corporate hub, home to major headquarters like Toyota Motor North America, Frito Lay, and JCPenney. It’s well-connected to North Dallas and the Metroplex through three major highways: U.S. 75 (Central Expressway), the Dallas North Tollway, and the President George Bush Turnpike (PGBT).

Public transit options include the DART rail system, with stations at Parker Road, Downtown Plano, and Cityline/Bush Station. These provide convenient access to Richardson’s employment centers. Looking ahead, the DART Silver Line expansion will further link Richardson, Plano, and North Dallas. For residents of Murphy and Wylie, commutes into Dallas or Richardson are manageable via U.S. 75 and the PGBT, accessed through FM 544 and 14th Street.

If you’re working in Legacy West, living near the Dallas North Tollway or Sam Rayburn Tollway can significantly cut down on commute time. For those employed in the Richardson Telecom Corridor, properties near the Cityline/Bush DART station offer excellent multi-modal commuting options. This connectivity makes it easier to enjoy a suburban lifestyle without sacrificing access to work.

Schools, Retail, and Family Appeal

Plano and Frisco ISDs are highly rated by the Texas Education Agency as of 2025, making them magnets for families. Rental properties in these top-tier school districts often carry a 15–25% premium compared to areas with average-rated schools.

"Strong demand exists for quality homes in excellent school districts… rental rates run 15-25% above similar properties in average school districts." – Homeward DFW

With mortgage rates remaining elevated through 2024–2025, more families are opting to rent in these districts rather than purchase homes. Meanwhile, Murphy and Wylie offer a quieter, more traditional suburban environment, with easy access to Downtown Wylie and attractions like Firewheel Town Center.

Outdoor activities are another big draw for families. Plano boasts destinations like Arbor Hills Nature Preserve, Bob Woodruff Park (complete with playgrounds and volleyball courts), and Russell Creek Park. Residents of Murphy and Wylie also enjoy quick access to Lake Lavon, perfect for boating and other water-based fun. These amenities add to the area’s appeal for those seeking a family-oriented lifestyle.

Who Should Consider These Areas

These areas are ideal for families, corporate professionals, and hybrid workers who value strong schools, dependable infrastructure, and spacious living. The region’s steady job growth adds to its attractiveness for long-term renters.

If affordability is a priority, Murphy and East Plano offer better value for renters who still want proximity to Plano’s employment hubs. The mix of excellent schools and abundant recreational options makes these neighborhoods especially appealing for those looking for a stable and family-friendly suburban experience.

It’s worth noting that Plano has a TransitScore of 27/100, meaning most residents rely on cars for daily errands despite some rail options. Transportation costs in Plano are also slightly above the national average, at 0.9% higher.

Apartments Offering Free Rent in Plano, Murphy, and Wylie

Here’s a breakdown of the best rent specials available in Plano, Murphy, and Wylie. These deals cater to a mix of families, professionals, and commuters.

The Emory (East Plano / Murphy / Wylie)

Located near Murphy and Wylie, The Emory offers a compelling deal: 2 months free rent on a 13-month lease, with some promotions extending up to 8 additional weeks free. Prices start at $1,409 for one-bedroom units, $2,201 for two-bedrooms, and $2,848 for three-bedrooms. Its proximity to U.S. 75 and the President George Bush Turnpike makes it perfect for commuters heading to Richardson or Legacy West. Families will appreciate the nearby Bob Woodruff Park and access to top-rated schools. While the 13-month lease is longer than usual, the extended rent concessions can make it worthwhile for those planning to stay long term.

Alta Magnolia (Allen / East Plano area)

Alta Magnolia stands out with 2.5 months free on a 12-month lease. Positioned near Allen and the East Plano corporate hubs, it’s designed with professionals in mind, especially those working in North Dallas or Richardson. The property features newer construction and Energy Star–certified amenities, offering competitive pricing compared to areas like Frisco and Prosper.

Alta Firewheel (Garland / East Plano area)

Alta Firewheel offers renters 2.5 months free rent on a 12-month lease, with select units eligible for up to 10 weeks of free base rent. Situated near Firewheel Town Center, it provides easy access to shopping and dining options. Located along the Garland–East Plano border, the property combines a suburban feel with short commutes to Central Plano and Richardson via U.S. 75. With co-working spaces available, it’s a great pick for remote workers seeking flexibility.

The Lively at Firewheel (Garland)

The Lively at Firewheel combines 2 months free rent with Look & Lease incentives, including waived application and administrative fees. Positioned near the Garland–Plano border and close to Firewheel Town Center, it’s ideal for hybrid workers needing a quick move. Keep in mind, the Look & Lease deal requires a tour and application within a specific timeframe. The waived fees can significantly lower upfront move-in costs on a standard 12-month lease.

Ferro (East Plano / Murphy / Wylie)

Ferro provides 2 months free rent on a 12-month lease, equating to roughly 8 weeks free. It’s a strong option for families and suburban commuters seeking newer construction at prices lower than Central Plano. The property’s easy access to U.S. 75 and the President George Bush Turnpike makes it convenient for those working at major employers in Plano.

Latitude (Central Plano)

Latitude takes a different approach, offering $1,000 off the first month’s rent on a 12-month lease. One-bedroom units start at $1,341, while two-bedrooms begin at $1,962. Its central Plano location provides excellent connectivity to the Dallas North Tollway and other major routes, making it a great choice for commuters heading to Legacy West or the Shops at Legacy. This discount is particularly beneficial for renters looking for immediate savings on move-in costs.

How to Get the Most from These Rent Specials

How Free Rent Gets Applied to Your Lease

Free rent is typically applied in one of two ways: upfront or prorated. With upfront concessions, you enjoy the benefit right away – your first month (or two) is completely free, meaning you move in without paying rent. On the other hand, prorated concessions spread the free rent value across the lease term, lowering your monthly payments. For instance, if you’re signing a 12-month lease at $1,409 per month with 2 months free at The Emory, you’d only pay for 10 months. The math looks like this: ($1,409 × 10) ÷ 12 = $1,174.17 per month as your net effective rent.

It’s important to note that your lease agreement will still reflect the full market rent. This is the figure used for renewals and any future rent increases. However, your actual monthly cost is the net effective rate. Always confirm how the free rent is applied before signing the lease. Timing your lease can also help you maximize these deals.

Why Your Move-In Date Matters

The timing of your move-in can play a big role in how much you save. Properties that are brand new or nearing the end of their initial lease-up phase often offer the best pricing and rent specials. February, for example, is a great month to negotiate because demand is lower compared to the busier spring and summer months when most people move.

"Lock in now before Spring rates arrive." – ApartmentsPlanoTX.com

If a property has had vacant units for several weeks, the management might be more willing to negotiate to fill those spaces quickly. Some buildings even offer additional perks for immediate move-ins. Once you’ve considered timing, the next step is to calculate your net effective rent to see the true value of your deal.

Calculating Your True Monthly Cost

To evaluate offers accurately, calculate the net effective rent. Start by multiplying the monthly market rent by the number of months you’ll actually pay, then divide by the total lease term. Don’t forget to include one-time fees, such as:

Application fees (around $75 per person)
Administrative fees (about $200)
Security deposits (ranging from $150 to $350)

These fees usually total between $425 and $625 and should be factored into your initial costs. This calculation ensures you have a clear picture of your actual monthly expense.

Keep in mind, if you decide to break your lease early, you may need to repay the prorated value of any free rent you received. By understanding these details, you’ll be better equipped to find the best deal in Plano’s competitive rental market.

Get Help Finding Your Next Plano-Area Apartment

In Plano’s competitive rental market, finding the best rent specials often comes down to knowing where to look. Taco Street Locating offers a free service that uncovers hidden deals you won’t find on public listings. By keeping tabs on properties with higher vacancies or those nearing lease-up, we ensure you get access to some of the most aggressive rent specials out there.

We create a customized shortlist tailored to your budget, move-in date, bedroom preferences, and favorite neighborhoods – whether it’s Legacy West or East Plano. Before you even step foot in a building, we confirm current move-in specials to help you avoid surprises. With deals that can shift daily, this extra step ensures you’re always working with up-to-date information.

"Many of these deals aren’t always obvious online, and some are negotiable depending on timing and availability." – Dwellinc

We also simplify the decision-making process by calculating the true monthly cost of each property. This includes factoring in concessions like 2–2.5 months of free rent, so you can compare options side by side. Need help with applications, pet policies, or commute logistics? We’ve got you covered. Our research saves you time and effort, making it easier to choose the perfect apartment.

Ready to take advantage of February’s best rent specials before spring prices rise? Reach out today to get your personalized Plano-area apartment list!