I am getting invisible fonts in rxvt-unicode (urxvt) v9.22, in current Arch Linux, using package xf86-video-intel version 1:2.99.917+645+g88733a7-1, which matches the current master revision. Downgrading to version 1:2.99.917+641+ge4ef6e9-1 (commit e4ef6e9) solves the problem.
The issue only occurs when I enable TearFree mode in xorg.conf.d.
I can reproduce the bug consistently, although the conditions in which it appears are not clear to me. I use the following rxvt-unicode config:
URxvt.font: xft:DejaVu Sans Mono-9
The terminal font becomes visible when I increase the size to 12 or larger. It also becomes visible when I resize or move the window, or when I echo any text in the shell (although the first line remains invisible then).
Possibly related Arch Linux bug tracker item: https://bugs.archlinux.org/task/49299
Most important: please attach your Xorg.0.log. Do you use a compositor in conjunction with TearFree?
Created attachment 123748 [details]
I attached the log file.
I do not use a compositor. I use dwm as a window manager.