competitors_report

6.3 Competitors

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Cadence
Competing Supply
The Phoenix rental pipeline, and where Cadence sits.
CO 01 / 09
Our Position vs Supply
The family-sized rental niche apartment supply cannot match
Detached and townhome rentals with yards and garages, priced at a premium to garden apartments, held to a single high standard by one owner-operator.
01
Detached and townhome product with private yards and garages, rare in Class A supply
02
Blended rent of $2,925 a month, a premium over $1,900 to $2,600 apartment supply
03
A single-owner community of 260 homes with consistent management and upkeep
04
A supply-short Phoenix submarket with steady in-migration and job growth
Rent premium
Home size and privacy
Saguaro Trails
Camelback Commons
Vero at Chandler
Cadence
CO 02 / 09
Market Supply Insight Phoenix renters wanting a family-sized home fall in a gap between three kinds of supply. Saguaro Trails is a large garden-apartment community built for volume, not for a family that wants a yard. Camelback Commons is an amenity-rich mid-rise with small units and no private outdoor space. Vero at Chandler is a competing build-to-rent community, credible but in a different submarket and smaller in scale. None offers 260 detached and townhome rentals with yards and garages in this location.
Direct Competing Supply Saguaro Trails (480-unit Class A garden community, stabilized 2021), Camelback Commons (312-unit mid-rise, opened 2023), and Vero at Chandler (198-home build-to-rent, leasing since 2024)
Indirect Competing Supply Scattered single-family rental homes, older duplexes, condo rentals, new for-sale homes, and homeowners renting out a house
Renter Alternatives Renting an older single-family house, staying in a garden apartment, or buying a starter home and carrying the mortgage
CO 03 / 09
Competing Supply 1
Saguaro Trails A large Class A garden community, built for volume not family space A 480-unit Class A garden-apartment community in the West Valley, stabilized in 2021 at about 95 percent occupancy. Average rent near $2,050 a month. Deep amenities and professional management, but small units, shared walls, and no private yards or garages at the family ticket.

Features

One and two-bedroom apartments at scale
Resort-style pool and fitness center
Covered parking and package lockers
Online leasing and resident portal
Professional third-party management

Benefits

The widest renter reach in the submarket
Institutional owner and balance sheet
Established amenity package for singles and couples
Consistent management and upkeep
Frequent move-in concessions on offer
Saguaro Trails, West Valley Class A garden community
CO 04 / 09
Competing Supply 2
Camelback Commons Amenity-rich mid-rise, small units without private space A 312-unit Class A mid-rise in the urban core, opened in 2023 and leasing near 93 percent. Average rent near $2,350 a month. Strong amenities and a walkable location, but compact apartments, structured parking, and no yards or garages for families.

Features

Studio to two-bedroom apartments
Rooftop deck and co-working lounge
Structured parking garage
Smart-home locks and thermostats
Walkable urban location

Benefits

Strong demand from young professionals
Walk-to-work and nightlife location
Amenity-led lifestyle offer
Newer building and finishes
Established mid-rise operator
Camelback Commons, urban-core Class A mid-rise
CO 05 / 09
Competing Supply 3
Vero at Chandler A competing build-to-rent community, credible but a different submarket A 198-home build-to-rent community in the Southeast Valley, leasing since 2024 at about 94 percent occupancy. Average rent near $2,750 a month. Detached and townhome product with yards, but a smaller community in a different submarket, without Cadence's scale or amenity core.

Features

Detached and townhome rentals with yards
Private garages on most homes
Small dog park and pocket parks
Single-owner professional management
Smart-home package on every home

Benefits

Proven demand for detached rental product
Genuine yards and garages for families
Established build-to-rent operator
Well-kept homes that hold residents
A loyal, renewing resident base
Vero at Chandler, Southeast Valley build-to-rent community
CO 06 / 09
Competing Supply Supply Comparison
Feature Cadence Saguaro Trails Camelback Commons Vero at Chandler
Detached and townhome product Our core product Garden apartments, mass market Mid-rise apartments, small units Build-to-rent, different submarket
Private yards and garages Yard and garage on every home None, shared grounds None, structured parking Yards, garages on most homes
Blended monthly rent $2,925 a month About $2,050 a month About $2,350 a month About $2,750 a month
Stabilized occupancy About 94 percent About 95 percent About 93 percent About 94 percent
Scale and ownership 260 homes, single owner 480 units, institutional 312 units, institutional 198 homes, single owner
Amenity and management Central pool, clubhouse, on-site team Pool and fitness center Rooftop deck and lounge Dog park, lighter amenity
CO 07 / 09
Competitive Analysis Cadence offers family-sized rentals the three competing communities are not built to match. Cadence offers detached and townhome rentals the three competing communities are not built for. Saguaro Trails sells apartment reach at volume, Camelback Commons sells an amenity-led mid-rise with small units, Vero at Chandler offers similar product in a different submarket at smaller scale. Yards and garages, a $2,925 blended rent, a central amenity core and single-owner management hold occupancy near 94 percent through the cycle.

Key Differentiators

Detached and townhome homes with private yards and garages, rare in Class A apartment supply
A blended $2,925 rent that clears local apartment supply by a clear premium
A 260-home community held to one standard by a single owner-operator

Strategic Implications

Lease up fast and hold occupancy near 94 percent while apartment supply competes on concessions
Avoid a price fight with garden apartments and compete on space, yards and management
Use professional management and phased delivery rather than chasing volume on rent
CO 08 / 09
References

Competing Supply

Saguaro Trails Saguaro Trails, West Valley Class A garden community
Camelback Commons Camelback Commons, urban-core Class A mid-rise
Vero at Chandler Vero at Chandler, Southeast Valley build-to-rent community

Market Sources

Phoenix Class A rents range about $1,900 to $2,600 a month, 2025 market data
Sun Belt in-migration and job growth continue to lead the nation, 2025
Detached rentals hold occupancy 2 to 3 points above garden apartments, 2025 market data
CO 09 / 09