{"id":1004149532,"date":"2016-08-04T22:48:00","date_gmt":"2016-08-05T06:48:00","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004149532"},"modified":"2025-02-26T23:39:14","modified_gmt":"2025-02-27T07:39:14","slug":"yardi-matrix-phoenix-rise-of-the-silicon-desert","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/yardi-matrix-phoenix-rise-of-the-silicon-desert\/","title":{"rendered":"Yardi Matrix: Phoenix &#8211; Rise of the Silicon Desert"},"content":{"rendered":"<div id=\"attachment_1004149478\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/Metro_Phoenix_0816_Rent.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004149478\" data-attachment-id=\"1004149478\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/yardi-matrix-phoenix-rise-of-the-silicon-desert\/metro_phoenix_0816_rent\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/Metro_Phoenix_0816_Rent.jpg\" data-orig-size=\"800,400\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Phoenix rent evolution, click to enlarge\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Phoenix rent evolution, click to enlarge&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/Metro_Phoenix_0816_Rent.jpg?w=800\" class=\"wp-image-1004149478 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/Metro_Phoenix_0816_Rent.jpg\" alt=\"Phoenix rent evolution, click to enlarge\" width=\"300\" height=\"150\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/Metro_Phoenix_0816_Rent.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/Metro_Phoenix_0816_Rent.jpg?resize=300,150 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/Metro_Phoenix_0816_Rent.jpg?resize=768,384 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004149478\" class=\"wp-caption-text\">Phoenix rent evolution, click to enlarge<\/p><\/div>\n<p>Phoenix\u2019s multifamily market is on a roll as a consequence of its strong job\u00a0market amid a population influx unlike any other in the Southwest. Rents rose\u00a0an impressive 7.3 percent year-over-year through June, although the metro remains\u00a0inexpensive compared to the national average. Property values have gone up as\u00a0well, although investors continue to be bullish on a market where the cost of entry\u00a0is still relatively affordable.<\/p>\n<p>While heavily reliant on trade, transportation, education and health services, the\u00a0metro has succeeded in diversifying its economy in recent years. Efforts made\u00a0to attract tech companies from the neighboring state of California have pushed\u00a0employment in the sector to all-time highs; in fact, the phrase \u201cSilicon Desert\u201d\u00a0is slowly catching on in the Scottsdale and Tempe submarkets. As a result, rents\u00a0in upper-tier assets have mostly managed to keep up with those of assets for\u00a0working-class households.<\/p>\n<p>Development is starting to pick up again. With occupancies at the 96.0 percent level, the\u00a0pipeline has reached more than 40,000 units. Supply is concentrated in the metro\u2019s\u00a0Central and Eastern submarkets, where most of the rent growth is occurring. We\u00a0expect that continued population growth and job creation will keep occupancy\u00a0rates up even as completions rise, though the supply pipeline will serve to\u00a0moderate rent growth to 5.4 percent in 2016.<\/p>\n<p><a href=\"https:\/\/www.yardimatrix.com\/Media\/Downloads\/File\/102-Phoenix-Summer2016Outlook?signup=false\" target=\"_blank\" rel=\"noopener\">Read the full Yardi Matrix Report<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Multifamily Summer Report 2016: The market is on a roll as a consequence of the metro&#8217;s strong job market amid a population influx unlike any other in the Southwest.<\/p>\n","protected":false},"author":873,"featured_media":1004149462,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[37769,21782,21808,21742,37795,1601,15],"tags":[],"class_list":["post-1004149532","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-rc-absorption","category-development","category-featured","category-latest","category-rc-occupancy","category-phoenix","category-west"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Yardi Matrix: Phoenix - Rise of the Silicon Desert - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/yardi-matrix-phoenix-rise-of-the-silicon-desert\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Yardi Matrix: Phoenix - Rise of the Silicon Desert\" \/>\n<meta property=\"og:description\" content=\"Multifamily Summer Report 2016: The market is on a roll as a consequence of the metro&#039;s strong job market amid a population influx unlike any other in the Southwest.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/yardi-matrix-phoenix-rise-of-the-silicon-desert\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2016-08-05T06:48:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-02-27T07:39:14+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/MatrixMetros_Phoenix_800x620.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/yardi-matrix-phoenix-rise-of-the-silicon-desert\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/yardi-matrix-phoenix-rise-of-the-silicon-desert\\\/\"},\"author\":{\"name\":\"\",\"@id\":\"\"},\"headline\":\"Yardi Matrix: Phoenix &#8211; 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