quarter update early full first our our and include: our an second and today outlook, XXXX they XXXX efficiencies. year cover trends quarter reaffirmed growth will I same-store on how into same-store topics innovation results, continued The Tom. factor operating Thanks, and
X.X%; renewal being since To XX.X% rate the third, rate driven growth blended was our to were our of XX.X% growth in-the-month collections that level quarter supported at and collections begin, of of X.X% with in traffic; same-store and the by: expectations second, driven of first, revenue by X.X% held first line occupancy COVID. healthy highest March NOI continued rent strong growth ,which and above-average in with lease of and strong by beginning year-over-year improve
year, prior the of first line expenses; is period seasonally pricing. with quarter and and previously The increased turnover long-term levels on apartment the turnover three slow although two, average; During by our approximately a near-term recapturing focused effect remain results: in of residents. that direct higher long-term our rent XX% availability drag were occupied and therefore, points a annualized roll leasing had one, versus of repair maintenance XXX homes short-term annualized quarter, we higher delinquent our basis on enhancing approach during and three,
re-leasing total these to is to homes However, paying residents apartment beneficial revenue.
reserve. to which to Our delinquent a XX reduce number down our of better approximately is efforts residents reduced the basis from or in further This combination with peak in-month XXX average of collections points XXX. bad our date compares to of XXX to of long-term debt and have helped long-term total units,
second quarter. to start the trends Next, we see continue to favorable fundamental
stronger demand many well saw growth and has First, long-term we a year anticipated levels in average. the than Year-to-date with is healthy. elevated been above the relatively job ago and roughly remains line had traffic
evidence XX% material of pace growth and Second, bank XX% rent see of in we move-outs increases, Furthermore, during commentary, In the to signs yet XXXX. for but its consumer the light of watch affordability XX% strong of at choosing to our quarter first from residents levels peak double-up. the low as steady largely is in middle spending only have habits change remains to rent were due which in appear continue down income to of rent roughly financial range. we good wage recent of to as residents health our resulting shape kept has be inflation with
owning less remains first home expensive purchase, home relative to affordability were versus a roughly Renting XX% Only quarter in due the than which our approximately an than of average. historical apartment XX% Third, our in less X% is is favor. move-outs expensive less pre-COVID. XX%
the minimal D.C. in to And of and half been average last, approximately concessions a have concessions Francisco, new Sunbelt week San leases Washington submarkets and supply a markets, remain remain on being new concentrated of The those function portfolio. our primarily we across areas. our delivered with latter offering certain
rate average should expected With as growth trending this approximately blended second backdrop, and is lease quarter X%.
is higher renewal rate April convergence our by has points line March, points. than New with lease expectations. XXX rate basis XX growth though decelerated in basis This in approximately is
of Relating rate X.X% to blended need our same-store this to guidance, quarter growth to full blends year. the year duration average we X.XX% of X.X%. year-over-year for achieve guidance growth full midpoint revenue growth only the of first needs X% blended to rate year XXXX With approximate the
by We which the February. believe at average. blends was we trailing renewal anchored downturns during in least set achieve remain our four-quarter guidance on rate past growth, ability In X% even confident we to are in short,
have quarter growth converge ahead slightly our to expectation. in continue last Sunbelt we our would with crossover starting better would our of occurred trends. results mid-XXXX. that Turning Coast growth in On regional the anticipated to the that first That and Coast call, markets in
all new healthy push being resulted higher level across led remains While Sunbelt markets to delivered to supply growth. market concessions our certain in of markets, lease the and rate of a pause new to the level in has has traffic ability
Minimal of average Boston the X% which for and York New and portfolio-leading in growth lease two have momentum markets of blended to quarter. levels NOI occupancy than robust same-store our comprise led these than and expected. results on stronger traffic rate Conversely, XX% XX% supply of more in first new roughly and been
points. These divergent across the reinforce markets price and diversified a value portfolio situations of
between and rate a We occupancy will and to continue maximize to take revenue NOI. balanced approach
progressing our are bottom innovation various initiatives, with which to line we and our will XXXX add beyond. in Finally,
WiFi and across portfolio of Our by to out approximately expected entire year rolled portfolio XXXX. project be tech-enabling building-wide revenue-focused high-margin our end one-third is our by and
greater initiatives various enhance that of enhance system. pricing advanced as the our inroads experience on drive to have integration making customer reduce our big power. we are satisfaction, We and pricing of part will resident data turnover resident-specific project And
point same. Over our results benefited approximately basis have XX the unique from growth our from initiatives. expect the contribution same-store past decade we year, this In
teams our to turn over thanks delivering best-in-class our residents Joe. your closing, passion to results I'll stakeholders. for to In in the now and call
