morning, operating into the in our markets, year that will and everyone and joining today. some remainder the quarter I for for the our and thanks to views Mark, us This presentation. of Thanks, in XXXX we our outlook XXXX review third management performance included
in driven growth the X.X% revenue although our not and quarter delinquency, expected. residential results as much business with in same-store some in improvement fundamentals to produce of third continue as we We healthy generally very good by
markets healthy, across especially our and East the D.C. continue East outperform and The Coast. remains continue results Coast Coast and markets our Washington, West to the impress. in to market absorption occupancy Demand
will Francisco As San previously expected. experiencing and we pricing discuss are than Seattle shortly, more pressure I
of touch are the to Francisco. I upon leasing new spreads, October let and that, get XX seasonal we as and mentioned, activity, consistent we Before declines through me October published all and San stats lease, The captures renewal almost with outside Seattle blended. months
negative, continues as the to presented balance Page of on for lease and management month is the get will to of normal year. the decline trend, the presentation, which change New pricing negative is is for more which continue X
In or it a uncommon change you to is year, see get negative X% by normal time pre-pandemic lease be X%. the to new December, not
weakness the and will our San Given more negative portfolios, Francisco be in we likely than Seattle slightly that.
mix. but blender stable the blended Renewal and moderate. more transaction continue in rate relatively the should up achieved slightly, it and QX remain make of Put all moderate rate will to
of terms ground specific we and to Francisco stated on conditions San the we power previously, Seattle, the in have In year. throughout as the little no pricing had
could of us demand an to did increased what initially be of peak thought leasing the moderation some and of season stability. use, led beginning better concession However, demonstrate which volume we the
increased seasonally X new there slowed the in is though tech downtown in with uncertainty The slowdown markets declining suburban back hiring last a in expected, rates than combined on resulted by their office use. demand. pockets areas and are however, in from which most Redmond both concession weeks, normal, experiencing big markets, reductions to have like characterized more pronounced larger keeping lid has other these downtown both This Over than the price employers, Seattle. pressure the of of the is
life vibrancy these making areas when office. employment comes to see easy to increases the recover, on fully for to and residents the will quality to order need city offices to are in these markets are generate especially these Both commute are order improving of cities the migration to are adding will the and the In of progress want few markets, we lifestyle enjoy that signs Seattle, the active, in these positions of power return. to allow issues, slowly in a in enough and both major pricing back, areas we need employers improvement seeing but which to accelerate tech the to that
markets, in remains muted overall, these on deliver our to several expectations, track very we recognizing XXXX X continue positive trends business that now healthy. XXXX strong to these expect our with growth Even business. with into is support While challenges revenue same-store and
into in reduce rent, market and remain XXXX. expect good transfer portfolio-wide. indicators in financially residents which remain the of early our below stress at carry Overall, expectations. resident -- often First, would line levels to remain Resident to remaining and we resilient, economic with rent-to-income residents breaks ratios seasonal job lease expect XX% our pre-pandemic activities which shape and with
lowest remains Our seen. especially in resident of established the that Turnover in have remains alternative, markets. be retention housing to Single-family purchases some home continue good. we our an portfolio very expensive the
only fact, quarter of since seen XXXX. X.X% the started bought of the the moved is our residents data back out, third home we which have who in lowest as in the we reason numbers In one tracking
At anything low. will rate not in portfolio suggest seeing this the remain the point, to we are not that turnover overall
the earlier side, demand and solid into demand I remain for picture, of the generally, college As supportive employment educated, on XXXX. particularly continuing mentioned the
growth. longer-term already creation San paused, potential Francisco the and as machine fundamentals Seattle job in noted, but So the high-quality future recently I support
Seattle those side, inventory, less at concentrated significant supply DC compared of from the are will the our expansion of XXXX. established are favorably in a the we differences markets. overall established and there supply while markets competitive to in be Sunbelt. our have as our positioned, looking -- We When pressure about benefit the direct markets same and particularly compared as supply On in Sunbelt to most should elevated percent overall, will supply new between
supply will markets sell be in present market percent pronounced norms. opportunities Atlanta may X.X% only in markets in us impactful overly low of X%, X% both Seattle NOI for developers which are X% Meanwhile, in the This a outlier fact, as markets nearly Austin, of high as acquisition of on absolute us the percent our forecasted the these an just result X% at our our for and and, new pressure. between stressed relative average supply shouldn't located range historical in expansion a which and to established properties. and financially since total in is a markets XX% at only basis inventory is which includes expansion is around Sunbelt The around
our growth Coast factors all solid putting So overall these XXXX right now for East revenue together, anticipate led the by outlook of markets.
As see next going is norms embedded management the and in above in into to generally pre-pandemic lease loss you trending year line. growth is presentation, can our slightly
pre-pandemic, pre-pandemic tailwind levels. net, to of exact is it improvement, debt it and and will sufficient speed but pay. said, as we gradually is eviction That credit processed. of amount of is from the evictions decline backlog clear volume towards continue is The quality propensity their the our no way bad work allow our With as predict and view hard long did the process for be back we our this to in twice see taking typical that yet not to resident both to to new
to believe see continue in meaningful will we that We XXXX. improvement
incremental In debt from of bad expect the net, in initiatives opportunities. several lift from operating to income and the tailwind addition other renewals, parking, some we have place around connectivity we to that see
line, growth slightly year. expenses, to in XXXX to this would Moving same-store we expense continued below our expect trend be to which
WiFi, repair like XXXX We the help growth some some on will pretty with will so the Smart and comp rate. although lines fees technology period the from high, is feel that offset of that maintenance of pressure and new Home continued
this another that will but Insurance create right is in estate pressure. increase. year, we taxes real expect clearly significant be And to too nothing overall much than higher now, for
mitigated operating the being growth Some of initiatives. be the will expense by payroll created our categories from in in efficiencies centralization these line continued
apartment up be wrap the favorable continues and to me most Let markets. of good our with demand that demographics business by supply driving in limited new saying
a platform will to on these delivering With session. to opportunities delivering customer for shout over I call to residents give out a dedication to our take want residents. while I the the experience focus operator We continue enhance that, that seamless Q&A across markets their the the for the and teams their present platform our to our amazing our to continued advantage will of operating results. begin to turn
