Question-and-Answer Session
Operator
(Operator Instructions)
Your first question comes from David Cohen - Morgan Stanley
David Cohen - Morgan Stanley
You talked about the turnover declining and you have fewer move-outs due to home purchases and you have more people coming in I guess due to foreclosures and stuff, but your turnover actually declined not that much, and I guess my question is are there other reasons that are increasing in terms of, this turnover is not down that much, but you’re talking about the turnover coming down for other reason so are there other reasons other than homes that are increasing to keep this turnover ratio kind of relatively steady?
Unidentified Company Representative
Sure David and we’re, just for the quarter, looking at only quarter year-to-date we had 148 fewer move-ins, 225 of those were by homes and really the point that had the largest increase was rent increase at 97 offsetting that and frankly that’s a metric we’re willing to stomach a little bit. We’ll gladly trade fewer move-outs to home buying for half as many move-outs for rent increases as we push that.
David Cohen - Morgan Stanley
So they’re just moving to other apartments that are cheaper?
Unidentified Company Representative
I don’t have an answer for you on where they’re going from here when we raise the rents.
David Cohen - Morgan Stanley
Okay and then you talked about a lot fewer new developments and other developers not being able to get financing, does that leave opportunity for you to do more development or are you similarly as cautious about new development?
Eric Bolton
We’ve always been pretty cautious frankly about new development. We are seeing more interest particularly from developers that either have projects teed up or they’re in the middle of lease-up and they are worried about their take-out financing and we are being approached a lot more actively on that front. I don’t think you will see Mid-America, well you won’t I can tell you, you won’t see us jump into new development in a big way but we are starting to see a lot more opportunities for some very attractive properties in great markets that we’d like to be in where people are coming to us saying, look we’re worried about our financing or we can’t get the financing and so let’s talk and so that’s, like the deal in Raleigh we just mentioned and the deal in Houston we bought at the very start of the year, we are seeing a lot more in that area.
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