And but repairs and maintenance and churn costs continue to be a struggle as vendors are difficult to find. And they are still feeling some inflationary pressure in those services, professional services category. So, I think, we’re optimistic that we’ll be able to hold revenue and grow NOI next year. That’s really our core goal and focus right now is making sure that we can grow the NOI.
Brad Heffern: Okay, appreciate the thoughts.
Operator: Thank you, Brad. Our next question is from Buck Horne from Raymond James. Buck, your line is now open. Please go ahead.
Buck Horne: Hey, thanks. Good morning. Just wondering if you could comment on any recent updates on leasing traffic trends, either physical traffic in the communities or online. How’s that been trending through the end of October?
Anne Olson: Yeah, sure. Just starting in June and July, we really saw kind of a slowdown in leasing traffic, we have been able to offset that slowdown, which through the third quarter was about 20% year-over-year less leasing traffic and that’d be a combination of online foot traffic, phone. And we’ve been able to offset that with higher retention, more people are staying in place that makes sense less people are looking and so they’re staying where they are. And also with higher closing ratio. So, we’ve really been focused on making sure that our leasing techniques are effective that we’re meeting the customer where they are and really getting those leases in the door. In to October, we’re seeing that same slowdown, it feels seasonal.
In a lot of our markets, people don’t like to move in, though in the winter. And generally people are looking a little bit further out. So, people coming in today are looking for apartments for November, December. We’re feeling a seasonal slowdown there. But nothing that’s concerning to us from an occupancy standpoint, we feel like we’re going to be able to meet our goals this year.
Buck Horne: Got it. Very helpful, thanks for the color. And just following up on the personnel or just the cost you’ve seen in terms of just wage and an onsite cost. I’m just curious, if you’re thinking about how, you may be competing against more lease up properties next year. Is there an issue with other developers or other properties potentially coming in and trying to poach some of your employees to get their properties leased up? If they’re familiar with those markets? Or how do you manage that process and maintain good retention with your onsite staff?
Anne Olson: Yeah, that’s a great question. And you’re highlighting an issue that I think is facing all operators across the country, which is, there’s no pipeline of new leasing team and or maintenance professionals or anyone who works onsite for us. And so as new supply is delivered in the amount of units and communities out there, it does stretch the same staffing pool. So, we have been focused on retention in the way of professional development, additional training opportunities, and really trying to get some career pathing going for our onsite personnel. To make sure and culture is huge for us making sure that this is a great place to work. And then also on the replacement side, we’re really focusing on talent acquisition, onboarding, and making sure that we can get the right candidates and give them the tools to be successful right out of the gate.
Another huge thing for us, as you know, is trying to leverage the technology that we’ve invested in to make it, what is, can be a very simple business, easy to execute onsite. And I think the easier we couldn’t make it for them to be successful in their jobs, the better chance we’re going to have to keep them from going to that lease up down the street.
Buck Horne: Got it. Alright. Thanks, guys. Good luck.
Operator: Thank you, Buck. Our next question comes from Michael Gorman from BTIG. Michael, your line is now open. Please go ahead.
Michael Gorman: Yeah, thanks, Anne. I was wondering if you could just talk about some of the new supply in some of your markets and the possibility that given the financing challenges that might turn into potential opportunities if the developers can’t roll the financing, or maybe can’t get the lease up done quickly enough. And then maybe if you’re seeing that, and then what your appetite would be to take on lease up potential through acquisitions?
