Steve Riffee: Sure, Yang. First thing I would say is we €“ philosophically, we don’t believe rent control addresses the main issues, which are housing affordability. I think history would tell you in our research tells us that it really doesn’t work in the cost ROI. And it does not reduce the cost of housing for those who it is intended to serve. I think the best renter protection is an abundant supply of affordable housing. Regarding the near-term risk of rent restrictions, we look at the markets that we operate in right now, and I will get to Montgomery County. But primarily, where we have two assets, primarily, we had bulk of our portfolios Northern Virginia and Atlanta. And we don’t expect rent control pressure proposals over the near to medium-term.
We do have a small amount of exposure in Montgomery County, which represents 6% of our NOI, which is not €“ which had post-pandemic rent restrictions, but we see proposals, but we know that nothing is put in place, but the threat is there. Our job is really to work with the local officials and work with the lobbyists here on the hill to try to find a more palatable solution than rent control. I think personally, having been in an affordable business, I think it kind of probably should fix what they have in terms of LIHTC/Voucher systems, etcetera. And we think it’s prevalent. It’s the top priority. But right now, we think it impacts probably the smallest part of our portfolio.
Unidentified Analyst: Got it. Thank you for the clarification. And you guys talked about strong job postings in the Metro D.C. area. I was wondering if you can talk about some immigration trends within that market specifically and in Atlanta also.
Steve Riffee: Sure. Yes. So, we have seen strong move-ins to the Washington region. We have seen greater than 75% of the move-ins are actually people coming from the Washington region. And we have also seen strong move-ins into our region. I think both in Atlanta and Washington, D.C., we looked at an analysis that of forwarding data and move-in versus move-out outpaced by about 53%. So, we are still seeing strong movement into the Greater Washington, D.C. area. There have been headlines, obviously, about the districts being a little softer. But again, even within the Washington, D.C. region, the vast majority of it is suburban with about 80% being in Northern Virginia. So, we are seeing good trends on that front of traffic.
Unidentified Analyst: Great. That’s helpful. And just finally for me, can you provide some color regarding some of the credit trends within your tenant base in terms of maybe trends you are seeing on average FICO scores, average income or maybe delinquency rates within your portfolio?
Steve Riffee: Sure. I think the trend that we track most closely is our rent-to-income ratios. And I think we mentioned it in our prepared remarks, we have actually seen a decline in our rent-to-income ratio in our Atlanta properties that we have owned now that are entered the same-store pool has actually decreased to about 25% as we have seen strong growth from new renters moving into our properties and also improving the credit profile versus prior ownership. And in the Washington Metro, we have seen the numbers stay steady, which even in the face of strong rent growth, and we are around 26%, which is in line with our long-term average rent-to-income ratios for our assets.
Unidentified Analyst: Great. Perfect. Thank you and congrats to Steve and Steve.
Operator: Your next question for today is coming from Anthony Paolone at JPMorgan.