Dallas Tanner: Yes. Thanks, Jade. And Charles can feel free to add anything to this. I think on the multifamily side, you’re right, I think there’s going to be some multifamily pressure in, kind, of a few different markets. But I think you’ve seen — I think we — even in our release, we talked about the differential on a per square foot basis in terms of how much more attractive SFR rents are likely than multifamily. The other thing I would just add is in just some of the data that we follow, we’ve actually seen kind of a pickup in new lease growth across call it the 99 SFR markets. It grew about — according to Burns, it was like 6.5% in 2022. They’re seeing a little bit — most people are forecasting a little bit of a deceleration to Charles’ point on the seasonality side.
But look, I hope the takeaway here from the conversation and what Charles and Ernie have shared is we’ve been pleasantly surprised so far with the January numbers and where demand seems to be picking up. There were markets that had a little bit of pressure going into summer last year. But we are not seeing anything in our markets that’s suggesting that a multifamily proposition is outweighing somebody’s decision than to go at SFR. On the build-to-rent side of it, it’s been really interesting to watch that market evolve, Jade. I toured a bunch of this last week in Phoenix. And some of this stuff is a little bit further out than what you would think of our portfolio if you spent some time in the car with us. And it’s different. It comes in all shapes and sizes.
Some of it is more of your kind of stack product or kind of share a common wall Gemini-type of kind of split floor plans where you have townhomes and a few other things. And then some of it is also the SFR detached piece. So I think the SFR detached piece, I worry less about from a value proposition perspective with townhome and amenities. We are paying attention to see if there’s a value additive or a premium that is expected with those types of delivery. So far, we’re not seeing anything that is directly impacting our business. And lastly, just as a reminder, we have built the portfolio from a purpose-built perspective going back 11 years ago to make sure that we made a much bigger focus on being infill and living amongst our neighbors and a lot of fee simple home ownership.
That has carried the day for us, I think, both on a perspective of how we’ve been able to make sure that we are attracting some of the best rental rate in the marketplace but also the duration, length of stay. I’ve been most impressed lately with our — some of this probably gets a little bit of a COVID tailwind to it. But our length of stay is now over almost three years in all our markets. California, we’re seeing a push close to four years. People are just staying a lot longer, and I think it speaks to both the product, location, and I think the value proposition of a for-lease experience with a good business.
Operator: Thank you. We now have the next question from Haendel St. Juste of Mizuho. Please go ahead when you are ready.
Barry Lu: Hey, guys. It’s Barry Lu on for Haendel St. Juste. Thanks for taking my question. I just had a quick question on the appeal process for George and Florida. Are you seeing any likelihood of success or material recoveries in those markets?
