Mike Mueller: Sorry to drag out the call longer here. But what are some of the attributes of the markets where you’re seeing the improvement that you flagged, is it just less supply? Because it seems like that list that you rattled off was dominated by kind of bigger cities. And as a follow-up to that, is the momentum you’re talking about, is it better momentum in move-in rates or is it just more traffic-oriented?
Tom Boyle: I think there’s a number of factors, you rattle off some of them that are contributing to it. We listed a series of markets, each market is a little bit different. Certainly, supply plays a component in some of those markets, meaning a lack of supply, higher barriers to entry, as Joe spoke to, on certain of those markets. But I’d also highlight stronger demand trends, better move-in rent trends, better move-out activity. It’s really a handful of different drivers that are unique to each market. But as you characterize them all, I would categorize them into markets that didn’t have the same, really strong levels of growth in ’21 and ’22 and so don’t have the same level of really difficult comps to come off of. And as Joe mentioned earlier, you can put Florida, for instance, as a big winner over the last couple of years is likely to take a little bit longer to normalize, but still has been a really strong performer over the last several years for us.
Operator: Our next question is from Brendan Lynch with Barclays.
Brendan Lynch: Maybe I can get your thoughts on what’s behind the lower delinquency rates that you highlighted in the script. Some macro data suggests that consumers are facing some incremental challenges, but that doesn’t seem to be what you’re seeing.
Joe Russell: Yes, I would say, Brendan, on a macro basis, we still see a very healthy consumer base. We’ve got plus or minus about 2 million customers. So full spectrum of the economy at large and not really seeing any undue pressure market by market or again, that would indicate that there’s some elevated amount of risk that’s coming from relative to stress points, et cetera. I think you’re hearing a fair amount of commentary even now that we’re well into 2024 around consumer balance sheets. Employment levels are quite strong. I think this is part of the angst that the Fed is having relative to their timing relative to tapering, et cetera. So the employment and behavior from consumers at large continues to be quite good and we’re very pleased by that, obviously.
On a day-to-day basis, we’re not seeing the type of range of when you see a customer go into some level of delinquency, et cetera. The pace and the nature of that pattern isn’t as elevated as it was pre-pandemic. So keeping a very close eye on, but no material shift. And continues to give us an outlook that the consumer environment is going to be quite healthy.
Brendan Lynch: And maybe just one more. You ran some TV ads in the quarter. Can you just talk about your thought process around when and where to use TV advertisement versus other types of advertising?
Tom Boyle: We did use a little bit of TV advertising. It’s one of the things that we can utilize pretty uniquely in the industry given our national scale and platform. And so that’s something we will use periodically. In this case, we used it to advertise some of our promotional activity, which we saw a good reaction to in the quarter.
Operator: We have reached the end of the question-and-answer session. I would now like to turn the call back over to Ryan Burke for closing comments.
Ryan Burke: Thanks, Rob. And thanks to all of you out there for your continuing interest and time, and we’ll talk to you soon. Have a good day.
Operator: This concludes today’s conference. You may disconnect your lines at this time, and we thank you for your participation.
