Senior Vice President of Operations at UDR
Thanks, Tom. To begin strong same-store cash revenue and NOI growth of 11.4% and 14.7% accelerated sequentially by 60 and 70 basis points and above our expectations. Key drivers of these results included: first, effective blended lease rate growth accelerated more than 300 basis points sequentially to 17.4%. This resulted from the differentiated pricing strategy we implemented earlier in the year, whereby we have traded 10 to 30 basis points of occupancy to drive rental rate growth and improve our 2023 rent roll.
And second, annualized resident turnover ticked up year-over-year to 50% but of the 16% of residents that moved out because of rental rate increases, we re-leased those apartment homes at an average 30% higher effective rate. This enabled us to capture embedded loss to lease quicker than normal, highlighting our rationale for allowing turnover to increase. This approach of focusing on rental rate growth has maximized 2022 revenue growth and we anticipate a 2023 earn-in of 5%. This is the highest earning in our history. It's double our previous high which we achieved coming into 2022 and is nearly 4x the average earn-in over the past decade.
As is clear from the regional results we reported, strength is broad-based. Sunbelt markets continue to demonstrate phenomenal growth, while West Coast markets such as Los Angeles and San Francisco as well as East Coast markets such as New York, were among our leaders in year-over-year growth. Currently, same-store revenue growth drivers remain robust.
London lease rate growth is expected to be roughly 16% in July, with new lease rate growth of more than 17% and renewals of approximately 15%. While we expect tougher comps on new lease rate growth in August and in September due to the exceptionally strong results from a year ago, renewals have been sent out at and still a strong pace of 11% to 12% for these 2 months. July resident turnover is higher year-over-year given the loss to lease trade we've been willing to make but remains below historical seasonal averages. And occupancy remains high at just under 97%.
Portfolio-wide market rent growth was 5.2% from January through June, the highest over at least the past decade and 120 basis points above historical norms. Looking ahead, we expect to see more seasonal market rent growth trends as we enter the back half of the year but the strong first half growth should continue to drive above average sequential growth through year-end.
Moving on, we continue to assess the fiscal health of our in-place and prospective residents given the evolving inflationary environment. Thus far, our leading indicators continue to suggest durable strength in near-term fundamentals. First, income growth remains robust, resulting in portfolio-wide rent to income ratios in the low 20% range. Consistent with our historical ratios, We have not seen any material evidence of doubling up and residents who turned over have been backfilled with rents at higher rates.
Second, our in-place residents are increasingly paying rent on time. Collection rates improved sequentially in the second quarter and long-term delinquents continued to decline. Third, traffic remains strong, enhanced by the larger funnel generated by our shift to a self-service business model. Fourth, concessions are virtually non-existent with the exception of 1 week on average in specific submarkets of San Francisco and Washington, D.C. And last, multifamily has become incrementally more affordable versus alternative housing options. It is now approximately 50% less expensive to rent than own across our portfolio versus 35% less expensive pre-COVID.
During the second quarter, move-outs to buy a home was only 8%, the lowest level we have seen in over 10 years of tracking the statistic and 400 basis points below our historical average. These factors, along with having visibility on 85% of our full year rent roll, led us to meaningfully increase our full year 2022, same-store revenue and NOI guidance ranges for the second time this year. We now expect to achieve midpoint growth of 11% for same-store revenue and 14% for same-store NOI and on a straight-line basis.
Relative to our prior full year 2022 outlook, the drivers of our improved guidance ranges are as follows: First, we expect full year effective blended lease rate growth of approximately 12% to 14% which is 300 basis points higher at the midpoint compared to our prior assumption from April.
For the second half of 2022, we expect blended lease rate growth in the 10% to 12% range. Second, we continue to expect occupancy to remain stable at 97% plus or about flat year-over-year. And last, we expect controllable operating expense growth to be 3% to 4%. This is 50 basis points below that of our overall same-store expense growth guidance which we increased by 50 basis points at the midpoint, primarily due to the inflationary environment, higher resident turnover and higher associate compensation to retain capital.
As indicated earlier in my remarks, we are now forecasting a 5% earn-in for 2023 based on these drivers which assumes market rent growth in the back half of 2022 follows a typical seasonal trend. Said differently, we would expect to achieve 5% same-store revenue growth in 2023 based on the leases we have already signed and expect to sign through year-end. Considering annual historical market rent growth averages 3% to 3.5%, we believe there is further upside to this number in '23, depending on the macroeconomic environment. That said, the forward regulatory environment remains a wildcard.
Collections are incrementally improving and our long-term delinquent residents are slowly declining. But we are approaching the end of government assistance in many states and a macro hiccup could entice regulators to reinduce their COVID playbook in some areas.
Our dedicated governmental affairs team remains closely in tune with any developments and we continue to work with our residents to find the right apartment home to match housing needs and economic realities. Finally, our ongoing innovation continues to drive attractive results and differentiation versus peers. Key foundational technologies such as smart home tech, software robotics, AI chatbots, proprietary self-guided tour and resident apps, spatial analysis heat maps and a unique data hub have already been integrated into our operating platform. These have improved staffing efficiencies at our communities by 40% and increased the number of apartment homes managed per employee by 60%, improved resident satisfaction by 25% and resulted in controllable operating margin advantage of 325 basis points versus public peers at a similar rental.
Importantly, these foundational technologies have enabled more recent initiatives developed by our innovation team to move from concept to implementation more quickly. For example, it took us 3 years to capture the first $20 million of NOI upside from the rollout of our next gen platform. Since the beginning of 2022, we have identified an additional $40 million or an incremental 4% of NOI initiatives that we expect to capture by year-end 2025. Examples of these initiatives include building-wide WiFi, visitor parking, increasing the number of properties operate with no dedicated on-site personnel, improving our process to reduce vacant days and leveraging big data to make better pricing decisions.
Above and beyond these, we continue to make progress on improving the resident experience which we anticipate will contribute far more NOI down the road through additional pricing engine optimization, better renewal forecasting and increasing our share of the resident wallet, amongst other initiatives.
In closing, I'm excited about our operational trajectory. A big thanks for the ongoing hard work of my colleagues in the field and at corporate. We have plenty more to accomplish but your innovative and competitive spirit drives our continual growth and our desire to further improve how we conduct our business.
And now, I'll turn over the call to Joe.