Jessica Anderson
Senior Vice President, Operations at Essex Property Trust
Thanks, Barb. I'll begin my comments today by providing color on our recent operating results and strategy, followed by regional commentary. I was pleased with our operating results from the first quarter, including a same-property revenue increase of 7.6% year-over-year. As Barb mentioned, one core factor driving these results was the successful execution of our occupancy strategy that resulted in a solid 96.7% for the first quarter, up 70 basis points from the fourth quarter. This focus began in Q4 and was done proactively in anticipation of elevated turnover from evictions.
During the first quarter, we may [Indecipherable] Recapturing units from nonpaying tenants, and we experienced the highest volume of eviction-related move-outs to date. The number of long-term delinquent residents has declined by 65% from our peak over a year ago, excluding Los Angeles and Alameda County. Additionally, a notable milestone in the first quarter was the ending of the eviction moratoriums in the City and County of Los Angeles, where approximately half of our delinquency resides. Given backlog court, it will take many months to recapture these units, but steady progress throughout 2023 is expected.
I am very proud of the team and appreciate the tremendous amount of work that has gone into recapturing, turning and re-leasing units. Thank you, team. Great job. Throughout the first quarter, we saw positive demand indicators for the portfolio. Lead volume, which reflects the number of initial inquiries into leasing an apartment and as a leading indicator of demand was consistent with and up, in some cases, over the same quarter last year. Additionally, concession usage has declined from approximately two weeks free in the fourth quarter to a half week free in the first quarter. We are experiencing a relatively normal ramp-up to the peak leasing season.
Net effective blended rates accelerated through Q1, averaging 2.9% for the quarter and ended with March at 3.8%, although they moderated in April. This was due to a temporary increase in leasing incentives to offset a period of heavy eviction volume. While April averaged 96.4% occupied, we are at 96.9% today and well positioned to absorb additional turnover while still increasing rents as demand allowed. Moving on to regional specific commentary. In the Pacific Northwest, our most seasonal market, blended net effective rents were up 30 basis points in the first quarter compared to one year ago. The elevated supply in the downtown submarket is weighing on our regional performance.
The supply outlook for Seattle is comparable to 2022, and similarly, a more challenging second half of the year is expected. In Northern California, blended net effective rents improved to 2.6% in the first quarter year-over-year. We're seeing strength in the San Jose submarket, offset by supply-driven weakness in Oakland. The supply outlook for Northern California remains relatively muted, which will benefit our ability to push rents presuming job growth continues to outpace the recently announced layoffs. Finally, in Southern California, blended net effective rents were up 5% in the first quarter as demand remained solid. All regions have fared well to start the year, including Los Angeles.
As I mentioned earlier, we're expecting elevated turnover in this region driven by eviction. In general, supply outlook in Southern California is very manageable. And outside of pockets of supply in submarkets such as West L.A., this market is expected to fare well. In summary, 2023 has started off slightly better than expected. Demand for apartments has been solid. We continue to make progress with evictions and our occupancy-focused strategy positions us well. We are cautiously optimistic as we head into the peak leasing season, but also acknowledge the macroeconomic uncertainty that could influence apartment demand through the balance of this year.
I will now turn the call back to the operator for questions.