Timothy P. Argo
Executive Vice President, Chief Strategy and Analysis Officer at Mid-America Apartment Communities
Thanks, Eric and good morning, everyone. Same-store growth for the quarter was ahead of our expectations with stable occupancy, low resident turnover and rent performance slightly ahead of what we expected. Blended lease-over-lease pricing of 3.9% reflects the normal seasonality pattern that we expected. And while we did return to a more typical seasonal pattern in Q1, it is worth noting that the blended lease-over-lease pricing captured was higher than our typical Q1 performance. As discussed last quarter, we expected new lease pricing to show typical seasonality and that the renewal pricing which lagged new lease pricing for much of 2022 would provide a catalyst to first quarter pricing performance. This played out as expected with new lease pricing down slightly at negative 0.5%, and renewal pricing increasing positive 8.6%.
Alongside the strong pricing performance average daily occupancy remained steady at 95.5% for the first quarter contributing to overall same-store revenue growth of 11%. The various demand factors we monitor were strong in the first quarter and continued that way into April. 60-day exposure which represents all current vacant units plus those units with notices to vacate over the next 60 days at the end of Q1 was largely consistent with prior year at 7.7% versus 7.9% in the first quarter of last year. Furthermore in the first quarter, lead volume was higher than last year and quarterly resident turnover was down driving the 12-month rolling turnover rate down 30 basis points from 2022. April to-date trends remain consistent as exposure remains in line with the prior year and occupancy has remained steady at 95.5%.
Blended lease-over-lease pricing effective in April is 4.1% with new lease pricing beginning to accelerate up 110 basis points from March at plus 0.2% and renewal pricing remaining strong at 7.9%. We expect renewal pricing to moderate some against tougher comps as we move into the late spring and summer, but simultaneously expect some seasonal acceleration in new lease-over-lease rates. We expect new supply in several of our markets to remain elevated in 2023 putting some pressure on rent growth. But as mentioned the various demand indicators remain strong and we expect our portfolio to continue to benefit from population growth, new household formations and steady job growth. In addition, we expect resident turnover to remain low as single-family affordability challenges support fewer move-outs.
MAA's unique market diversification of portfolio strategy coupled with a more affordable price point as compared to the new product being delivered also helps lessen some of the pressures surrounding higher new supply deliveries. During the quarter, we continued our various product upgrade initiatives. This includes our interior unit redevelopment program, our installation of smart home technology and our broader amenity-based property repositioning program. For the first quarter of 2023, we completed over 1,300 interior unit upgrades and installed over 18,000 smart home packages. We now have about 90,000 units with smart home technology and we expect to finish out the remainder of the portfolio in 2023. For our repositioning program leases have been fully or partially repriced at the first 13 properties in the program and the results have exceeded our expectations with yields on cost in the upper teens.
We have another seven projects that will begin repricing in the second and third quarters and are evaluating an additional group of properties to potentially begin construction later in 2023. Those are all of my prepared comments.
I'll now turn the call over to Brad.