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  "documentTitle": "Mid-America Apartment Communities | Results Presentation Deck | 37 slides",
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      "text": "Starts in MAA Markets (% of total units) 1,2\n1.5% 1.5% 1.5%\n1.2%\n1.3%\n1.2%\n1.1%\n1.1%\n1.1%\n0.8%\n0.7%\n0.4%\n1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23",
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      "text": "MAA's record low percentage of move-outs to single family homes highlights the impact that high single family home prices paired with elevated interest rates have on single family home affordability.",
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      "text": "MAA rents average approximately $300/unit less than new supply in our submarkets; driving a better value proposition for the prospective renter and appealing to a larger segment of the renter market\nMAA submarket diversification within markets helps mitigate effect of urban-focused supply wave",
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      "kind": "list",
      "text": "MAA's rent price point, appealing to large segment of the rental market",
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      "kind": "list",
      "text": "MAA's extensive market, submarket & property class diversification",
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      "text": "Recent deliveries near 41% of our units have rents more than 20% above our properties' rents lessening the impact of new supply for much of our portfolio. 1,3",
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      "text": "With starts in our markets peaking in mid-2022 and trending downward starting in 4Q22, we expect deliveries to follow a similar trend lagged by 2 years.",
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      "text": "a level of protection against supply pressure",
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      "text": "MAA's rent profile appeals to the broadest band of renters within our markets.",
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      "text": "1 Data from RealPage Market Analytics (supply deliveries, rent gap)\n2 Percentage based on number of existing units\n3 Deliveries within past year in same store submarkets where rent data is available from RealPage. MAA properties with no recent deliveries nearby are excluded from analysis.\n4 Total moveouts refers to Resident Turnover as defined in this presentation's accompanying Appendix",
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      "text": "RECORD LOW 4Q 2023\ntotal moveouts4 44.9%\n% of moveouts to home-buying 13.9%\n% of moveouts to single family rentals 3.1%",
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      "text": "Diversified Portfolio and Price Point Capture Demand, Help Ease Supply Pressure",
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