What is the average lease longevity?
We do not create leases that exceed one year terms. So, original lease agreement will be for 11 or 12 months. For example, if move- in takes place on the 15th of March, the end will be on February 28th. This way we try to minimize the vacancy as if resident moves out on the 15th, moving in someone is one the 16th is more complex task. With all the lease renewals and rare early terminations, in average, our residents stay for 2.5 years.