As a reminder, Camden's complete second quarter 2012 earnings release is available in the Investor Relations section of our website at camdenliving.com and it includes reconciliations to non-GAAP financial measures, which will be discussed on this call.
Joining me today are Ric Campo, Camden's Chairman and Chief Executive Officer; Keith Oden, President; and Dennis Steen, Chief Financial Officer.
Our call today is scheduled for one hour as another multifamily company will be doing their call right behind ours. As a result, we ask that you limit your questions to two with one follow-up and rejoin the queue if you have additional questions. If we are unable to speak with everyone in the queue today, we'd be happy to respond to additional questions by phone or email after the call concludes.
At this time, I'll turn the call over to Ric Campo.Ric Campo Good morning to most of you on the call, except these close folks. The band Train's hit Maybe This Will Be My Year was surely on the minds of our onsite teams as they prepare their 2012 operating budget. After the first two quarters, I suspect most of them, if not all, have dropped the Maybe part. The apartment business is great. In spite of slower job growth than we'd like, our markets are growing jobs faster than the national average keeping demand strong. New supply is not a threat. Camden residents are doing very well. Their incomes have increased from $63,000 to over $71,000 annually over the last year, reducing the percentage of rent income from 18.4% to 17.7%. Our residents have the capacity to pay more rent, even with the large increases that they have already experienced. Half of our markets have yet to reach peak rent levels that we achieved in 2008. Rents are still a bargain in many of our markets.