Strong apartment demand continued through the third quarter, making 2025 one of the best in the last 25 years for apartment absorption, helping to fill up the record number of recent deliveries. Apartment affordability improved during the quarter with 33 months of wage growth exceeding rent growth. We look forward to moving to a stronger growth profile after the excesses of post-COVID supply environments end. Camden's third quarter 2025 operating results were in line with our expectations, with same-store revenue growth of 0.8% for the quarter, up 0.9% year-to-date, and up 0.1% sequentially.
Our blended rate growth was 0.6%, declining 10 basis points from last quarter and 40 basis points compared to the third quarter of 2024. Renewal offers for December and January were sent out with an average increase of 3.3%. Turnover rates across our portfolio remained 20-30 basis points below last year's levels, and move-outs attributed to home purchase were a record low of 9.1% this quarter. I'll begin today with an update on our recent real estate activities, then move on to our third quarter results and our guidance for the remainder of the year.
We are pleased with how well our property revenues are performing, considering the peak lease-up competition we are facing across many of our markets, illustrating the significant depth of demand in the Sunbelt. We did adjust our full-year 2025 outlook for same-store revenue growth from 1% to 75 basis points. As a result, we are decreasing our full-year same-store expense midpoint from 2.5% to 1.75% and maintaining the midpoint of our full-year same-store net operating income growth at 25 basis points. Blended lease tradeout will be down approximately 1%, and bad debt will be approximately 60 basis points, within 10 basis points of our pre-COVID levels.