First quarter apartment net absorption was one of the best since 2016, despite slow job growth and tepid consumer sentiment. In the first quarter, we recorded our lowest bad debt level since the onset of COVID-19 at less than 40 basis points. Additionally, for the 12 months ended January of this year, Dallas led the nation in absolute job growth, followed by Houston at number two and Austin at number four. The Houston metro area led the nation last year in population growth, with just under 127,000 new residents added in the 12-month period ending July 1st of 2025.
Beyond Dallas-Fort Worth, the CBRE relocation study showed a group of Sun Belt and growth markets emerging as consistent headquarter winners. Camden is in the right high-demand markets ready for the upcoming lower supply environment. We continue to assume approximately 60% of the sales proceed will be reinvested through 1031 exchanges into our existing high-demand, high-growth Sun Belt markets. We are actively underwriting several other acquisition opportunities and remain confident we can effectively deploy the 1031 proceeds from the California sale.
As I previously noted, the timing of the exchanges can add considerable variability to our 2026 earnings as we do not receive the sales proceeds until we complete the exchanges. Our preliminary results for April are on track and indicate modest improvements in both occupancy and blended lease rate growth compared to the first quarter. It also reflects record levels of resident retention, which are a testament to Camden's unwavering focus on customer service and providing living excellence to our residents. Renewal offers for May, June, and July were sent out with an average increase in the mid 3% range.