During the fourth quarter, leasing traffic was strong, and we captured 6% higher move-ins as compared to prior year.
And despite the normal seasonal slowdown during the holidays, we were able to capture positive blended lease-over-lease rent growth that equaled the prior third quarter with particularly strong renewal lease pricing averaging 5.2% in Q4.
Average physical occupancy also remained strong at 95.7% in the fourth quarter, a slight improvement from the performance in Q3.
Leasing volume for the quarter was up 6%.
This allowed us to improve average daily occupancy from 95.6% in the third quarter to 95.7% in the fourth quarter.
In addition to the improvement in occupancy, we were able to hold blended rents in the fourth quarter, in line with the third quarter and an 80 basis point increase.
All in-place rents or effective rent growth on a year-over-year basis improved 1.3% for the fourth quarter.
We collected 99.2% of build rent in the fourth quarter.
In April, we had 5,600 residents on relief plans.
The number of participants has decreased to just 491 for the January rental assistance plan.
This represents less than 0.5% of our 100,000 units.
For the full year 2020, we installed 23,950 Smart Home packages and completed just over 4,200 interior unit upgrades.
As of January 31, we've collected 98.7% of rent build which is comparable to the month end number for the third and fourth quarters of 2020.
Leasing volume in January was strong, up 4.9% from last year.
Effective blended lease-over-lease pricing for January was positive 2.2%, 40 basis improvement from the prior year.
Effective new lease pricing for January was negative 1.8%.
This is a 70 basis point improvement from January of last year.
January renewals effective during the month were up 6.3%.
Our customer service scores improved 110 basis points over the prior year.
This aids to our retention trends, which are positive for January, February and March, as well as lease-over-lease renewal rates for those months, which are in the 5.5 to 6.5 range.
Average daily occupancy for the month of January is 95.4%, which is even with January of last year.
60-day exposure, which is all vacant units plus notices through a 60-day period, is just 7.8%.
Led by job growth, which is expected to increase 3.4% in 2021 versus the 6.1% drop we saw for our markets in 2020, we expect to see the broad recovery in our region and the country continue.
Due to the robust demand, supported by continued low interest rates, cap rates have compressed further and are frequently in the high 3% and low 4% range for high-quality properties in desirable locations within our markets.
While acquiring will be a challenge, as noted in the earnings guidance, we do plan to come to market with $200 million to $250 million of planned property dispositions this year.
We will redeploy those proceeds into our growing development pipeline, which currently stands at $595 million with eight projects in just over 2,600 units.
Both of these are lower density suburban projects that we expect to deliver stabilized NOI yields around 6%, well in excess of our current acquisition cap rates.
We are encouraged that despite facing some supply pressure, our Phase two lease-up property located in Fort Worth continues to lease up at our original expectations as does our soon to be completed Phase two in Dallas, where over 90% of the units have been delivered.
Based on our assessment and the projection data we have, new supply deliveries across our major markets are projected to remain flat with 2020 levels, at 2.8% of existing inventory.
Core FFO of $1.65 per share for the fourth quarter produced full year core FFO of $6.43 per share, which represented a 2.7% growth over the prior year and is well above our internal expectations following the breakout of the pandemic.
Stable occupancy, strong collections and positive pricing performance were the primary drivers of continued same-store revenue growth for the fourth quarter, which is 1.8% and for the full year, which is 2.5%.
As Brad mentioned, our development pipeline has increased to eight deals with total projected costs of $595 million.
During the quarter, we funded $104 million of development costs, leaving less than half or another $259 million remaining to be funded toward the completion of the current pipeline.
Though still growing, our pipeline is still is only about 3% of our enterprise value, which is a modest risk, given the overall strength of our balance sheet and a diversified portfolio strategy.
As Tom mentioned, we also made good progress toward the -- during the quarter on our internal programs, funding a total of $40 million toward the interior unit redevelopments, Smart Home installations and external amenity upgrades, bringing our full year funding for lease programs to $76 million, which is expected to begin contributing to our growth more strongly late in 2021 and 2022.
We ended the year with low leverage, debt-to-EBITDA of only 4.8 times and with $850 million of combined cash and borrowing capacity under our line of credit.
Core FFO for the full year is projected to be $6.30 to $6.60 per share, which is $6.45 at the midpoint.
The primary driver of earnings performance is same-store revenue growth, which is projected to be around 2% for the year.
This growth is based on the expectation of continued improving economic trends and job growth in our markets, as Tom outlined, and we believe these trends will support both stable occupancy levels, averaging around 95.5% for the year.
And modestly improving pricing trends through the year, driving effective rent growth for the year of around 1.7%.
An additional contribution of 30 to 40 basis points of projected revenue growth for the year is related to the final portion of our Double Play bulk internet program.
Same-store operating expense growth is projected to moderate some as compared to 2020, will continue to be impacted by the rollout of Double Play and higher insurance costs with these costs combining for an estimated 1.4% of the same-store expense growth in 2021.
But excluding Double Play and insurance, all other same-store expenses are expected to increase in a more modest 2.5% to 3% range for the full year.
And this includes real estate tax growth of 3.75% at the midpoint, which is moderating, but still somewhat elevated.
Overhead costs for 2021 are projected to be more normalized, with total overhead expenses expected to be about $107 million for the year, which is a 2.8% increase over the midpoint of our original guidance for 2020.
Our forecast also assumes development funding of $250 million to $350 million for the year, primarily provided by projected asset sales of $200 million to $250 million.
And given our current forecast, we have no current plans to raise additional equity, and we expect to end the year with our debt-to-EBITDA just below 5 times.

Summary:
Core FFO for the full year is projected to be $6.30 to $6.60 per share, which is $6.45 at the midpoint.