Despite the recent downturn, most of the nation’s 150 largest apartment markets still register occupancy at or above the effectively full mark of 95%. The U.S. apartment market has changed quite a bit over the last few months, and operators have largely refocused on retaining occupancy through an unprecedented time. While 2nd quarter occupancy in most markets falls below last year’s readings (back when the nation was still posting record apartment demand), few areas are in dire straits yet. Of the nation’s 150 largest apartment markets, 21 claim occupancy of 97% or more, led by rates in Madison, Bakersfield and Fresno. Another 36 markets have occupancy between 96% and 96.9%, and the biggest slice – 49 markets – are between 95% and 95.9% occupied. That leaves 44 markets below the 95% threshold. That’s about twice the number of markets that were below the essentially full mark in 2nd quarter 2019. Only one market, the boom-and-bust-prone Midland/Odessa, registers occupancy below 90% in 2nd quarter.