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Most Apartment Markets Are Essentially Full

Most Apartment Markets Are Essentially Full

The story of 2nd quarter 2019 has been one of demand. Leasing activity in the U.S. apartment market picked up to a multi-year high, sending occupancy to up to the highest rate in nearly two decades. With a nationwide occupancy of 95.9%, tight occupancy is seen across the vast majority of local markets. In fact, 129 of the nation’s largest 150 markets are seeing occupancy at or above 95%, the threshold for a market to be considered essentially full. Several markets, including Phoenix, Cincinnati and Greensboro/Winston-Salem, have hit all-time highs. Further, 31 markets had occupancy rates above 97% as of 2nd quarter 2019 and 59 had rates between 96% and 96.9%. Only seven markets were less than 94% occupied. Markets in that bottom echelon are mostly select Texas markets – Houston, El Paso, Lubbock, Corpus Christi and College Station. Champaign, IL and Baton Rouge, LA make up the remainder.

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