The nation’s best occupancy performances are focused in small markets in the Northeast and West regions of the country. Most of these markets are located within a two- to three-hour drive of bigger, more expensive markets, and therefore offer less pricey rent alternatives. Salisbury is the nation’s tightest apartment market, with occupancy of 99.3% in May. Located just a few hours from Philadelphia, Baltimore and Washington, DC, Salisbury offers monthly rents at $1,296, a notable discount from rates of $1,450 to $1,780 in those cities. Two other small market occupancy leaders are positioned close to Philadelphia. Allentown-Bethlehem-Easton was 99% full in May, with rents of $1,354, while Atlantic City-Hammonton was 98.5% occupied, with prices of $1,443. Located just outside of Boston are Portland-South Portland, with occupancy at 98.9%, and Manchester, which is 98.6% full. These markets offer monthly rents that are $630 to $720 less than Boston prices. In the West region, Bakersfield, Stockton-Lodi and Fresno all logged occupancy above 98%, and all command rental rates between $1,200 and $1,600, which are a deep discount from nearby markets like Los Angeles ($2,308) and the Bay Area ($2,554). Among these high-occupancy markets, Spokane is the furthest out from a major city. Located roughly four hours from Seattle, Spokane prices are $700 more affordable, on average, per month. Riverside is the only major market on the national occupancy leaderboard, with a rate of 98.5% in May. Even this market, however, follows the pattern, with prices that are $460 below monthly rents in the much bigger nearby city of Los Angeles.
