Of the 10 markets with the highest average occupancy rate this cycle, nine are on the coasts. That those markets hold the highest occupancy shouldn’t be terribly surprising, though, as these markets are also some of the nation’s most expensive for housing, and there are high barriers to entry. New York holds a comfortable lead as the market with the nation’s highest average occupancy this cycle (97.0%). Even San Diego on the opposite end of the spectrum has an average occupancy of 96.0% since the cycle began in 2010. The Midwest’s perennially tight Minneapolis-St. Paul is the only non-coastal market on the list.