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STR Summary for February 2023

3/21/2023

 
​In February, Minnesota’s occupancy rate landed 2.7% higher in 2023 (46%) as compared to February 2022 (43.3%). While a year-over-year improvement, Minnesota's overall occupancy trailed the national occupancy average (60%) by 14%. In February, the Bloomington market once again took the top spot with an occupancy rate of 56.7%, Rochester was second with an occupancy rate of 51.1%. Minneapolis occupancy came in at 33.6%.
 
The Febraury report showed Minnesota’s statewide February 2023 RevPAR of $53.14 came in with a year-over-year increase of around 14%. Continuing the trend over the past several months, the Minneapolis market experienced significant 5% occupancy improvement vs. 2022. This is a very positive sign as we look toward the busier spring and summer months with increased corporate and leisure travel. 

STR Summary for January 2023

2/20/2023

 
​In January, Minnesota’s occupancy rate landed 4.9% higher in 2023 (43.5%) as compared to January 2022 (38.6). While a year-over-year improvement, Minnesota's overall occupancy trailed the national occupancy average (52.8%) by over 9%. In January, the Bloomington market once again took the top spot with an occupancy rate of 52.4%, Rochester was second with an occupancy rate of 49.7%. Minneapolis occupancy came in at 31.9%.
 
The January report showed Minnesota’s statewide January 2023 RevPAR of $49.34 came in with a year-over-year increase of nearly 25%. Continuing the trend over the past several months, the Minneapolis market experienced significant improvement vs. 2022. This is a very positive sign as we look toward the busier spring and summer months with increased corporate and leisure travel. 

STR Summary for December 2022

1/20/2023

 

In December, Minnesota’s occupancy rate landed 2% higher in 2022 as compared to 2021 with a rate of 43.6%. While a year-over-year improvement, this was 5.6% lower than November’s occupancy rate and 10 points lower than the entire United States total. In December, the Bloomington market once again took the top spot with an occupancy rate of 56.2%, Duluth wasn’t far behind with an occupancy rate of 49.0%, while Minneapolis experienced an occupancy rate of 31.2%,
 
The December report showed Minnesota’s statewide December 2022 RevPAR of $49.89 came in with a year-over-year increase of 10.2%. The year-to-date RevPAR was up from 2021 RevPAR through December by 33.6%. Continuing the trend over the past several months, the Minneapolis market experienced significant improvement vs. 2021. This is a very positive sign as we begin into the winter months with reduced corporate and leisure travel. 

STR Summary for November 2022

12/21/2022

 
In November, the Minnesota market experienced a drop of 11.1% in occupancy rates reflecting the seasonality for this time of year. For comparison, the entire United States occupancy rated dropped by 7.8%. This month, the Bloomington market took the top spot with an occupancy rate of 58.3%, Interestingly, Duluth and Minneapolis were in a virtual tie for low occupancy with rates of 46.9% and 47.1% respectively, though the St. Cloud corridor experienced the lowest occupancy rate at 43.9%. At a 49.2% occupancy rate, the Minnesota market trailed the entire United States total by 10.2%.
​

Once again, the November report showed similar improvement to last month with Minnesota’s statewide November 2022 RevPAR of $57.42 for a year-over-year increase of 21%. The year-to-date RevPAR was up from 2021 RevPAR through November by 35.5%. Continuing the trend over the past several months, the Minneapolis market experienced significant improvement vs. 2021. This is a very positive sign as we move into the slower winter months with reduced corporate and leisure travel.

STR Summary for October 2022

11/22/2022

 
​The entire Minnesota market saw a drop of 4.4% in occupancy rates for October compared to the previous month. The Duluth market led the state with an occupancy rate of 67.7%, while the Minneapolis market experienced the lowest occupancy rate in the state at 55.4%. At a 60.3% occupancy rate, the entire Minnesota market trailed the United States total by 6.9%. 
  
The October lodging market continued to show improvement compared to one year ago. Minnesota’s statewide October 2022 RevPAR of $76.06 marked a year-over-year increase of 22% against October 2021. The year-to-date RevPAR in Minnesota was up from 2021 RevPAR through October by 36.7%. Again this month, Minneapolis continued to see significant improvement compared to 2021 in both occupancy rate and RevPAR. 

STR Summary for September 2022

10/21/2022

 
The entire Minnesota market saw a drop of 4.2% in occupancy rates for September compared to the previous month. This is not unexpected with the start of fall and tourism season at a close. The Duluth and Bloomington markets led the state with occupancy rates over 70%, while the Rochester market continued to experience the lowest occupancy rate in the state at 56.3%. At a 64.7% occupancy rate, the entire Minnesota market trailed the United States total by 2%.  
 
The September lodging market continued to show improvement compared to one year ago. Minnesota’s statewide September 2022 RevPAR of $83.91 marked a year-over-year increase of 32.3% against September 2021. The year-to-date RevPAR in Minnesota was up from 2021 RevPAR through September by 38.9%. Again this month, Minneapolis continued to see significant improvement compared to 2021 in both occupancy rate and RevPAR. 

STR Summary for August 2022

9/22/2022

 
The entire Minnesota market saw a slight increase of 0.3% in occupancy rates for August compared to the previous month. The Duluth market continued to lead the state with an occupancy rate of 79% (up 1.4% over July), while the Rochester market continued to experience the lowest occupancy rate in the state at 58.7%, though up from 55.5% in July. At a 68.9% occupancy rate, up 0.3% from July, the entire Minnesota market surpassed the United States total by 2.4%. By contrast, the Minneapolis market continues to be off pre-pandemic levels on occupancy by 23 points.

The August lodging market continued to show improvement compared to one year ago. Minnesota’s statewide August 2022 RevPAR of $92.29 increased over July and marked a year-over-year increase of 26.25% against August 2022. The year-to-date RevPAR in Minnesota was up from 2021 RevPAR through August by 40%. Again this month, Minneapolis continued to see significant improvement compared to 2021 in both occupancy rate and RevPAR.

STR Summary for July 2022

8/24/2022

 
The entire Minnesota market saw a slight increase of 1% in occupancy rates for July compared to the previous month. Once again, the Duluth market led the state with an occupancy rate of 77.6% (up over June), while the Rochester market continued to experience the lowest occupancy rate in the state at 55.5%. At a 68.6% occupancy rate, the entire Minnesota market continued to close the gap and now trails behind the total United States by only 1%.

The July lodging market continued to show improvement compared to one year ago. Minnesota’s statewide July 2022 RevPAR of $91.15 increased over June and marked a year-over-year increase of 24.1% against July 2021, and year-to-date RevPAR in Minnesota was up from 2021 RevPAR through July by 43.4%. Again this month, Minneapolis continued to see significant improvement compared to 2021 in both occupancy rate and RevPAR.

STR Summary for June 2022

7/22/2022

 
​The entire Minnesota market saw an increase of 10% in occupancy rates for June compared to the previous month. The Duluth market led the state with an occupancy rate of 74.6%, while the Rochester market had the lowest occupancy rate in the state at 57.6%. At a 67.6% occupancy rate, the entire Minnesota market trailed behind the total United States by only 2.5%.    
  
The June lodging market continued to show improvement compared to one year ago. Minnesota’s statewide June 2022 RevPAR of $86.99 marked a year-over-year increase of 38.7% against June 2021, and year-to-date RevPAR in Minnesota was up from 2021 RevPAR through June by 49.7%. Minneapolis continues to see significant improvement compared to 2021 in both occupancy rate and RevPAR.

STR Summary for May 2022

6/22/2022

 
The entire Minnesota market saw an increase of 6.8% in occupancy rates for May compared to the previous month. The Bloomington market led the state with an occupancy rate of 60.9%. The Minnesota North Area market had the lowest occupancy rate in the state at 54.1%, but this rate was an increase of 0.8% compared to the previous month. At a 57.6% occupancy rate, the entire Minnesota market trailed behind the total United States by 7.5%.

The May lodging market continued to show improvement compared to one year ago. Minnesota’s statewide May 2022 RevPAR of $67.60 marked a year-over-year increase of 51.6% against May 2021, and year-to-date RevPAR in Minnesota was up from 2021 RevPAR through May by 53.8%. Minneapolis saw significant improvement compared to the month prior and led the state in May with $97.79 RevPAR. 
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