STR Summary for March 2021
The state of Minnesota recorded a year-over-year RevPAR increase of 13.6% in March 2021 compared to March of the previous year, when business closures for the COVID-19 pandemic initially went into effect. This year-over-year increase, however, lagged the national average, which showed a 34.4% improvement in RevPAR for the month of March 2021.
Greater Minnesota markets, led by Duluth and Rochester, continued to outperform the Twin Cities. Duluth remained the top performing market in the state with year-to-date RevPAR of $40.00 through March, which is just 7% below the level that Duluth recorded in the first quarter of 2020.
The Minneapolis-St. Paul market continued to gradually improve, recording its strongest month of the year in March 2021. The market’s RevPAR in March of $29.85 represented nearly a 50% increase from just two months prior. For the fourth consecutive month, going back to December 2020, every submarket in the Twin Cities has increased both its RevPAR and occupancy levels.
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Each month's post summarizes the STR data for the previous month.