STR Summary for April 2023

​In April, Minnesota’s occupancy rate landed 4.9% higher in 2023 (52.8%) as compared to April 2022 (47.9%). While a year-over-year improvement, Minnesota's overall occupancy trailed the national occupancy average (64.4%) by 11.6%. In April, the Bloomington market once again took the top spot with an occupancy rate of 61.5%, and the Minneapolis - North Area was second with an occupancy rate of 57.4%.
 
The April report showed Minnesota’s statewide April 2023 RevPAR of $63.81 coming in with a year-over-year increase of 11.4%. Minneapolis occupancy came in at 52.9% in April 2023, a 22.2% increase from April 2022. This is a very positive sign as we look toward the busier summer months with increased corporate, entertainment, and leisure travel.