STR Summary for May 2023

In May, Minnesota’s occupancy rate landed 6.7% higher in 2023 (56.9%) as compared to May 2022 (50.2%). While a year-over-year improvement, Minnesota's overall occupancy trailed the national occupancy average (64.8%) by 7.9%. In May, the Bloomington market once again took the top spot with an occupancy rate of 64.3%, and the Minneapolis - South Area was second with an occupancy rate of 59.7%.
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The May report showed Minnesota’s statewide May 2023 RevPAR of $70.75 compared to June 2022's RevPAR of $119.43. Minneapolis occupancy came in at 54.0% in May 2023, a 10.4% increase from May 2022. This is a very positive sign as we look toward the busier summer months with increased corporate, entertainment, and leisure travel.