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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Each month's post summarizes the STR data for the previous month.