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