STR Summary for September 2022
The entire Minnesota market saw a drop of 4.2% in occupancy rates for September compared to the previous month. This is not unexpected with the start of fall and tourism season at a close. The Duluth and Bloomington markets led the state with occupancy rates over 70%, while the Rochester market continued to experience the lowest occupancy rate in the state at 56.3%. At a 64.7% occupancy rate, the entire Minnesota market trailed the United States total by 2%.
The September lodging market continued to show improvement compared to one year ago. Minnesota’s statewide September 2022 RevPAR of $83.91 marked a year-over-year increase of 32.3% against September 2021. The year-to-date RevPAR in Minnesota was up from 2021 RevPAR through September by 38.9%. Again this month, Minneapolis continued 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.