STR Summary for October 2021

The entire Minnesota market saw only a slight drop of 0.8% in occupancy rates for October compared to the previous month. The Duluth, Minnesota North Area and Mankato markets led the state with an occupancy rate over 60%. The Minneapolis market had the lowest occupancy rate in the state at 43.8% but this is an increase by 5.4% compared to the previous month. At a 55% occupancy rate, the entire Minnesota market trailed behind the total United States by 7.9%.
 
The October 2021 lodging market continued to show improvement compared to one year ago. Minnesota’s statewide October 2021 RevPAR of $62.55 marked a year-over-year increase of more than 69.2% against October 2020, and year-to-date RevPAR in Minnesota was up from 2020 RevPAR through October by 43.4%. National year-to-date RevPAR, by comparison, was up 50.6%. Duluth continued to lead the state in October with $109.71 RevPAR. The Duluth market’s year-to-date RevPAR in 2021 measured 49.1% higher than the first ten months of 2020, driven by a 29.2% increase in occupancy in 2021.