STR Summary for October 2022
The entire Minnesota market saw a drop of 4.4% in occupancy rates for October compared to the previous month. The Duluth market led the state with an occupancy rate of 67.7%, while the Minneapolis market experienced the lowest occupancy rate in the state at 55.4%. At a 60.3% occupancy rate, the entire Minnesota market trailed the United States total by 6.9%.
The October lodging market continued to show improvement compared to one year ago. Minnesota’s statewide October 2022 RevPAR of $76.06 marked a year-over-year increase of 22% against October 2021. The year-to-date RevPAR in Minnesota was up from 2021 RevPAR through October by 36.7%. 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.