STR Summary for August 2022

The entire Minnesota market saw a slight increase of 0.3% in occupancy rates for August compared to the previous month. The Duluth market continued to lead the state with an occupancy rate of 79% (up 1.4% over July), while the Rochester market continued to experience the lowest occupancy rate in the state at 58.7%, though up from 55.5% in July. At a 68.9% occupancy rate, up 0.3% from July, the entire Minnesota market surpassed the United States total by 2.4%. By contrast, the Minneapolis market continues to be off pre-pandemic levels on occupancy by 23 points.

The August lodging market continued to show improvement compared to one year ago. Minnesota’s statewide August 2022 RevPAR of $92.29 increased over July and marked a year-over-year increase of 26.25% against August 2022. The year-to-date RevPAR in Minnesota was up from 2021 RevPAR through August by 40%. Again this month, Minneapolis continued to see significant improvement compared to 2021 in both occupancy rate and RevPAR.