STR Summary for July 2022

The entire Minnesota market saw a slight increase of 1% in occupancy rates for July compared to the previous month. Once again, the Duluth market led the state with an occupancy rate of 77.6% (up over June), while the Rochester market continued to experience the lowest occupancy rate in the state at 55.5%. At a 68.6% occupancy rate, the entire Minnesota market continued to close the gap and now trails behind the total United States by only 1%.

The July lodging market continued to show improvement compared to one year ago. Minnesota’s statewide July 2022 RevPAR of $91.15 increased over June and marked a year-over-year increase of 24.1% against July 2021, and year-to-date RevPAR in Minnesota was up from 2021 RevPAR through July by 43.4%. Again this month, Minneapolis continued to see significant improvement compared to 2021 in both occupancy rate and RevPAR.