STR Summary for March 2023

​In March, Minnesota’s occupancy rate landed 3.1% higher in 2023 (51.5%) as compared to March 2022 (48.4%). While a year-over-year improvement, Minnesota's overall occupancy trailed the national occupancy average (65.3%) by 13.8%. In March, the Bloomington market once again took the top spot with an occupancy rate of 64.7%, Rochester was second with an occupancy rate of 56.8%. Minneapolis occupancy came in at 44.8%.
 
The March report showed Minnesota’s statewide March 2023 RevPAR of $62.05 coming in with a year-over-year increase of 15%. Continuing the trend over the past several months, the Minneapolis market experienced significant 10.1% occupancy improvement vs. 2022. This is a very positive sign as we look toward the busier spring and summer months with increased corporate and leisure travel.