STR Summary for May 2022
The entire Minnesota market saw an increase of 6.8% in occupancy rates for May compared to the previous month. The Bloomington market led the state with an occupancy rate of 60.9%. The Minnesota North Area market had the lowest occupancy rate in the state at 54.1%, but this rate was an increase of 0.8% compared to the previous month. At a 57.6% occupancy rate, the entire Minnesota market trailed behind the total United States by 7.5%.
The May lodging market continued to show improvement compared to one year ago. Minnesota’s statewide May 2022 RevPAR of $67.60 marked a year-over-year increase of 51.6% against May 2021, and year-to-date RevPAR in Minnesota was up from 2021 RevPAR through May by 53.8%. Minneapolis saw significant improvement compared to the month prior and led the state in May with $97.79 RevPAR.
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Each month's post summarizes the STR data for the previous month.