STR Summary for November 2021
The entire Minnesota market saw a drop of 9.7% in occupancy rates for November compared to the previous month. The Mankato market led the state with an occupancy rate over 50%. The Minneapolis market had the lowest occupancy rate in the state at 36.5%. At a 45.3% occupancy rate, the entire Minnesota market trailed behind the total United States by 12.3%.
The November 2021 lodging market continued to show improvement compared to one year ago. Minnesota’s statewide November 2021 RevPAR of $47.35 marked a year-over-year increase of 96% against November 2020, and year-to-date RevPAR in Minnesota was up from 2020 RevPAR through November by 46.7%. National year-to-date RevPAR, by comparison, was up 54.3%. Duluth continued to lead the state in November with $58.23 RevPAR. The Duluth market’s year-to-date RevPAR in 2021 measured 51.6% higher than the first eleven months of 2020, driven by a 31.4% increase in occupancy in 2021.
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Each month's post summarizes the STR data for the previous month.