In this “Featured Market”, we’ve reviewed the area surrounding Duluth, MN, a city that attracts more than 6.7 million visitors annually, according to the Duluth Area Chamber of Commerce. Generating over $780 million in direct economic impact, tourism is one of the city’s most profitable industries and its numerous parks, trails and outdoor recreational activities make it an attractive tourism destination.
Current Supply
In the 50-mile supply radius surrounding the centerpoint of Duluth, campers can choose from 34 different RV parks and/or campgrounds averaging 19.21 acres with a total of 1,545 sites. Amenities range from fishing to golf cart rentals with only ten parks restricted to seasonal access.
Demand Indicators
Within the 250-mile radius surrounding the centerpoint of Duluth, there is a population of 7.9 million with an average age of 40 years old. The median household income within that area is $27,548 however this increases to $28,961 when the surrounding radius is reduced to 150 miles. Further, the ratio of 200-mile radius demand to 50-mile radius supply* is 611.03, significantly higher than the national demand to supply ratio of the same radii of 42.53.
RVParkIQ Demand and Supply Analysis*
Market Rates
The average price per night within the 50-mile radius is $43.88 however there is a significant variance of as low as $14 per night offered by Anchor Inn Campground compared to up to $80 per night offered by Timberline RV Resort for an RV lot. Additionally, only seven parks offer cabin rentals with a price range of as low as $45 per night offered by Anchor Inn Campground compared to up to $200 per night offered by Tri Lakes Timbers Campground.
To view additional metrics and learn if this area presents a viable investment opportunity, visit the link labeled “Duluth, MN Market Report”.
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*Demand scores* from RVParkIQ are based on proximity to the centerpoint of Duluth and variables including age, median household income and ethnicity, with consideration to proximity to the centerpoint of the city. For more information on how scores are calculated, contact info@rvparkiq.com or call 1-800-377-3098.
