Record number of 65-year-olds will reshape the age milestone: WSJ



More than 11,000 people per day will reach 65 in 2024, and The Wall Street Journal explores the implications of a U.S. population that is quickly getting older

“Not only are older workers increasing in number, but their earning power has grown in recent decades. In 2022, the typical worker age 65 or older earned $22 per hour, up from $13 in 1987,” Pew reported. “Earnings for younger workers haven’t grown as much. As a result, the wage gap between older workers and those ages 25 to 64 has narrowed significantly.”

The driving factor behind a senior’s decision to remain in the workforce primarily comes down to addressing a monetary need, or continuing to work simply because they enjoy it, according to a representative of AARP. There is also a social component in which older workers want to continue to build connections and relationships.

There is also more wealth for the current cohort of 65-year-olds, according to the data.

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Rent growth shows little fluctuation in January: Redfin

Midwest and Northeast states posted the steadiest rent price growth

An abundance of new apartments recently hit the market, giving renters more options to choose from. Meanwhile, more apartments are under construction. Redfin chief economist Daryl Fairweather expects apartment completions to peak in 2024. As a result, vacancies ticked up to a rate of 6.6% in the fourth quarter.

Rents have stopped surging, but they also have not posted any significant declines. Amid the high mortgage rate environment, many prospective home seekers chose to postpone their purchase plans and rented an apartment instead. 

Elevated demand for rental units has kept rent prices afloat, due in part to the fact that home prices have been increasing at a much faster pace than rents. Additionally, some landlords are still offering one-time price incentives to attract renters.

“There’s not a huge incentive for renters to buy right now,” Fairweather said in the report. ”Asking rents are stable, and while mortgage rates have dipped in recent months, they haven’t fallen enough to make the financial equation of homebuying feasible for many people. If you’re a renter who’s interested in buying but isn’t in a rush, there’s not much downside to waiting for mortgage rates to fall and your savings to grow.”

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Cost Effective Multifamily Apartment Upgrades That Save Money

If you're a multifamily property owner, you know that keeping your buildings up-to-date and attractive is critical to attracting and retaining tenants. However, with so many different upgrades and renovations to choose from, it can be challenging to determine which ones will provide the most significant return on investment. Fortunately, there are many cost-effective cosmetic enhancements, energy efficiency improvements, and amenity additions and upgrades that can make your property more appealing without breaking the bank.

Cost-effective cosmetic enhancements are an excellent place to start when looking for cheap upgrades for your multifamily apartments. Things like fresh paint, new light fixtures, and updated hardware can make a big difference in the appearance of your units and common areas. Additionally, simple landscaping improvements like planting flowers or adding mulch can improve your curb appeal and make your property more inviting.

Another area where you can make a significant impact with relatively low cost is energy efficiency improvements. Upgrading to energy-efficient appliances, installing low-flow showerheads and toilets, and adding weather-stripping to doors and windows can all help reduce your energy bills and attract tenants who are environmentally conscious. By making these upgrades, you'll not only save money in the long run but also improve your property's overall value. 

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