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January’s Jobs Report Highlight: Hello Renters!

jobs report newspaper image

As a multifamily investor, I am very pleased with the results of January’s Jobs Report. The US economy added a healthy 353,000 jobs last month, but as we dissected the data, an even more significant silver lining emerged: the trend of a nation increasingly inclined to rent.


The data shows us something important: more and more people are choosing to rent, not just for a short while, but as a long-term option. This is happening because, even though salaries are slightly increasing across industries, it's still not enough for a lot of people to afford buying a house. In turn, this means more people are looking to rent or will continue to rent, which is great news for those invested in multifamily.

Job Growth By Industry

Job growth by industry chart


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Understanding Today's Renters:

Contrary to the common belief that renting is mostly for those with lower incomes, recent data shows a significant rise in higher-income households choosing to rent. According to research from the Joint Center for Housing Studies at Harvard University, there's been a

"43 percent increase since 2010 in renter households earning $75,000 or more, totaling 13.5 million by 2022."

This growth has broadened the renter base and increased the proportion of renters in this income group to 30%. This trend is especially strong in high-cost living areas, where even well-off households find buying a home challenging due to high property prices and limited availability. This shift reflects larger trends in the housing market, including a preference for flexibility, the difficulty of saving for a down payment in the face of rising rents, and the appeal of modern rental properties with attractive amenities. The changing landscape of the rental market shows that renting is becoming a popular choice for people across various income levels.

Renter household income graph

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Average Annual Salary Per Industry

Understanding the demographics of renters across industries is important to take into consideration as a multifamily investor. One of the most foundational aspects of a successful multifamily investment hinges on the strength of the tenant base. Who your renters are is important and understanding their needs and preferences, as well as potential ability to absorb rent increases, has to be taken into careful consideration when you’re evaluating which multifamily assets to buy or invest in.


Here is an insightful breakdown of the average annual salaries of these industries from the jobs report, along with some examples of what type of positions fall into these categories:

  • Leisure and Hospitality: $28,660.84

    • Examples: Hotel Front Desk Agent, Restaurant Server

  • Retail Trade: $37,596.00

    • Examples: Retail Store Associate, Cashier

  • Trade, Transportation, and Utilities: $51,879.36

    • Examples: Freight Truck Driver, Utility Worker

  • Other Services: $51,883.00

    • Examples: Hair Stylist, Repair Technician

  • Private Education and Health Services: $57,972.72

    • Examples: School Teacher, Licensed Practical Nurse (LPN)

  • Private Service-Providing: $59,047.56

    • Examples: Customer Service Representative, Marketing Coordinator

  • Transportation and Warehousing: $59,455.76

    • Examples: Warehouse Operations Manager, Delivery Driver

  • Total Private Sector: $61,230.52

    • Examples: Office Administrator, Sales Representative

  • Nondurable Goods Manufacturing: $61,579.96

    • Examples: Food Processing Worker, Textile Machine Operator

  • Manufacturing: $68,592.68

    • Examples: Factory Worker, Quality Control Inspector

  • Goods-Producing: $71,960.20

    • Examples: Construction Equipment Operator, Welder

  • Durable Goods Manufacturing: $72,717.32

    • Examples: Automobile Assembly Worker, Aerospace Technician

  • Wholesale Trade: $74,700.08

    • Examples: Wholesale Account Manager, Warehouse Inventory Controller

  • Construction: $76,042.20

    • Examples: Electrician, Carpenter

  • Professional and Business Services: $78,045.76

    • Examples: Management Consultant, Accountant

  • Financial Activities: $86,271.12

    • Examples: Financial Analyst, Insurance Agent

  • Mining and Logging: $90,796.16

    • Examples: Mining Engineer, Forestry Supervisor

  • Information: $92,519.96

    • Examples: Software Developer, Data Analyst

  • Utilities: $109,877.04

    • Examples: Electrical Engineer, Power Plant Operator 

Final Thoughts

The January Employment Report, and other encouraging economic signs, really highlight why investing in real estate, especially multifamily, is a smart move. More and more people with good incomes are renting because buying a house is still too far out of reach, and likely will remain so for the foreseeable future. For investors, this is a great chance to get into a market that's not just in demand, but also still growing. If you're looking to create additional passive income from this demand, our Blue Lake Multifamily Fund could be the perfect way for you to get involved in the booming U.S. rental scene.

As always, Be Bold, Be great, and Keep Pushing Forward!

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P.S. If one of your priorities, like mine, is building and preserving your wealth through multifamily real estate investments, click here to discuss how we can partner together.


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If you are an accredited investor interested in learning more about passively investing in multifamily properties, click here to complete our investor form and schedule a call with our Investor Relations team.

About Ellie Perlman

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Ellie Perlman is the founder of Blue Lake Capital, a commercial real estate investment firm specializing in multifamily investing throughout the United States. At Blue Lake Capital, Ellie partners with both institutional and individual investors to grow their wealth by achieving double-digit returns by investing alongside her in exclusive multifamily deals they usually don't have access to.

A defining factor of Blue Lake Capital’s strategy is founded in utilizing machine learning/artificial intelligence throughout the course of all acquisitions and asset management. This advanced technology enables the company to produce accurate and data-driven forecasting for all assets on a market, property, and even tenant basis. In doing so, Blue Lake is able to lead commercial investments with the full capabilities of today’s technology.

Ellie is the founding host of REady2Scale, a podcast that highlights the assets, processes, and strategies for the multiple approaches to successful real estate investing.

She started her career as a commercial real estate lawyer, leading real estate transactions for one of Israel’s leading development companies. Later, as a property manager for Israel’s largest energy company, she oversaw properties worth over $100MM. Additionally, Ellie is an experienced entrepreneur who helped build and scale companies by improving their business operations.

Ellie holds a Masters in Law from Bar-Ilan University in Israel and an MBA from MIT Sloan School of Management.

You can read more about Blue Lake Capital and Ellie Perlman at

*The content provided on this website, including all downloadable resources, is for informational purposes only and should not be interpreted as financial advice. Furthermore, this material does not constitute an offer to sell or a solicitation of an offer to buy any securities.

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