Morning Report: Rent for apartments falls
Rent for apartments fell in every major metropolitan area in the U.S. The decline took place over the past six months and continued through January. According to Apartment List, renters with new leases in January paid a median rent that was 3.5% lower than rates they would have paid in late August. The trend is expected to continue this year as a massive amount of new unites arrive. This year will see the biggest delivery of new apartments in nearly forty years.
Elon Musk regains his spot as the world’s richest person. The Tesla CEO has benefitted from 100% rally in the electric carmaker’s stock from its low in January.
McDonald’s is expanding its test with Krispy Kreme to approximately 160 restaurants in Louisville and Lexington. Last October, nine McDonald’s restaurants started selling Krispy Kreme donuts to see how the menu change affected their operations. To go with their donuts, the burger chain has also been leaning into coffee. McDonald’s is hoping that the new menu items will encourage diners to visit more frequently.
Young workers are embracing a new TikTok trend called ‘Bare Minimum Monday’. As the name implies, workers participating in the trend put in the least amount of work possible on Bare Minimum Mondays. The trend is similar to ‘Quiet Quitting’. The trend started as form of self care to help workers get through the day.
After the worst week in 2023, stocks starting climbing back up and closed higher. However, the major indexes are still on track to end February with declines.