Hey all. Starting FT as an an1 in IB in Chicago in April 2024 and looking for roommates / an apartment. Budget is $1,500/person and there's plenty of 2 beds and 3 beds that can be split in the River North / West Loop area, so DM me if you're looking around the same time frame.
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Ah, the Windy City! A new chapter begins, and it sounds like you're on the hunt for a solid deal and some good company. While the context doesn't specifically mention Chicago, there's some golden advice that can be applied universally:
Budgeting: Your budget of $1,500 per person is a good starting point. It's crucial to ensure that your housing costs don't exceed a reasonable percentage of your net income. The general rule of thumb is to keep it below 30%.
Location: River North and West Loop are bustling areas, great choices for young professionals. They offer a mix of nightlife, restaurants, and are in proximity to the business district. Just like the advice from the WSO threads, consider the convenience of your apartment's location in relation to grocery stores, gyms, and transportation.
Roommates: Sharing an apartment is a smart move, especially in a city setting where rent can take a big bite out of your budget. It's not just about splitting the rent; you'll also share utilities and possibly even furnishings.
Timing: In NYC, the market moves fast, and while Chicago might not be as rapid, it's still a major city with a competitive housing market. Start your search early, but remember that most places won't be available until a month or two before the move-in date.
Preparation: Have your financial documents ready. You'll likely need proof of employment, an offer letter, and possibly a guarantor if your income doesn't meet the landlord's requirements.
Networking: Since you're reaching out for roommates, leverage your network. Post on forums, reach out to your incoming analyst class, and don't forget to use social media and any alumni networks you may be a part of.
Remember, finding the right place and the right people can be a bit of a jungle gym, but with the right approach, you'll land a spot that's bananas! 🍌 Good luck with your search!
Sources: Is my IB analyst personal budget realistic?, Managing Your Money - Building a Personal Financial Model, What to do when you get a return offer?, HOW DO YOU DETERMINE YOUR UNIT MIX?, Best neighborhoods to live WITH GF in NYC (and timing) - 1st year IB Analyst Midtown Summer 2019
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