I received an offer from a BB a few weeks ago and have been looking around for housing. Obviously I'm not looking to rent specific places just yet, but I'm trying to get an idea of where people in the business live.
From the people I talked to at the bank, they seemed to live all over Manhattan. I'd appreciate anyone weighing in with their suggestions/opinions.
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I live in Midtown East (East 50s), and it's a pretty good spot. Murray Hill is convenient to just about any financial job, and a lot of young people are always around. Also, a lot of people try to save a little money by going Upper East Side or (if you work downtown) Financial District/Battery Park. I wouldn't recommend the Financial District simply because it shuts down at night and there is nothing going on.
Anyway, yes, all over Manhattan is true. There are several good neighborhoods. I'd make convenience a top priority...since you'll be working your tail off most of the time.
You're probably jumping the gun a little by looking for places right now (insofar as you won't know what will be opening up in July 2007), but at the same time, it never hurts to be on top of things early.
New York apartment situation is messed up, you can't look now, you cant' even look a week in advance, anything decent gets snagged in like 2 days.
Your best bet is to find someone to room with for a few months, while you search for a good place(during training)
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Disclaimer: The post above has been made by someone who is not currently employed in IBD, and has not had an interview yet...
Yeah I'm not really looking at specific places right now...just trying to get a better idea of the areas where most of the young professionals gravitate towards. The real estate market moves so quickly nothing available now will be around in another two months much less in July.
In any case, some of the people I've spoken with also said they lived in Midtown East and said it actually wasn't THAT expensive with a roomate.
When is that not the case in Manhattan? The people I spoke with were paying 1600 per month (each) for a two bedroom appartment. You have to think of all the housing costs as relative...Sure 3200 per month could get you a nice place in Pittsburgh, but in NYC if anything it's below average.
If you're living in Manhattan you've pretty much accepted the fact that you'll be paying a sizeable portion of your earnings for a small place.
i live in midtown east...work in PE and walk 8 minutes to work. convenience is paramount. when i was an iBanking analyst i had a 5 minute walk. if you can get within walking distance, that is HUGE as an analyst.
hmm... 8 minute walk from midtown east to the PE shop. Perhaps you're walking to that cool looking building, the one with the awesome curved facade on 57th St? ;)
Living 5-10 minutes away from work would be ideal. The extra 20 minutes of sleep will do you wonders! Though, it will probably come at a price if you decide to live in Midtown East.
You won't if you live in New Jersey...the market's much slower and you get a lot more apartment for a lot less money. I've seen rent listings up at Fort Lee and Newark on realtor.com stay up for months on end and it's certainly cheaper than $2k/month for a 1bedroom. You will, however, have to get a car for the commute.
While NJ is obviously cheaper I'm in the camp that belives the extra hour of sleep you get living in Manhattan is well worth it. Another thing to note is that one the RARE weekend or night when you can go out with friends, it's much better to be in the city.
commuting into NYC by car? You don't live in the area do you? You gotta take the train into NYC or the ferry. Either way you will have an hour commute each way, which translates into 2 hours less sleep.
As far as costs:(my friend was looking for apartments 2 months ago, so its not that dated) -$1000 for anything decent close to NYC +$300 a year for parking at the train station -or $1500 for anything decent right next to a train station -$500-1000 for car. Why so much? Insurance in NJ is nuts, you'll be lucky to get a civic for $500 a month after you count insurance, and as an ibanker you'll want something more prestigious, so that bumps the # up. And yes a car in NJ is a necessity.
So you can either live in NYC paying $2500 a month and getting 2 hours of extra sleep. or live in NJ paying ($2000-2500) and always being tired.
In the long run, living in NYC is actually cheaper, because when you have that 2 hours of sleep, you will do a better job, and you will be more peppier which will most likely translate into a better bonus.
Disclaimer: The post above has been made by someone who is not currently employed in IBD, and has not had an interview yet...
While I agree with just about everything you said there, the point about it actually being cheaper to live in the city is a bit far fetched. The actual cost of living in NJ is lower because things like groceries, eating out, gas, clothes, dry cleaning, etc. are all cheaper outside the city. However the point you make about parking and insurance in NJ does seem to balance the actual cost of housing/geting to work which is what this thread is supposed to be about...not the cost of living stuff I brought up.
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