1st year analysts: stupid to move into NYC right now?
1st year analyst that just started working remotely and it seems like I won't be required to go into my office until some point in 2021.
I've been living with my parents for the last few months and while it's been great to save some money, I am definitely eager to move out of my childhood home and into NYC with some friends to finally have some independence while I'll be working shitty hours. We also found a solid deal on a new apartment that has plenty of room to WFH.
It does feel pretty stupid to pass up on the option of saving ~6 months of rent and expenses by living at home (especially with the limited social scene in NYC right now), but I'd be very curious to hear anyone else's thoughts on the situation.
Resist the urge to move to Manhattan. You're going to save an unbelievable amount of money if you stay in the suburbs. Regardless, I can sympathize with you wanting to move forward with the next chapter of your life too. Should you have student loans, I'd highly encourage you to stay at home and pre-pay, if possible.
This.
Also, deals will continue to be found in Manhattan as this drags on, you might be better off on rent in 6 months. People's leases are starting to expire and they're not renewing.
I read that 25% of NYC tenants haven't paid rent since April or May. Even if it's half that, it's still insane.
great way to find rent is to take a look at the residential REITS and such, do some analysis as an investment analyst you may be able to create a target date for signing a lease at a discounted price
the social scene in NYC is practically non-existent right now..and will probably stay that way for the next 6 months. there is zero reason to move to NYC until next year...don't be an idiot..stay home and move to the city next year.
While I agree the smart move is to stay home and save money, I wouldnt say the NYC social scene is "nonexistent." Walk around East Village this afternoon, particularly St. Marks, and it's a glorified block party. Sure, bars and clubs arent open and its not the full NYC experience, but there are certainly people going out and having fun.
Agreed. I just went back for a week after spending a few months at my parents place and it was a welcome change. My apt is in Soho and the social scene is absolutely thriving.
Saving is important, of course, but at a certain point I think it becomes unhealthy to live with your parents for an extended period of time. Id say see if you can stick it out till late fall and by that point I'm sure prices will have declined a bit and you can slide in with some friends and get away from your parents.
Your last few sentences contains the answer. Limited social scene in the city coupled with saving a lot can-beyond just saving rent, you will also not be subject to city payroll tax. I assume you’d have more space in the suburbs than a small apt in Manhattan.
You can also mooch off the parentals with groceries, meals, and laundry.
Probably covered by company for dinners past 8pm, which is most nights in IB
Banks aren’t doing seamless rn
Only the poor banks aren’t doing seamless right now.
What's considered a "poor" bank?
One that isn't doing seamless right now
I guess Goldman Sachs is because their cheap asses aren't doing Seamless or any other benefit while WFH
I am in manhattan and watching my roommate getting seamless every night while I cook dinner and try to update decks simultaneously is putting me on tilt
My bank's currently reimbursing dinner
If you must be away from your parents (understandable if you want some independence/be able to bring people home etc). I'd move to a much CHEAPER city for a year.
Nashville, Savannah, Austin, Chicago, etc. If you must stay local move to Philly. Anywhere but LA, NYC, SF
Why not somewhere nice that’s not NYC? Same position and I’m thinking the beach.
That's what I was thinking as well. Wouldn't renting out some place near a beach or a tropical area be the move? Get some friends and rent out a beach house on jersey shore for a couple months. If Florida wasn't getting fucked I'd move my ass there.
Florida is definitely the move. Red state with low tax burden and beautiful weather year round. Only cons is it's filled with insane people ie Florida man and Hurricanes year round. If Miami had a tech scene I'd pack my bags and never look back at NYC.
West coast of Florida is worth looking at
Never actually been to the west side. Any recommendations? Have mostly been thinking somewhere in the WPB/Fort Lauderdale area. Also maybe Key West..
No point coming in here right now
Social scene is non-existent and the weather will go to shit in a few months. Why pay obscene rent for that?
Perfect username for this thread lol
I’m going to another tier 1 city and I’m holding off. Made $12k this month and spent $200 lol
Manhattan is dead my man.. why would you move there? move to JC or suburbs of LI
As another recent grad / current first year, I have to totally disagree with everyone above. I personally moved out to the city my role is in when it started. Even though the firm is largely WFH.
The biggest reason? I needed to get the fuck out of my parents' house: This cannot be overstated. The second-year Associates commenting on this thread probably don't even remember what it's like to live at home for a prolonged period of time. It's nice for about 72 hours and then suddenly you'd give your left testicle to be in a shitty, expensive apartment somewhere as long as it's not in your hometown with your parents. Especially if you come from a town where you don't have many friends and there's not much going on, every day is just painful.
Sure I'm spending a fair amount on rent and more on food than I would if I were at home, but now that I'm making a salary I can actually afford these expenses so it's really not the biggest deal. What was I really going to do with that extra money saved on rent anyways? Sure I get the value in savings and everything, but it's not like I'm renting out the Penthouse at the Ritz or anything.
And on your last point, yeah there's not much social life, but my city right now has WAY more to do than my hometown on a given day. I can go for a hike, a road trip, or just a walk around some neighborhoods and have an amazing time, whereas at home I straight up didn't leave my house for like a month at one point. Having to work long hours in my childhood bedroom with my only potential form of recreation being a walk down to the living room was a hard no from me.
Definitely agree with this - can't put a price on your mental health especially with a job like IB
This right here. This is highly applicable especially if you are in a small town. Plus most of us have been home since March. I had to get tf out and start my life.
i can relate to this so much. ive been home since spring term and i am going absolute nuts. all i do is stay in my room and either game or study. my firm just notified us that we wont be starting till Jan of next year so ripppp
Is this a bb eb or mm
Yes. But the point is that you should move anywhere other than Manhattan. 70% of my co-workers are not living in Manhattan anymore, some permanently and some part-time. Paying bookoo dollars for no space to live in a ghost town is dumb.
Got a co-worker that threw his stuff in a storage unit, broke his lease and has been living in Florida the past 3 months. Why not do something like that? It will be cheaper and more enjoyable
Manhattan you really can't do any of the things you listed, go for hikes, road trips etc.
The reason not is many leases are 12 months and with the uncertainty on timeline back to the office it'd be unfortunate to have to double up on rent as an analyst, depending on personal finance situation of course
I know exactly how you feel on that. After we went into lockdown, I didn't step outside for 94 days straight.
I am slightly jealous that the additional savings some people will make will quickly accumulate and if they invest these, they will be able to get a down payment on a nice home far faster than me, but at the same time, I'm happy to hear that people in the industry can reach their goals considerably quicker.
Preach!
Imagine being so soft and retarded to not take advantage of saving once-in-a-lifetime amounts of money and spending time with parents/family given they can die any second. It's only 6 months dude, its not that bad.
I agree with this. I just started my training a month ago, am moving to NYC at a friend's place till mid-August and signed a lease for September 1st. I figure it's better to take advantage of rent prices dropping (you can sign a lease in NY for ~$300 - $500 less than it would've cost pre-covid), although this might not net out to more money in the long-run, it'll be nice to lock in something at a low month-to-month cost. On top of that, apartments are far less competitive than they typically would be so you can find some luxury places at a steal and qualify for them despite being a first year analyst.
Personally, I'm also looking to move prior to being fully-staffed and at capacity so that I can manage the move and furnishing the new apartment. I think it might be nice to take advantage of the last months of nice weather in New York and few weeks before things ramp up at my bank to explore the city (i.e. walks and bike rides). As New York enters phase 2 we should expect S&T and Bankers to be the first to be called back to the office. If you contact someone in your HR department they might be able to give you further guidance on what your bank's plans are. Hopefully any 1st year analysts who do make the move to NYC can connect since despite not have the same training timelines.
If your bank is continuing to WFH for the foreseeable future one good option is to move to Brooklynn where you can get a shared apartment for less than $1000/month and still enjoy being close to Manhattan.
At least the New York governor is taking Covid seriously and the city has already felt the shock from the first wave. NY seems to be on a much better path to recovery than some states (i.e. Florida) that might be enticing to move to. If you move to another state you'll have to pack up and move across the country once your bank opens up. Seems like a waste of energy in my opinion and as a first year analyst expect to have excess money and limited time & energy.
A shared apartment in Brooklyn for less than $1000/month will be somewhere in Flatlands or closer to East New York. Areas that cannot be recommended to an average out-of-towner. Manhattan rents have gone down more in both $- and %-terms compared to BK's.
I am very glad I kept scrolling to find someone who was thinking the same thing because good god it's mind numbing having to start your job from your parents couch, especially when you spent the last few years working so hard to be able to not do just that lol
move
but live in jersey city, long island city, hoboken and the like
If Florida wasn't such a shitshow, I would be planning to move there for the Fall / Winter.
NYC blows right now. If you don't want to live with your parents, move to a low COL spot, preferably with a beach or a house with a pool, with some friends.
Do not come here though.
I’m in Florida rn (my home state). It’s mainly the Miami/Dade area that is getting crushed. Idiots are partying in the clubs of Miami and south beach. There’s also higher cases (but nowhere near as high) in Ft lauderdale/Tampa/Jacksonville/Orlando. But outside of those cities, the case increase isn’t really higher than anywhere else and actually lower in some areas. You could definitely move to a beach town and totally be fine (def less chance of getting than NYC and you can go to the beach every day since outside of the cities above the beaches aren’t that crowded and social distancing isn’t hard). That said you may find yourself culturally out of place if you’re from NYC. People will be blunt about how they feel about topics and could care the less about whether you get “offended”. It’s not that people are mean, (they’re actually nice -southern hospitality) it’s just that the whole “politically correct” movement isn’t existent in these areas.
Yea Miami was the plan, but people there are acting a fool
When the fuck did NYC get so soft?
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What bank are you at? I’m also an incoming first year in ib at a BB and just haven’t heard of any banks doing that yet and am nervous mine will follow suit
JPM is doing this. Anyone else chime in with thoughts? 50% capacity with all 1st years back - surely they cant force us
Also why are we the only fucking bank doing this shit?
Other banks will follow in the coming days/weeks
Can confirm for JPM. Expect to be back in office post Labor Day. Incoming Associate here.
Keep in mind it’s very possible rents begin to go up again should people continue scheduling returns to the city in the realm of Labor Day. Staying at home with the parents is by no means a guarantee to save in the long run considering you can lock in a 1 or even 2 year lease now at the lowest rates ever. If you do hold off, you may be forced to sign a pricier deal in a few months. You’d potentially wind up paying the exact same net effective - and not have had the luxury of being on your own during that period. I’d take the current discount.
This makes no sense at all, sorry. This is a simple math equation / breakeven analysis. Even if rents were 20% down right now (news flash, they’re not) you would only be saving yourself ~$5k over an entire 1 year lease assuming the rent was initially $2,000 per month. Rather for every month you live rent free, you’re pocketing an additional $2,000 in addition to the COL adjustment for everyday expenses during that time. A few months or more of that and you will have twice the amount of savings, in half the amount of time (actually probably more). Rent would have to absolutely explode from here in order for that math to not work, which obviously isn’t realistic.
A single digit dip in rent is nothing to get excited about. Not sure if you’ve noticed but the move-out rate is exceptionally high in Manhattan right now. Speculation of course, but I would imagine rents keep going down as existing leases up for renewal in the next 2-6 months are vacated and left on the market and more companies push for early 2021 returns instead of post-labor day (my firm included). This has only just begun in my opinion.
Rents are fully down 20% right now lol. Apartments that were $2,000 per roommate are now $1.2-1.4k per roommate. Also, leases are being created with not one but two months free, which makes it worthwhile considering firms are sending out updates about a potential September return, which I mentioned. Lastly, kids shouldn’t be nickel and dimeing it if they truly want to move out. If not, no issue, stay home as there will be leniency to return. But consulting WSO as opposed to just doing what one really would prefer to do is not the move imo.
This is some poor math skills buddy
Don’t do it, Manhattan is a total shit-hole right now and I am born and raised here. The value proposition is as bad as its ever been. Once winter rolls around they’re going to shut the entire city again and it’s barely open right now.
I would 100% go somewhere fun (not NYC). Get a bigger place in a suburb or a beach town and enjoy it. I think people here predicting a Labor Day return to the office are wrong- google said no ones coming back until July 2021, and they were the trendsetters in initially going WFH and eventually finance followed. Traders and the like might be in earlier, but I’d be shocked if IB analysts were called in before 2021 (though obviously this is firm specific so ask around).
I totally get needing to get away from the parents tho- my college is remote and me and my friends are looking into getting a place in Montana for the year. We’ve seen some massive houses for crazy low prices and we’ll be able to go hiking, skiing, and the like.
Thats sweet, is that an actual plan or more of a pipedream ?
Google's wfh until July 2021 is completely optional and by no means reflective of wall street adopting the same policy - this is inaccurate
Stay at home. No point in paying all that rent when there isn't even anything fun to do these days. You gonna go to Broadway? Nightclubs? Hole in the wall restaurants? You'll essentially be wasting your money on rent just to walk around Central Park.
So long as you get to work from home use the opportunity to save/develop skills/whatever.
As someone who is currently moving out I’d tell you to not bother. You will be stuck in an apt all day and it’s honestly depressing. All the glory of the city is pretty much not available right now and certainly not worth the price tag. We had an analyst join the team last summer and he got a really nice apt in midtown with amazing amenities. Fast forward to a few months ago he pretty much became a prisoner due to the protests and Covid. He pretty much broke his lease and ran to Miami and rented a huge 2bd condo with wrap around balcony for a fraction. Sure Florida is not doing better but he can still hit the beach early to avoid crowds and can bbq on his balcony (not every apt allows this). He is doing 3 month contracts Incase we are called back into the office (although we were told 2020 will be all wfh). If you don’t want to go to that extreme and really want to come to the city I’d say battery park city is your best bet. It’s where I live now and isn’t doing as bad as other areas. You can hit up an outdoor bar with no reservations as the area is pretty quiet not just for bars but you can go for a run and chill outside without 1000 people on top of you fighting for a spot. Prices have also dropped a lot here. I can say that on my floor alone 4 apts have cleared out. And looking out my window I can easily spot empty apts in buildings near by. Anyway my advice is plan for the winter as if this doesn’t get better there will be no bars to go to and you will be stuck indoors and it’s honestly brutal. It’s not different than club fed so if you plan to end up there at some point I’d say it’s some good mental training for the future.
First year analyst at PE MF...moved to NYC in May before I began training. Can say I love having the space to myself away from parents and other distractions. Got a great deal on apt (with the help of my firm, but most rent is still at a discount or they offer good concessions). Feel like I'm much more organized / productive with my setup in Manhattan than I would be at home. Granted I am spending a bunch more cash but IMO the increase in retained earnings from these few months is marginal in comparison to expected lifetime earnings. Just my take
love the username
You and your boys should rent a house out in the woods somewhere with good enough internet access. Save money while gaining independence and enjoying some nature
happy to offer my own anecdotal advice.. I left the home very early (in my teens), quickly gained independence from my parents and gagged at the thought of moving back in with them for an extended period of time. I had some crappy paying jobs out of college and while I was jealous of the kids saving money at home, I was happy "struggling" to pay rent and living my own life, paying my own bills, etc. For me, this struggle played a major role motivating me to get better and better (paying) jobs while many of my peers found comfort in living at home, making OK money and sure, they saved up a deposit for a place after 5-6 years (not NYC), but ultimately our career trajectories are on completely different hemispheres due in part to this discomfort. Others will disagree and maybe be offended but I completely believe.
DISREGARD all that in this environment, you're not missing much in NYC right now and work will be an absolute grind. Take advantage of this time to save those 6 months for a rainy day fund and anticipate the rental market will be be even cheaper in January or later. Give yourself a strict 6-12 months window and get into the city then - you can take advantage of the benefits of both scenarios without limiting yourself financially (rent), personal development (taking care of yourself), or professional development (pushing and being in the mix)
I understand the desire to get out of the parents house - why not rent a cheaper place in the same timezone on a month to month/airbnb basis? You can get a whole house in smaller areas for 1500/month, if you bring your same 3 buddies you'd rent with in NYC you can have a good time and probably be in a place with less restrictive lock down
I just want to reiterate how bad NYC is right now. I was paying pretty heavy rent and still moved elsewhere to get out of that disaster. Way happier. The place looks bombed out and when the weather gets colder all of the outdoor "dining" (read: eating on the street with taxis about to hit you and inhaling garbage) will shut down and the place will be literally barren.
Find something temporary somewhere cool, think beach etc. NYC is going to take a while to recover, some of the highest unemployment in the country and the shootings have gotten out of control. Not a good look right now.
Nice username.
You know Ace, I tell ya...thanks
Do you need to pay tax in both the state you're living in now AND New York?
New York will tax you regardless of where you are if your assigned office location is NY, but you'll get a credit in your home state. You won't be double taxed but will likely pay more than your state rate because NYC tax is high
Yep so live in TX / FL with no state tax and only NY state tax instead of NY and NYC
I’m still in NY, but on the beach far far away from NYC. I have zero plans of returning any time soon.
delete
Would not go to any red states + Cali.. People are acting like fools
That's fine. We don't want you here anyways lol
I'm the same Florida dude from above. Trust me, the stupidity crosses party lines here. Plenty of college liberals as well as MAGA types refusing to wear masks/ partying, etc. That said the economy is picking up pace here so that's a plus (just avoid the huge cities for now).
Where are people living to ride out quarantine if not in NY or at home?
I'm the first to say usually get to NYC and use this time to acclimate living by yourself with no obligation to go into the office. And I think it could hold true, however, I would recommend seriously assessing your financial situation and whether saving on rent would behoove you with regards to loans etc. If you can afford it, come to the city. If you think you'll be more financially comfortable sticking it out with family for half the year, then I'd go with that because you'll enjoy the city that much more when you actually move.
I faced this decision a little over a month ago and decided to move up, sure I may have saved a few grand by staying home but by locking a lease in July I was able to find a really nice luxury condo at a good discount that I otherwise wouldn't have been able to afford. It all depends what you value right now, in the grand scheme of our careers, 5k here or there seem rather minuscule.
I think this 5k number is slightly underplaying it. If you saved on general living costs and rent/utilities then across 6 months since number might be in the range of 15 to 30k, less if you were splitting with others.
I think NYC rents have a ways to fall although I can see the trough being closer to 6 months from now than a year (one can only hope).
IB hours at your parents sounds horrible. If you can get something month to month or a 6 month renewable lease in a state with no income tax that might be your best bet.
you have no idea how much more your parents will love you for staying with them when you didn’t have to
I totally understand not staying with the fam for mental health reason (even winter break in the childhood bedroom is tough for me, and I'm not even working then), but paying SoHo or Murray Hill rent to escape that (and as many people have mentioned, live in a dead NYC) is dumb as shit. Outdoor dining is back, but if you're seriously going to piss cash just to have the opportunity to have overpriced Penelope brunch with some college buddies for six months (if you can escape work)...reconsider.
If you live near a "secondary market" style city, I'd honestly consider paying cheaper rent and just making a dope home office setup for like $1000-1400 a month as a transition. The one thing I wouldn't recommend is going full Tahiti / a remote beach area with your buddies because WFH is no joke and if you're right next to the water that you can't enjoy bc you're making pitch decks, that is depressing as f. In PE we call that the "Ares effect". Plus, you might think you're best friends with the 10 college buddies you're going to do that with, but life is different when they're your roommates and you guys have to get shit done beyond securing school supplies for a pregame. WFH doesn't mean you're going to be able to recreate the Hype House with your friends.
This was an amazing read. Full-time work hits different.
Hahaha the “Ares effect”
https://www.facebook.com/WallStreetOasis/posts/10160282762662516
I graduated in May as well and faced a similar dilemma but ultimately decided to move to my new city rather than live with my parents. I have been out here for ~2 months and it has been great so far because a. financial independence feels great even if you’re saving less, b. freedom and privacy, c. more opportunities to network and get to know your team, even if you’re not seeing them in person very often, and d. opportunity to explore a new city (which again is limited by the virus, but still very possible). Like others said, may be better idea to move to nice, but cheaper city for a bit, but trying to get a 6 month lease can be a massive pain and can be a lot more expensive than a 12+. My advice for that would be try to find a building that was built recently. My building finished being built in late february and they were offering a multitude of discounts and specials to attract new tenants because of the large amounts of units being unoccupied because of the timing of the virus.
Curious to know when people are hearing they’ll be back in the office by? I’ve heard everything from after Labor Day to January 2021. Seems unlikely everyone will be back until a treatment / vaccine is released.
Working remotely indefinitely. My company has 2,000 employees in 1 building, and no way to socially distance.
Why does everyone say the social scene is nonexistent right now? Yes, the city isn't as lively, but every bar and park is filled with people drinking outside.
Bars used to be open until 4am, now they close around 11/midnight. Also, noone really wants to take the subway anymore so they don't leave their immediate neighborhood
firm is sending out vague af surveys trying to gauge interest in returning to the office again lol
I'm moving back home (much, much cheaper city), for the foreseeable. We aren't expected back in the office until 2021.
Yes. It’s stupid there’s a freaking pandemic. You know to stay away when all the freaking MD’s are running away to the hamptons/Connecticut.
I was born and raised in NYC and I would say to move elsewhere with friends.
However! I do not think the city is even close to as bad as people are saying. In April it was pretty terrible, but I’ve been enjoying outdoor/rooftop dining and the lack of tourists. I can still go shopping at most places with a mask on and there haven’t been lines at grocery stores in weeks. There were protests near my apartment for one day out of the whole quarantine. The social scene for me is a little dead, but I still have some friends/SO around. Understandably it would be harder to make new friends during this time. Not having indoor dining by October (when outdoor dining is mandated to end) could be detrimental to all of my social outings, though. If all of your friends are gunning for NYC and you’re wondering whether to join, definitely join, but if you can convince them to go somewhere else and save some money, I’d do that.
Those who say Manhattan is dead - come here for a few hours. The parks are full and the outdoor dining scene is flourishing. Obviously it’s quieter than normal times, but with the exception of commercial districts it isn’t a ghost town. That may or may not entice you, but if you’re looking for some social scene you will still find more here than most other places. Local restaurant by me hosted a bunch of first dates the other day as one other example.
Also, we’ve been through a nightmare first wave of COVID and frankly I think we are more prepared than anywhere else in the nation for any rebound.
Agreed. NYC was always too packed for me so this has actually been great (once outdoor dining and barbershops opened up at least)
Don't do it. Trust me on this. you;ll regret it. If you do it anyway, good luck.
Half-empty New York is still head and shoulders above any other place in the country in terms of things to do and probably safety, too. However, savings are savings. I also tend to think that rent prices haven't hit the bottom yet.
Do yourself a favor and stay home for now. Stash that cash and enjoy mom's home cooking. It'll pay off in the long run for you. Earliest IMO that you should look would be in the spring, get through the winter and see what happens w/ Covid without committing yourself to a monthly outlay. Can't even count how many of my friends have given up/not renewed their leases and are going to ride it out in various places outside of NYC. I'm in the city right now but that's because I'm slowly packing up my apartment to move out of the city until there's a better picture of what the work world will look like. I don't need to be in an office and many of my friend's have been told 2021 at the earliest, but more likely than not Summer 2021 if all goes well.
I say this assuming your WFH life w/ the parents is a solid situation
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I moved to NYC at the worst time (February) and I am still paying pre-covid manhattan rents because of it.
In all honesty you can get a damn good deal right now on a rental, I'm talking 20%-30% less than typical rents. With that being said the quality of life has certainly declined, and all of the things that make the city enjoyable in the first place (nightlife/entertainment) are practically non-existent. So if you're willing to accept the fact that the city may be boring for the next year or so and still want to move to the city go ahead.
Oof tough call here. I love New York, and actually there is still quite a bit to do even with bars, movie theaters, museums, and frankly tons of other stuff closed. It’s not the best time to be in New York but it’s still New York. On the other hand I can have a nice day just going to hex and co and running or riding bikes in Central Park lol.
Depends on your house too. My parents house and neighborhood is frankly ridiculously nice and I f’ing love going home. It’s incredible and I live like a king there. So I don’t mind being home at all really. And if it were my choice, it makes a big difference that I’m close to golf courses at home and in the city would have to take a 40+ minute Uber to get to my course.
So, as with most things, depends on your own unique circumstances. For the average joe I’d recommend staying at home a couple more months and then moving in November or December. Rents are lowest around December-February I believe, so just split the difference.
Everyone seems to be jerking off to NYC right now, so I'll offer a contrary opinion: No because: 1) Although the bars might be open right now, I'd be willing to bet that De Blasio shuts them down again before this is over, so if you do move there solely for the social scene, your gonna end up sitting with your dick in hand most nights this fall / winter. 2) As a 1st year analyst you won't be able to afford a 'nice' apartment in NYC, even if you have roommates and with a modest 20% discount. unless your parents are poor, I guarantee your current living situation to be better 3) Don't be in a rush to move there - You will get plenty of time to be in the city and do shit for the rest of your career, and unless you are from the area you will likely be tired of the city after a few years anyways (As I am) 4) Like other people mentioned, if you are itching to move out of the 'rents place, I'd recommend finding friends either in your current city or another cool, cheaper city and do a short term lease for a furnished apartment (like 3-6 months). Still save some $, have your freedom, and get to explore a new city. Down the road, you will be glad you did this as covid provides a once-in-a-lifetime opportunity to work and live in two different places
Partially agree with what's being said above. However, from a logistical standpoint, moving to a different location other than home seems unfeasible and difficult given the current circumstances. A considerable amount of banks have been communicating their back to office plans. Incoming analyst at a BB - we're expected to be back in office post labor-day. Have heard the same from an incoming analyst at another BB that isn't JPM.
Hard for kids to just move to another state and sign short-term leases as suggested in previous posts when we're essentially on stand-by until labor day (i.e. to see whether WFH gets extended). Given that analysts seem to be very busy right now working from home, I'm sure most kids would want to move into NYC a week or two before starting to get settled in.
Point is, though it's probable that WFH gets extended, there is also a small chance that it doesn't and that firms actually ask us to come in (albeit likely in a modified manner) post labor-day. Unless your firm has clearly communicated that you will be WFH until the end of 2020, it probably is not a good idea to finalize plans right now to move to a different state or even sign a temporary lease (even more-so if you're planning on moving somewhere that's unfurnished). For those who are expected to be back post-labor day, seems like the only options right now are to either move to NYC or stay put at your 'rents until we get an update around labor day.
Have any other firms began communicating their plans on extending WFH? Thanks
Can you please name firms that are going back post-labor day? You're anonymous... I've only heard JPM going back post labor day and heard BAML has not announced anything yet.
CS sent an email saying they will start to bring people in office when New York enters Phase 2 of reopening (September). Few details were provided.
Agree with everything you said as well, my advice really only applies if your firm has signaled that you aren't going back in office anytime soon. Some places are more transparent than others, but if your firm is stringing you along on a monthly basis I get that its tough to make this call
I left NY in early April. I returned in early June only to close out my lease and drive my stuff into a storage unit in NJ. Since then, I’ve just been laying low with the parents, and wondering about all of the same questions discussed above. I’m with you on the savings idea. I’d feel like a complete dope if I didn’t take advantage of the opportunity to save. My-oh-my its boring though. But I’m saving serious cash, so there is quite a trade off. I’ve been entertaining the idea mentioned above, to rent a place in Florida for the next six months. BUT MY HONEST PROBLEM IS THIS: if I’m living on a beach, there is a very high likelihood that I would not want to return when my firm reconvenes in NY. I’m a trader, so the likelihood of my desk having to go back at some point is probably higher than other desks.
Yeah, I’m from NY too. You’re not missing anything there. Don’t beat yourself up for feeling like you’re missing out while you save $$ at your parents house.
Answer is no, and it's really easy why:
Winter. Is. Going. To. Suck.
Once october hits (2 months away) and it's just chilly enough that it's not enjoyable to be outside for 2 hours, there will literally be nothing to do in NYC. Restaurants will switch back to delivery only, bars will remain closed for anything indoors, and if / when the second wave hits in the winter, your office will almost certainly be closed (temporarily) again.
Anyone who signs a 12 month NYC lease in Aug / Sept / Oct will 100% regret it in a few months. The city has bad energy right now and is incredibly boring. Everyone is trying to escape to Montauk / Hamptons whenever they can for that exact reason. I can't stress enough how much being stuck in your tiny apartment almost all the time sucks, regardless of how nice your view is. I haven't been able to go to the gym since February, and probably won't be able to until next spring. All the amenities in my luxury building that could break up the monotony are closed (pool, lounge, grill area, etc.). Going to a friends place for drinks every Saturday gets old real fast. You move to NYC to barhop and club on weekends, meet new people, have unexpected experiences... not just see the same college buddies over and over again inside apartments that are designed for you to spend as little time in as possible.
This guy gets it
It has been mentioned a few times, but is no one concerned that they will have to go back? JPM was humming along fine and one day, boom - going back (in some capacity) in a month from when they were notified. Does anyone really expect other BBs to not follow suit at some point fairly soon? The banking machine simply works better when most people are in the office. This is even more true for the brand new batch of relatively untrained 1st year analysts who are trying to pick up the job via Zoom.
fax; i have no idea when we're going back & it's stressing me out. i just wanna know so i can be prepared
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