Best neighborhoods to live WITH GF in NYC (and timing) - 1st year IB Analyst Midtown Summer 2019
Hello,
I'm moving to NYC as a 1st year analyst this summer. I've seen a couple threads on best neighborhoods to live in as a 1st yr analyst but I think my situation is a bit unique because I'm moving WITH MY GIRLFRIEND. Some considerations:
- My job is IB in midtown, so crazy hours, in midtown
- We will NOT be living with any roommates and it's unclear how much my GF will be able to contribute toward rent. Basically, we need a 1 bedroom and it has to be cheap enough that I could afford it ON MY OWN with my $85K salary.
- A lot of threads talk about single life and stuff like that, we obviously don't care about finding lots of singles and that, but don't want to live in a boring AF neighborhood. She will also have a lot of free time so she'd like to live in a decently entertaining neighborhood.
- How early did you guys sign your lease and in which neighborhood? I've heard people start looking 2 weeks before moving in, is that true? Seems to be cutting it close. Did you guys all fly out to NY for a couple days to tour apartments?
Thanks for the advice!
Not sure whats up with the random caps but anyhow
2., On a $85k salary you'll be bringing in about monthly $4.5k. If you want a decent 1 bedroom in manhattan that is decently close to the office you'll be spending at least $3k a month. It is stupid of you to be spending more than 60% of your monthly salary, I'd suggest you look at studios if possible. I would also suggest you live in the "cheaper" neighbors might even suggest commuting from LIC or Brooklyn to save rent
Who cares, she has free time and you're living in NYC (probably in Manhattan, Brooklyn) she isn't working for the most part from what it sounds. She can take the subway and go to "entertaining neighborhoods" during the day if she wants its probably a 20 minute commute max. Also look at point 2
Two-three weeks since summer is when the market is hottest
P.S. Just my thoughts but moving in with your girlfriend especially when she isn't bringing in any income/sustaining the rent is pretty stupid IMO. It'll even look more stupid if you guys breakup and you realize you've been spending all that hard-earned money and all that is going to rent. Also it brings up the question, why can't your GF contribute? And please hope it isn't the "she is a freelance xyz designer blah blah but I love her dearly"
UES - it's cheaper and has enough bars so you don't want to kill yourself, but isn't like you're moving to east village. Also easy subway access to both east and west midtown for work.
That aside, I agree with this other poster that moving in with someone who is new to NY and doesn't have a job and is not contributing and isn't married to you is a recipe for disaster.
For the type of apartments in your rental range, they are just not going to be available more than 4-6 weeks out. I would plan a few days maybe 4 weeks out to look at apartments. You literally need to say "yes I want it" when you are in the apartment, otherwise they usually get taken (there are no exclusive listings, multiple agents show the same apartment).
You're gonna need to have cash for 1st and last months, plus security deposit (1 month) plus broker fee (usually 15% of annual rent) ready to go. So for a $2000/month apartment, you're gonna need to be ready to cut a check for ~$8-9000. You'll also need to show you make 40-65x monthly rent (offer letter), or if you use a guarantor, they need to make 100x monthly rent. Now you are seeing why so many kids in your position room together because they can't make these numbers work on their own.
You can sometimes avoid the fee if you go to a bigger new building or complex (like stuy town) or look for "no fee" apartments. Problem is these are usually more expensive.
Look at studios in Murray Hill, you can find decent ones for ~$2-2.5k. You will never be there, and ~400-500 square feet will be enough for your girlfriend while you're away. Look for listings on Street Easy and make sure the "no fee" filter is ticked and stay away from co-ops. Think of it as a one year pit stop while you ease into the city life and you can upgrade after that when you get a raise and your GF gets a job. You cannot afford a good one bedroom with what you currently make.
There are tons of places to go out at in Murray Hill, you won't need to look far for vest wearing analysts. It is walking distance to all of the firms in Midtown, an easy walk to the East Village / LES when the weather isn't freezing, and walking distance to a subway to take you anywhere else in the city.
I don't know why you're so focused on making sure your GF doesn't have to break a nail going to an entertaining area. As I mentioned, theres stuff to do in Murray Hill and its an easy trip anywhere else that you'd wanna go. If she complains that the bars are literally not at your door step tell her to fuck off.
You also sound uncertain whether your GF will find a job. Huge red flag...you guys should have a plan for her to get employed ASAP. Otherwise, what is the point of her even moving out with you now? I have friends in analyst programs who specifically left their GFs back at home during their 2-year stint because they'd be working so much they'd never see them. You can afford to fly her out on monthly visits with the savings you'd gain from choosing a cheap studio over one bedroom that is too small to even be considered a one bedroom. Unless she is going to be working, I really don't see the point of her being here. You are really just setting her up for disappointment when you cancel dates last minute, annoyance when you wake her up in the middle of the night when you stroll in from work, and aggravation despite faux-understanding when you finally have free time and all you want to do is chill instead of go out with her. If she doesn't work and just hangs out all day, there is a probability (not possibility) that she'll seek attention from the barista at Starbucks who has all the time in the world for her.
Seriously, as someone who has seen it via friends and personally (sister is engaged to an analyst and currently lives back at home), this is not a very well thought out plan on your end.
When I moved to the city I think I picked up my apartment ~3 weeks before I moved in and that was after getting the landlord to give me as far back of a lease start as possible. It was more than enough time to get everything shipped, but I already had that organized before hand. But it is 100% real that you'd likely have less than 2 weeks to pack your stuff up and move in.
When I moved into a one bedroom after that I had a month between when I signed/moved in. Moving in with my GF now we expect to have 1-1.5 months to move in.
An important thing to note is that there is a distinction between "lease start" and "move in" dates.
Lease start is the most important, it is the the date the apartment becomes yours as the lessee and the landlord begins collecting rent from you. Most landlords only really care about the lease start date because they want to get paid. As long as they're getting paid, they could care less if you actually are living there. You'll need to find out the distinction between the two in your case and if they have any restrictions on the latest you can move in as this will give you greater flexibility with your logistics. In one of my apartments, I was required to take occupancy no later than two weeks after my lease started. In apartments that I'm looking in now, several don't have any occupancy rules, you just need to pay the lease.
If you're planning on moving in July 1 then you'd optimally like to find an apartment where your lease start date is July 1 as well. That way, you can just pick up the keys when you get to the city and start moving stuff in.
You can (try to) get a lease start date for June 15th (most leases start either beginning, mid, or end of month) which would give you flexibility in moving stuff into the city and allow a margin for problems with moving to come up, but if you're not actually going to live there until July then you're paying a months rent without living there.
Any updates here? Lol are you guys still dating