How much are you spending for rent?

I know most of the talk is NYC and if you are then by all means share, but I'm specifically wondering for those in "LCOL" cities. I personally am in one of these "lower-cost" cities and just got my renewal notice which is a bit of a shocking 2k/month for a 1br 750sqft very close commute to the office. 

I know the NYC bros are angry that I even complain about this especially given the apartments themselves are probably way nicer too but still this is supposed to be a lower cost/prestige/status whatever you want to call it city so I didn't expect to be paying up that much.

I know there's obviously nothing we can do, but how do you all mentally justify this to not just move somewhere farther out for cheaper. I know it's IB so it's a little tricky to do that but still...saving $$ and getting a way bigger place for a 25min driving commute doesn't seem like the worst...especially considering admittedly I don't go out too often and would enjoy some more space.

Do you all just think that the difference of let's say $500 or so month that comes out to like $6k at the end of a year extra saved is just pretty marginal ultimately and that it's silly to base where you live on such a "small' sum of money in the long run?

How much are you all paying? City, sqft, commute distance, etc. would be very helpful. Share your thoughts!

Comments (87)

Most Helpful
  • Intern in IB - Cov
May 15, 2022 - 8:30pm

Love the East village so paying a premium to live there. 2300 a month each for a pretty big three bedroom with two of my friends. In unit laundry, new appliances, two bathrooms, central heating and air. I think its worth the splurge to be able to walk out into a great neighborhood on a slow weekend and enjoy where I live. 

  • Analyst 2 in IB-M&A
May 15, 2022 - 9:58pm

1,350 in CLT for a pretty large 2 bedroom. 5 min drive to the office.

May 16, 2022 - 2:55pm
WalnutBrain, what's your opinion? Comment below:

Just wanna clarify, the entire apartment is $1740. Like each person pays $580 a month. Comes w all appliances, in unit wash and dryer, big patio. Nothing crazy but living in a nice area, 8 min from downtown for $580 a month, during this market, I'm happy

May 16, 2022 - 2:45am
the specter, what's your opinion? Comment below:

~$2300 for a 1 bd in CLT, splurging myself for first year out of undergrad but then hoping to get something cheaper next year

May 16, 2022 - 12:37pm
the specter, what's your opinion? Comment below:

I agree! I remember looking last year and even 5 months ago and the same places were going for around 1600-1900 with some kind of 1-2 months free but not anymore!! I did get a ~14% raise in salary to accommodate this but still, it's crazy expensive but hope it settles down next year

May 20, 2022 - 10:30am
IncomingIBDreject, what's your opinion? Comment below:

Has to be Brickell right? Can't think of anywhere else where you'd have to pay that much.

Array

May 16, 2022 - 11:54pm
Psil, what's your opinion? Comment below:

Curious here, how do you justify this?

Array

May 17, 2022 - 1:00am
maplesyrup334, what's your opinion? Comment below:

I can't, it is def a waste of money. But I want to say I lived in swanky place for a couple years. It's a bucket list thing. I wont be able to live here for the next ten years for example. Eventually I will have to downgrade. 

May 17, 2022 - 11:02am
Psil, what's your opinion? Comment below:

makes sense awesome + enjoy :)

Array

  • Analyst 1 in IB - Cov
May 16, 2022 - 9:51am

1400 a month for my share of an 1100 sqft 2b 2bath in a luxury building with pool, hot tub, sauna, gym, etc. My room/bathroom alone is as big as some of my nyc friends studios. 10 min walk to the office. 

Still getting the 110 base as well and bonuses are street or higher. Lcol cities are great

  • VP in IB - Gen
May 16, 2022 - 10:47am

Don't know if this is helpful given I'm a little more senior but maybe good to see progression from analyst stage in terms of rent.  I pay $4,650 a month for a fully-furnished 1 bedroom near Nolita.  My base is $275k and each bi-weekly paycheck after maxing out my 401k is $6k.  Think the rule is a minimum of 40x rent coverage on base so while I am well clear of that metric, still disgusts me that I'm throwing the equivalent of $90k of salary down a well.  So I'll be looking to buy somewhere in the next year.  For a $5k a month mortgage, that's roughly $7,500 in total between property tax, common charges, and insurance.  So it'll be not ideal from a cash-flow perspective but at least I'll pay down the mortgage and get some equity.

  • VP in IB - Cov
May 17, 2022 - 12:23pm

Literally similar math but the part that always makes it challenging 

- as you get older you probably want a 2/3 BR which would be lot more expensive, especially if you have SO and need a work from home set up

- do I really want that level of liability in a 30 yr mortgage if I don't want to bank forever. Like who knows when things turn

- obviously rates and prices spiked up 

  • Associate 1 in CorpDev
May 16, 2022 - 11:19am

$1200 for a "small" 2br house at 1500sqft shared with a roommate in the East Bay. I have a large backyard and a two car garage. I'm a 30 min train ride to the Financial District in SF where I work or 35-60ish mins away via car depending on traffic. I'm in a long term committed relationship, so I don't find the need to be paying $3500-$4000 in rent for the equivalent sqft, no parking, no backyard, and no garage situation in SF. East Bay has plenty of great dining options and more of them, especially mom and pop's, vs. SF, so I'm happy on that front as well.

People are distributed all over the Bay Area so there isn't a weird stigma amongst young people about non-SF residents like Manhattanites have with Jersey or Queens or whatever. Off topic but I'd suggest people working in Manhattan look at Jersey City as an option for more affordable housing. Trains are solid despite what you might hear.

May 16, 2022 - 12:44pm
IncomingIBDreject, what's your opinion? Comment below:

JC is quickly becoming unaffordable. Might be a better idea to start looking at Newark for affordable options.

Array

  • Analyst 1 in IB - Cov
May 16, 2022 - 1:24pm

Newark is not where you ideally want to live (grew up there) it's getting better from the shit hole it was but would still not even consider living there

  • Intern in IB-M&A
May 17, 2022 - 11:50am

My place was a bargain. Other rents are generally 2-3k/month for a one bedroom maybe 2 bedroom.

  • Associate 2 in IB-M&A
May 16, 2022 - 1:34pm

$2,300 in DC for a ~500 SF studio. Could definitely get way more square footage for less money but absolutely love my building and area. Also intentionally chose a studio because I hate having to furnish a 1 bedroom and move hella furniture every time I move. 

May 16, 2022 - 2:00pm
NYRugger13, what's your opinion? Comment below:

$800 for my room in a 2BR in queens. ~25 min from midtown. It's an older walk up. Apt is generally old but new appliances and haven't had any major issues. Given it's age, could see my apt not supporting two AC units but will cross that bridge when I get there lol 

  • Analyst 1 in IB - Cov
May 17, 2022 - 12:21am

Where is your work situated? We looked at the LES but the general distance from transportation hub that led to Midtown and Fidi made it tough to justify, even with the cheaper prices?

May 16, 2022 - 8:23pm
btierpleb, what's your opinion? Comment below:

2bd in Weehawken NJ (about 25-30 bus or train commute with 5-10 walk to office in NYC) 1395sqft, 4500 a month, all brand new top-line stuff though. Parking spaces included, in unit washer dryer etc. and gym in the building if that helps calrify value. 

  • Incoming Analyst in IB - DCM
May 16, 2022 - 10:52pm

Yeah these comments are making me regret paying so much for rent...incoming 1st year in BOS, 2400/mo, very nice building with in-unit washer/dryer and new appliances, but probably going to move to a less nice place with more affordable (2000-2300/mo) rent after one year.

  • Intern in IB-M&A
May 16, 2022 - 11:05pm

Incoming 1st year in BOS as well, paying $2900 for a 1BR in Beacon Hill. It's dumb expensive and I'm definitely going to be looking to move out after the first year. Boston is just overpriced in general

  • Analyst 1 in IB - Gen
May 16, 2022 - 11:10pm

$1600 my room in a 2bd in midtown. Roommate pays 2k. Lucked out with laundry in building and a 24hr doorman

  • Associate 1 in PE - Growth
May 16, 2022 - 11:47pm

me and 1 roommate split a 3 bedroom apartment with 2 baths 1100 sqf. We each pay $1500. 
 

Finance in Chicago is an absolute life hack. You can easily save ~700 a month of post tax income, so it's really like having an additional 8k-14k bonus.

That said, while banking I payed close to 2100. To your point, banking might be some of the hardest years of your life, this would be the time to splurge a little bit because most other areas will be suboptimal. It is not worth it trying to penny pinch and save 6k if during your IB experience it means an extra 20 minute commute. 

May 17, 2022 - 12:11am
thatsnachocheese, what's your opinion? Comment below:

In NYC I paid $2700/mo (my share of total rent) for my room in a downtown (tribeca/soho/nolita) townhouse w two roommates. Then $3000/mo for my 1br in nolita. Shithole but I loved it.

In DC now and my wife and I pay $5500/mo total for a nice, old four story townhouse (4br / 2ba) w a backyard in a great part of the city. 15min drive to work.

While it's cheaper here I still feel like I'm overpaying but what can you do.

  • Analyst 1 in IB - Cov
May 17, 2022 - 12:22am

NYC, East Village, entering my 2nd year. 2.2 with 3 other roommates in a nice modern apartment with all the amenities we wanted (two BR, laundry in-unit, dishwasher, large living room, natural light, etc.

  • Prospect in IB-M&A
May 17, 2022 - 12:41am

1600ish for 700 sq ft 1 bed 1 bath in a luxury high rise in HTX, unreal amenities with resort style pool, 60th floor rooftop lounge, valet, game room, gym etc. with all the apartment appliances. 10 min walk to the office.

  • Associate 1 in ER
May 17, 2022 - 8:32am

$1442 in Manhattan (Murray Hill) per person ($4,326 total) for a flex 2-bedroom apartment (640 sqft). Includes new appliances, a gym, access to rooftop deck, lounge, laundry in building, and 24 hour door man. 

Probably the best you'd find in NYC without living in a shoe box/mice-infested place (my apt is pretty small but clean and serviceable)

  • Analyst 1 in IB - Cov
May 17, 2022 - 8:42am

CLT: $1836 after fees, parking, etc for 750 sqft. One month free. Short walk to the office. Definitely content considering that every 1 bed here is going for over $2k now which is just ridiculous. 

May 17, 2022 - 11:11am
Levered Beta Boy, what's your opinion? Comment below:

Uptown Dallas, pay $3,700 / month total (split with one roommate so $1,850 pp). ~1700sqft 2 bed 2.5 bath with great amenities, and a 3 block commute to work. Admittedly, moved during covid and locked in a steal on rent and have negotiated hard upon renewal. 

  • Anonymous Monkey's picture
  • Anonymous Monkey
  • Rank: Chimp
May 17, 2022 - 11:57am
Anonymous Monkey, what's your opinion? Comment below:

$4,500 total for a 1 bedroom on the UWS w/ my significant other.  Luxury building right next to the park.  Once you find a partner, 2 people to a 1-2 bedroom is the best (sustainable) value in the city.  

  • Associate 1 in CorpFin
May 17, 2022 - 2:46pm

2k/mo for 1bd 740 sqft in Chicago. looking to move further north but i like high quality and everything is closer to 3k for similar footage, sucks ass. moving to the south in the next couple years to actually save money for once

  • Analyst 1 in IB - Cov
May 18, 2022 - 2:40pm

It's amazing how folks in blue states always end up moving south because of how cheap and awesome it is. Little do they know the shitty governance in the north has a lot to do with it and yet they continue voting for lefties.

  • Intern in IB - Gen
May 20, 2022 - 12:40am

In my cursory reading, the biggest impediment to reasonable rent prices is single family zoning. Minneapolis banned it and has seen rents decrease for 2 years straight IIRC. NIMBYism, which is absolutely bipartisan, keeps rents artificially inflated. I would wager that this doesn't really apply to Manhattan due to its small size/limited land for real estate, supply/demand imbalances, and then zoning issues on a smaller scale. For other cities, however, NIMBYism and the prevalence of single family zoning is a huge hurdle to reducing rents. Admittedly, I am not an expert on this topic, but zoning laws have a HUGE impact on rent prices.

  • Analyst 1 in IB-M&A
May 18, 2022 - 11:51am

Paying ~3800 to renew a 3br lease in Chelsea.

Split is ~950/1150/1700; biggest room is by far the nicest. Each of the rooms has good natural light (i.e. not facing a brick wall/another building) and our living room is spacious and also gets good natural light. Kitchen is miniscule/non-existent, but never more than 1 person cooking at a time/mostly utilize food delivery services. Apt was renovated right before we moved in so nice doors, paint, etc.

No in-building laundry either, but we just use a laundry delivery service. No real pest problems, but have seen a few small cockroaches over the past year (once every few months) and recently saw a mouse, but hole has been sealed so hopefully no further issues. 

Honestly very happy with it; blown away that our landlords didn't increase our rent.

  • Analyst 1 in IB - Cov
May 18, 2022 - 12:05pm

Dude that is the craziest deal I ever heard.... I thought each person was paying $3800 LOL holy shit. Do you mind sharing where you found this deal ? Private realtor company, street easy, etc. thanks man

  • Analyst 1 in IB-M&A
May 18, 2022 - 1:35pm

Honestly was trying really hard to secure another apartment, but got outbid/run-around by the broker at the last minute - all of a sudden this guy pops up on streeteasy and we signed almost immediately; run by a chinese family who has owned the building for like 30 years so I think the process was pretty informal. 

  • Analyst 2 in IB - Cov
May 18, 2022 - 12:16pm

$3,000/mo for 3 br townhome in Houston, each of us pays $950-$1100 each. 

  • Associate 3 in IB - Gen
May 20, 2022 - 12:25am

Around 2350-2400 in Hells Kitchen for a true 1 bedroom with a big kitchen, sunlight, in a luxury condo, doorman, 2 laundry rooms on every floor that are dirty cheap to use, elevator, garden terrace,4 rooftops,etc. Locked in a 2 year lease and thankfully it doesn't run out until next summer.

May 20, 2022 - 8:18am
elenoreweight05, what's your opinion? Comment below:

Kitchen is miniscule/non-existent, but never more than 1 person cooking at a time/mostly utilize food delivery services. Apt was renovated right before we moved in so nice doors, paint, etc.

May 20, 2022 - 9:41am
NonTarget5, what's your opinion? Comment below:

$1250 mortgage for a decent 3bed, 2 1/2 bath townhome about 25 minutes north of Atlanta. Bought just before everything went nuts, and we get paid the same as our counterparts in NY.

If you don't care about being flashy, LCOL city is the move. Gonna bank a few more bonuses and then splurge on something nice in a few years.

May 20, 2022 - 10:33am
IncomingIBDreject, what's your opinion? Comment below:

Ok, am I the only one that feels like there is selection bias in the responses to this thread? Almost everyone here seems to be getting unreal deals for the location they live and space they are getting.

Array

  • Associate 1 in CorpDev
May 20, 2022 - 11:49am

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  • Analyst 1 in IB - Cov
May 20, 2022 - 11:17am

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May 20, 2022 - 11:38am
Dawgoz, what's your opinion? Comment below:

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May 20, 2022 - 12:10pm
SonyGXZQ690000, what's your opinion? Comment below:

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