IB analysts Chicago rent
If you are in IB analyst in Chicago, how much are you spending in rent per month? If you don’t mind sharing some details, where are you living, how many roommates, square feet, etc……
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1br, River North, ~2600$, limited concessions, ~740 sq Ft
Bold
Due to the concession three month cash flow is better than alternative so I get to bank an extra 1.5 months of rent in the first three months which was important to me. It definitely is high, but as a first year who knows absolutely nobody I wanted to gamble on being closer to work. Other than food costs as an avid gym goer I think my expenses are pretty limited. A fully built out budget said this would net me about $1,000 saved per month. Seemed like a decent bet while I build a savings fund for future unforeseen circumstances. Plus I have two animals I care for very much. Didn't want to have them in a $1,800 400sqft studio
what are concessions in this case?
Second month half rent. Pretty limited, but good for cash flow purposes early. It isn’t totally awful considering I know nobody and tried a few different roommate options
Half rent for second month. Limited, but felt good about the cash flow for the first two months enough for me to pull the trigger. Unfortunately didn’t summer at the firm, I know nobody in Chicago, and otherwise struck out on roommates
Half rent for second month. Pretty limited, but felt good about the two month cash flow to pull the trigger. I didn’t summer at the firm, know absolutely nobody in Chicago, and otherwise struck out on roommates, so what can ya do.
1 br, West Loop, $3,100, ~750 sq ft.
On could do way better than I did. I had a quick move and didn't know the market. Logan Square, is a fun area and way cheaper. I find I spend my time in cheaper neighborhoods than west loop.
Isn't that incredibly high? I've consistently seen ~$2000 for 1 br West Loop. Is that like a high amenity/luxurious building?
$3,000+ is definitely the standard for a luxury building 1BD in the West Loop right now
deleted
$1800 per person, 4 bedroom, West Loop, non-amenity building
could get your own 1bd for that
Not in west loop
2500/mo high rise in River North. It’s a 1 bedroom/studio (basically a 1bedroom without a door for the bedroom. Lots of amenities, just moved here since my start date is next month so I was sort of in a rush
Sounds like Hubbard Place or Wolf Point. You like it?
Really great buildings. Very much worth it. Wolf Point is doing construction on a second tower, so if you live on the wrong side of the building it's pretty brutally loud and annoying though.
Yeah it’s great, the Salesforce tower does block my view of the Loop but honestly don’t care too much. It’s nice to have the security of a nice building close to work and also parked away in its own little corner so it’s not too noisy.
1800/person for a 4-BR? Reading this really makes me think Chicago has no redeeming features. I thought LCOL was the silver lining
Depends on the sq ft, that could easily be 4k -5k sq ft.
Why are these figures so high lol? I though Chicago was suppose to be cheap!
$3,000 will get you a 1BD in a brand new luxury high rise in the top neighborhoods with every amenity you could want, while similar units in Manhattan would be reaching $6,000+. Definitely not as cheap as a Dallas/Houston/Charlotte/etc. but much cheaper than NYC.
I just did a quick calculation on an income tax calculator. Assuming 110k base, take home pay after takes is around $6,500 per month. Paying just under half of your base for rent seems way to high to me.
Exactly. As this guy said, you can get top-notch, amenity-laden, 1 bedroom in a great new building in Chicago for 3000, whereas in NYC, that would cost you 6000. That's a 36,000 savings per year, which basically translates into $50,000 worth of salary. So if living in "nice place" is a priority for you, the apt. alone gives you tremendous savings in Chicago vs. NYC. Similarly, a great studio in Chicago will be 2200-2500 vs. 4500-5000 in NYC... so even with top-notch studio, you're going to be saving 25,000-30,000 in Chicago vs. NYC.
These figures are objectively very high. No need to pay that much in rent your first year out of college. My first year I paid sub-$1000 and lived with four friends. Had an ideal location in the heart of LP. Have a friend currently an IB A2 living in the Loop, paying $1,500 a month. His TC is roughly 190k and he thinks his rent is pretty high.
Not sure if all of the above posters are trust fund rats or learned nothing in their finance courses but paying 3k a month for a 1BR is a low IQ play. This isnt SF or NYC, this is Chicago for christ sakes. It makes the most sense to get a couple roommates or to just get a studio if you absolutely must live alone right after graduating. I personally don't get wanting to live alone when you work long hours. Live with 1-2 guys and cut a third off your rent and actually have people to hang with in your place on those rare nights when you get off early and just want to binge netflix or hang without going anywhere. Obviously make sure they understand that they need to respect your sleep as you wont be getting much of it, but thats about it. Live with guys in the same industry or that work jobs with brutal hours and they will be able to relate.
Chicago is KNOWN for its LCOL. I understand paying a premium to be close to the office but paying top dollar for an apartment youll never be in is a dumb move. When you are an A1 you pretty much work non-stop, and when you aren't working, you are drinking (not at your 1BR, but at a bar/restaurant/etc.). If you have a 1 BR or a studio who cares how nice it is, its not like youll be hosting pre games. No one wants to come over to your tiny 1 BR to sit on your one chair to drink luke warm bud lights before going out. People will gravitate to the 3-4 BR location where you have a proper living room, and if you're lucky, an outdoor space. If you have 3-4 guys all making IB money you can get an extremely nice place with a 2 car garage and a private patio and live like kings for 1-2k a head. Why on earth would you opt to pay double or triple that to live alone?
I am truly shocked that people spent so much on rent fresh out of UG. I have been able to keep my rent as less than 15% of my pre-tax income every year since I graduated. There are a lot more enjoyable things to spend your hard earned money on than a granite countertop and a fresh out the box fridge. People will point to their amenities but the reality is most of them are boilerplate and mediocre given the premium paid to live in a luxury building.
Don't think that, with hybrid work, your statement that "you won't ever be in your apartment" holds up. Obviously, lot of analysts spending a lot more time in their apartment.
And not saying first years should be spending a lot of money on rent. It's ALWAYS a great idea to live below your means, delay gratification and save more now so you can compound and spend more later.
That said, when you figure in a conservative bonus of 50,000 for a first year (and many analysts will probably make a bigger bonus than that), that means they're grossing 160,000 their first year. After taxes, let's say they net around 100,000. If you want to spend 2500/month on a top-notch studio/one bedroom, that's 30% of net, and -- while that's not the right strategy for everyone -- if it's going to give you better mental health and improve your work productivity, it seems like a viable option for some.
Know a senior associate moving to Chicago who’s gonna drop $5k/month in one of the “Wolfpoint” towers. Not sure if it’s a 1 or 2 bdrm, but he’s living alone. He said he was considering that or Trump tower.
edit: actually, I’m not totally certain if he’s committing to it though I’m pretty sure his current nyc rent is much lower than that.
Agreed with everything you said. I am literally dumbfounded when I come across people just out of school making $120k+ paying $3000 to live in chicago.
Cause kids won’t to ball out. I’d rather have an extra $1k in my pocket for my savings and going out
It is cheap, most of the kids responding here are overpaying like crazy. My friend pays $2600 for a luxury 1br in west loop thats 600sqft
3,100 in Gold Coast
In Prop Trading not IB but $2900 1/1 775sqft in Streeterville near Lake Michigan.
Also to the guy who said Chicago is LCOL, that’s only true if you live fairly far out of the city (which still isn’t a bad commute because of the train system), but if you want to be in River North / Streeterville / West Loop areas a 1BR will be 2500 min and most around 2.8-3k. IMO it’s worth it to be in the city because I’m a 10 min walk to bars and restaurants in River North and 15 min walk to work in the Loop.
Yeah, River North is great location -- especially summer months, all the outdoor bars and dining (and yes, that 12-15 minute walk to office is key). Of course, got the occasional reports of shootings, which is unnerving...hopefully city will figure out how to improve that, but I'm not confident about that.
3Br, 1800-2000 sq feet, $950 each, tri level walk up, front yard, back yard, and two parking spots. Lincoln park
How's taking the train to work? Gotta wait? Feel safe at night?
I find Lincoln Park quite safe. Nice houses with families and college kids. I personally think it's safer than the loop or river north, but that's just me. I take the L in morning. Generally get the one that comes through at 6:50-7:05 AM. There's about 3 trains in that window. Takes about 15-25 minutes to get to the office from there. I Uber home at night because they pay for it or if I'm lucky to get out early then I'll take the L back and walk home from my stop for some exercise. It's quite safe at night. Albeit I'm a bigger guy and I don't really walk alone. Generally with friends.
Anyone have experience with/knowledge about 215 W Washington, 37 S LaSalle (Millenium on LaSalle), or Marquee at Block 37?
Marquee at Block 37 is nice... but it's right IN the Loop -- whereas River North buildings are across the River, so you have a little physical and mental separation from work. Also, neighborhood around Block 37 isn't as nice for after hours -- in other words, no real restaurants or bars that you would go to are in that area, unlike River North, Old Town, Gold Coast or Lincoln Park.
For Block 37, State street can get real sketchy real quick after working hours when the loop clears out and the recent shootings and riff raff at Grant Park don’t help
also if you are thinking about living in the loop, its so dead at night, I prefer to stay about 20min out from the loop via train and stay in an area more lively at night. Ex: Lincoln Park, Old Town, Wicker Park, Lakeview, Uptown. Much more younger people and young families
$2500 mortgage in a 2 bedroom condo in the west loop. 1500 square feet.
jackpot for that size
There we go. This is a flex and a well deserved one at that.
Old Town best neighborhood. Don't miss the Old Town/Wells street art fair in June
1300 per person. 2 bedroom. 2 bath. 2 people total. 1000 sqft.
you in MPP?
1br River North, approximately 2600 all in, besides for electricity
Born and raised in Chicago, look into Wicker Park, Lincoln Park, Old Town, Lakeview, etc. Some places will be more expensive than others but if you can find decent deals that arent $2000/month, even better if you share an apartment with someone. I just hopped on Domu and found a 1 bedroom in Old Town for $1500, a studio for $1200.
River North and Gold Coast are the most expensive areas in the state and probably the Midwest. Great places to live if you really want to spend all that money but if not then look on the North Side of the city and be ready to use public transit, aka why over a quarter of the city's population doesnt have a car. Hope this helps.
Studio in Gold Coast - 1.4k/month
Buy-side equity research in Chicago, but I found a 580 sq/ft studio in the Loop right off of Michigan Ave for ~$1850 a month.
These analysts are out of their mind. Both in location and cost of rent. I’ll give guidance on a few things:
Depending on how often you go into the office, it might be worth looking at something in the river north, west loop, or Gold Coast area (assuming your bank is in the loop or close to it) that’s going to jack your price up, but might be worth it. There also are some gems in the loop you can find. In truth, I ended up having a more flexible work from home arrangement and living close to the office was one of my bigger regrets (since it was more expensive than it needed to be). Overall, the key in general as a young person is finding 2 bedrooms you split with a friend or 1 bedrooms you split with a significant other in my opinion. Studios are pricey and can feel sad in IB in my opinion.
For context, I paid $1750 for a 2 bedroom and $1600 for a 3 bedroom split between 2 people. Both were luxury buildings one in river north, one in the loop. Both also had ~1200 sqft. They weren’t the absolute nicest buildings, but they were clean high rises with great amenities. If you want to be stingy, you can find places sub $1,500 and I know people who did. More people especially can allow you to get like town homes where every person has their own bedroom and bathroom for like $1700 each.
I think the people above picked some of the nicest newer and luxury buildings from what I can see. A great example is 369 grand versus river north park. These buildings are in river north and basically across the street from each other. One is brand new, one is pretty new. Both have in-unit gyms, doormen, are clean, etc. 369 grand is like 2000-3000 per person almost any way you split it since it was built last year. River north park is like 1500-2100 per person any way you split it.
My advice, don’t be stingy because your analyst years can suck and it’s time to shell out cash if ever there was a time, but also don’t go for the highest luxury buildings. There is a middle ground. Also, find a roommate and I might even recommend doing a split that is uneven to convince a friend who might not normally be able to afford as nice a building. For example, what I did with my friend was I paid 1900 he paid 1500 which allowed me to get a place way nicer than a 1900 or 2000 studio. General price guidance, you shouldn’t be paying more than $2200 or lower than $1600 whether you get a studio, 1 bedroom or 2 bedroom. I would say $1600-$1750 you should feel you got a deal while living in a luxury building $1800-2000 you are about average for an analyst living in a 1 bedroom or high end studio alone. $2000-$2200 you are getting a nice place $2200+ you should prob wait until you are done with your stint and/or find something more affordable because that price is just not necessary for an analyst.
I say skip the Gold Coast area/Loop. You are already going to be spending time there for work, it is much nicer to get away from the Loop area and feel safer at the north side. Old town (favorite, tons of bars and restaurants), Lincoln Park (young professionals and families, super safe, decent bars), Lakeview (tons of restaurants), Uptown (heard great things, just a bit further), etc are amazing neighborhoods with young people and a ton of life and safety at night. You can get a VERY nice 1-bd apt there for $1.8k - $2.2k. However, you can still get more quality and space than the loop for about $1.4k - $1.8k. The commute is about 20-30min depending how far out you wanna go. Skip the loop, pay less for more.
Is the loop dangerous enough to justify avoiding? I like the idea of being able to have a 5-10minute walk as my commute to work, but also, wouldn't it be more dangerous to take public transit especially at night?
The Loop is (mostly) fine.
Rent in Chicago is extremely high now of days. The people posting about 3000+ rents are not being dumb with their money or irresponsible. There's just very few options for good units that aren't extremely expensive. Chicago used to be cheap. That's been changing rapidly over the last 1-2 years.
When I first started working in Chicago 6 years ago, I was able to easily find a nice one bedroom in river north for about 1700. That's impossible now. For whatever reason, the apartment buildings are all obscenely overpriced and competition doesn't seem to ever bring their prices down. You can only find reasonable prices in condo buildings, and good condo units have been very hard to come across lately. Unless you have a few months dedicated to searching, there's a high chance you won't find an adequate condo to rent. These good condos are realistically not going to go for less than about 2400 in places like River North. Comparable apartment buildings will be in the 2900-3500 range.
Apartments/condos priced below those numbers in areas like River North are lower FOR A REASON. You don't want to take chances on these units. Bad living conditions are not worth the "savings" and can destroy your work performance and leave you without a job.
The easiest way to save money on rent is to move further away from the downtown area. But this has become less doable for many people because Chicago transit has become extremely unreliable over the last few years. There are no signs that transit will improve. You cannot rely on taking a bus to work. They often don't come or are severely late. Trains are the only reliably option, but they've become really bad with crime and all sorts of insanity. The red line in particular has become particularly unsafe. Wasn't always this way.
So what else can you do? You could still live further away from the downtown area and not be by the trains. You'd need a car. The rent in these areas is often much lower. You can get nice one bedrooms in the low 2000s or even 1800-1900. But parking prices and car prices are so high that once you add everything up, it's about the same as living in one of these 3k+ "luxury apartments" in river north.
Chicago just isn't cheap anymore. Lots of people are leaving. We're tired of the crime and out of control costs of living that won't stop spiraling upwards.
I’m sure people can do river north, Gold Coast, etc for decent prices with roommates, but for a guy who knows nobody in Chicago it doesn’t seem totally crazy to me to spend ~2.8k on a decently nice not amazing 1br.
1br, north loop, full amenities (pool, gym, spa) 2.1k/month
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