Incoming Analyst Rent Question
I'm moving to NYC in early July and still apartment hunting, but I’m trying to get ahead of the logistics before I sign anything.
Might be a dumb question but how do you actually pay the first month’s rent, deposit, and broker fee, etc. I’ve only ever banked with credit unions that don’t have physical branches in NYC, and I’ve never written a check in my life. I’ve always done everything online.
Do I need to move money into a more traditional bank that has branches here and can give me checks or bank checks on short notice? Or is payment done online?
Would appreciate any advice on how you guys handled this when you first moved.
When moving to NYC, especially as an incoming analyst, you'll need to be prepared for the upfront costs associated with renting an apartment. Here's what you need to know based on the most helpful WSO content:
Upfront Costs:
For example, if you're renting a $2,000/month apartment, you might need to pay around $8,000 upfront (first month, deposit, and broker fee).
Payment Methods:
Timing:
Alternative Options:
In summary, while online payments might work in some cases, having access to checks or certified bank checks is highly recommended for NYC rentals. Opening an account with a traditional bank that operates in NYC could save you a lot of hassle.
Sources: NYC broker fee ban effect on market, Best neighborhoods to live WITH GF in NYC (and timing) - 1st year IB Analyst Midtown Summer 2019, What to do when you get a return offer?, 2017 FT Roommate Thread, I cant save money
bump
Usually through Zelle or certified checks.
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