London Rent Zone 1
Anyone have any guidance for what is typical to spend on rent in London at the associate/VP level? Looking at nice 2bed/2baths to share as a couple for the GBP 3000 PCM range, but mostly only because I'm used to paying that in NYC. Looking at West London in Zone 1 (Marylebone, Fitzrovia, Mayfair) at relatively new construction only (~1000 sq ft, high quality finishings/appliances, aircon, balcony, elevator). Basically either newer boutique developments or large luxury mega-developments.
Reasonable or too high? Seems like a great renter's market now. Most of the guidance on here is for flat shares / analyst housing.
Many people, including a lot of Analysts always say that renting is pissing away money but spending all your savings for a £300K new build in zone 3 with the idea that it will increase in value dramatically is incredibly stupid. I think renting is fine, even at more senior levels with a higher budget. If you're looking for a 2 bedroom flat then you can get really nice things with £2.5-3K.
That's helpful to hear. I don't know if I'm going to stay here permanently, so not ready to buy and with the spare cash I would rather co-invest at work rather than making a bet on London real estate.
It's also my first year in London so I place a premium on walkability and being central. Will probably continue working from home at least 1-2 days a week, so extra space is good.
I've actually put a deposit down for a 3000 PCM place, but am just trying to re-assure myself that it isn't too crazy at this level.
Think that's sound - I got c.2000 pcm for a 2 bed /1 bath for c.60 sqm in central. Not high specs though, but when you add in the additional sqm and specs it's around there for the market
Have you tried the loot? Rental agencies, just surfing the web? UK online newspapers etc......
Not sure what VPs pay but assuming that your significant other (if I am reading this correctly - it's 1am...) has a job it sounds more than acceptable to me. I am an analyst and I am paying 1.3k per month in a 2bed / 2 bath sharing with a good friend. It's a new build but not the most central / best connected place. I would think that on VP comp which is likely well over 2x mine this is acceptable. You will also after a year figure out which parts of london you prefer and may re-adjust, so you may have "splurged" on say 5k (assuming 400 per months savings) over your year which broadly is not a massive difference at the VP level althought still good to have!
Agree with all of of the above. My VP pays a bit above 3k for his flat in Chelsea and I pay ~1.6k in Soho.
Believe it will be difficult to find a decent 2 bedroom in Mayfair at this price point.
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