Just saw this article and it got me thinking about my living situation for next year.
http://www.mns.com/manhattan_rental_market_report
I'll be a first year analyst in IBD so expecting anywhere from $110-130 depending on bonus. I know there have been posts about this before, but what percent of income do first/second year banking analysts usually spend on rent? Is the "live on salary, bank the bonus" saying actually realistic (I'd like to bank some of my salary)? Also, I'd like a place with a doorman, elevator, A/C etc. This doable?
Live on your salary. Your bonus is a great benefit for you to use to cover major expenses and save with but it is not guarenteed.
There are a lot of variables such as where you want to live and if you have roommates. You should spend about half your monthly pay (for a nice place), use the rest to go out, and bank the bonus.
I'd likely be living with one other roommate in a two bedroom apt. Any other input?
Why on earth do you think you need a doorman? Or even an elevator?
Currently live on UES with one other roomie and pay ~$1200/month. A/C should be standard for most of Manhattan (as in window unit at the least).
I accepted my full-time offer and will start training in June. Any thoughts on when I should start looking for apartments? Is nyc like college where you have to do it 9 months in advance?
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