NYC Where to Live, Early Start IB Analyst Year 1
My training begins in February, I'm going to be given my "start date" sometime this month, I graduated in December and have an early start for my gig. I want to live alone, so getting a studio. How realistic is paying rent between $3,000 and $3,500? Or should I aim to get rent cheaper? Is $2,500 realistic? My bank is located in midtown and my base salary is $100k, all in likely $140k or somewhere around that area. Not going to get it furnished (don't even know where to find some furnished options, everything seems to be unfurnished plus I'm a low maintenance guy, only getting a bed, couch-bed, a nightstand and a desk, but let me know if you guys think I need any other furniture).
This is for NYC.
If your base is $100k, almost all landlords will require you to follow the 40x rent rule (monthly rent x 40 has to be less than your gross annual income). So $3k rent will require you to make $120k. Since this is your first job, the bonus will be ignored (they will include it once you show 2-3 yrs of bonus).
So if you want to spend 3-3.5k and feel comfortable affording it, you will probably have to get a guarantor (that can back your application and basically “co-sign” but I believe they need to be at 80x) or look for some non standard options.
As for finding units in that range, that shouldn’t be a problem. That’s a pretty good budget for a studio. And as for affording it, I would consider it a stretch, but all depends on our savings and how you to choose to spend your $
Just my experience, but have never had the 40x rule come up with my landlords
Your budget is fine, I'd try to stay under $3k. You likely won't have a W/D in unit so look for places with laundry in building. The market is ridiculously hot right now, many places will rent in a day. I'd fly in for a weekend, work with a broker to see as many places as you can, and most importantly you need to have everything in hand ready to go - offer letter, first/last months rent, etc. If you see a unit you like, put in an application before you leave.
Midtown is nice because it's an easy commute from most of Manhattan. Look at Murray Hill, Hells Kitchen, all of midtown, maybe UES
Smart move not getting furnished, it's way more expensive over time than buying your own furniture. You're probably going to want somewhere to eat as well on the furniture front - maybe a small 2-top table or barstools if you have a kitchen with an island.
I’d opt for a roommate situation in Murray Hill. Good area for junior bankers and other professionals and just a good neighborhood with relatively “affordable” options. Also close to your offices in midtown.
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