When Do Incoming Analysts Start Apartment Hunting?

Based on the most helpful WSO content, here’s what you need to know:

1. Timing Your Apartment Hunt:

   • The NYC rental market moves incredibly fast, especially in the summer. It’s common to find and apply for an apartment within hours of searching.
   • If you’re starting your FT position in NY after training, it might make sense to wait until closer to your move-in date to secure a place. This avoids paying rent for a month when you’re not living there. However, this approach requires you to act quickly and have everything ready (documents, funds, etc.).

2. Using a Broker:

   • Brokers can be helpful, but they come with a cost. Broker fees in NYC are typically around 15% of the annual rent. However, you can avoid these fees by looking for "no-fee" apartments or renting directly through larger buildings or complexes (e.g., Stuy Town).
   • If you’re short on time and unfamiliar with the NYC market, a broker might save you stress, but weigh the cost against your budget.

3. Preparation:

   • Have cash ready for the first and last month’s rent, a security deposit (usually one month’s rent), and potentially a broker fee. For a $2,000/month apartment, you might need $8,000–$9,000 upfront.
   • Ensure you meet income requirements (40–65x monthly rent) or have a guarantor who earns 100x the monthly rent.

4. Virtual Training Considerations:

   • If your training is virtual, it might make sense to delay moving until after training. However, ensure you have a buffer period (e.g., 1–2 weeks) between training and your start date to find and move into an apartment.

5. Tips for Finding a Place:

   • Casual browsing on platforms like StreetEasy can help you understand pricing and neighborhoods before you start your serious search.
   • Focus on narrowing down your budget and preferred locations so you can act quickly when the time comes.

In summary, waiting until after training to find a place is feasible if you’re prepared to move quickly. Using a broker is optional but can be helpful if you’re pressed for time or unfamiliar with the market.

Sources: What to do when you get a return offer?, Best neighborhoods to live WITH GF in NYC (and timing) - 1st year IB Analyst Midtown Summer 2019, Are incoming FTs w/ Virtual Training getting apartments now or after Training?, NYC broker fee ban effect on market