Where to start with apartments
Senior, moving to NY to work in IB/PE in Midtown starting in August. Was wondering what a reasonable baseline of cost for a studio or with roommates would be, if possible walking distance to work- could care less how nice the place is. How would I typically go about finding a roommate? Sorry I don’t really know anyone else going there, lol I’m very new to this stuff so appreciate any help. Main priority is work- really want to be near the office so I have the best chance to get off on the right foot.
Base/40 is the max you will get approved for, so if you're at the new 100 base that's $2,500 a month. Would recommend having 2-3 roommates and staying around $2,000 since NYC is wildly expensive in other categories (going out, groceries, etc)
Studio is probably out. Depending on where in midtown your work is, I'd expand your search to be within a ~10 min subway (look on Google maps - some areas are deceivingly close, or deceivingly far... if you can give an area in midtown can be more specific with neighborhood recommendations) as NYC rent is wildly expensive right now and you're going to want to cast a fairly wide net on search area.
StreetEasy is the place to look. Quality places will rent same day, so be looking starting in June/early July for an Aug 1 move in, and be ready with all of your documents (ID, tax returns, offer letter, credit check, bank statement). I wouldn't normally recommend renting off of videos, but in this market unless you live in NYC you won't get there in time to look at places. Would prioritize laundry in building (W/D in unit is a luxury) as it's a pain to send stuff out every time.
Be familiar with what a fee vs. no fee apartment is - reality is 90% of apartments are "fee" now, which means you will pay 15% of the annual rent upfront to the realtor (so first months rent + security deposit + 15% fee needed up front). Factor that into your budget/cash flow as you'll be paying it before you start work.
There are some apartment groups on FB (Sweats & the City Apartment Group is very popular.. mostly girls, but have seen some guys looking for roommates) or people often live with others from the same school / same bank.
Feel free to comment any questions, unfortunately have become intimately familiar with the NYC rental market
Loool good luck finding any place that isn’t an utter shit hole for $2000pp
I paid $2350 rent as a banking analyst (back in the $85k base days) and still saved a good amount of my base. Just a data point for you.
I'm the $2,600 studio guy, you can def do a studio if you don't have the spending habits of a 17 year old upper class Connecticut white girl, pretty easy if you just live slightly below your means
also an incoming analyst to NYC still looking for a place w/ 1-2 roommates. a quick question though -- how did some of you guys who paid more than base/40 rent get your place? i'm guessing guarantor service, but isn't that also a big expense month-to-month?
Not every apartment takes guarantor services (especially in this market when they'll have applications from people who qualify on income) and yes they are expensive, basically another month's rent. Most people with rents over 40x have a parent guarantor.
thanks for the quick reply. helps a lot. i thought that would be the case too. a follow up question on my end is, aren't parent guarantors only accepted for those in NY state, or at least in the tri-state area? ngl the internet has so many varying info about rentals in nyc that it gets confusing.
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Found a place in the city for $600 a month (with a roommate). But it is a 40-minute subway ride. If you are willing to make the commute you can pay dirt cheap.
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