Hey guys and girls, I'm currently an undergrad senior starting as a Full Time IB Analyst next year and I have quite a lot of questions in regards to apartment hunting in NYC:
- What's the best location to rent at for A1 analysts?
- What's the maximum rent price that makes sense for someone earning $80-90k base, excluding the salary as it is subjected to market movements so not guaranteed?
- Did you guys and girls living in NYC use a broker/agent to look for said apartments or did you just cold call the listings you found online and visited them to check it out? Broker fees seem like a pain to me so what do you guys and girls advice doing?
Thanks 😊
$80-90K on the 40x rule caps you at $2,000 - $2,250 in monthly rent.
A lot of A1s set their budget at $1,500 but I think up to $2,000 is doable
Following - how much cash upfront should I have on hand? Have heard some buildings require 3x+ rent upfront (first month, last month, brokers fee)
1) I would budget 1.5-2k a month max (40x rule in nyc will cap you around 2k)
2) best place to rent will just depend on what you value. Most people will try to be as close to their office as possible. A lot of recent grads will live in Murray hill (close to midtown, lots of “college” bars) - but I’m not a fan. If you like a reasonable nightlife and a more “nyc” vibe then east village is a good choice. You can obviously try NJ if you want more space (and nicer apartments)
3) I wouldn’t use a broker. I would start with StreetEasy, great site, lots of info and you can filter by fee, amenities, pricing, size, etc. you still may end up having to pay a fee but I would definitely negotiate it (especially if you rent anytime soon)
4) for the person asking for how much cash on hand, yes 3x monthly rent is possible, although a bit on the higher side (as most broker fees are negotiable and you can find a lot of stuff without fees right now).
What's the 40x rule?
A lot of rental places will require a tenant’s annual earnings (pretax) to exceed 40x the monthly rent. For example, if a place costs $2,000 a month, you’d need $80,000 a year to cover the 40x rule.
bump
https://www.wallstreetoasis.com/forums/sa-2021-nyc-housing-thread#comme…
Not to hijack the thread, but anyone know of any housing platforms that would let me bypass the standard credit check / 40x income requirements of renting an NYC apartment (like a long stay on Airbnb)? I'm self-employed and my credit is less than ideal due to using a host of 0% APR credit cards to finance my company (although my payment history being 100%, credit utilization is high). I make about VP-level pay (so I'm definitely good for rent), but on paper, I doubt landlords would let me rent. Thus planning on doing a long-term Airbnb booking. Does anyone know of any other alternatives to Airbnb that would allow me to, say, pay upfront using a credit card? Thanks!
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