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Based on the most helpful WSO content, here's a breakdown of rent spending trends for various positions in NYC:
Interns/Summer Analysts: Typically, rent ranges from $1,500 to $2,250 per month, often with roommates to keep costs manageable. Popular areas include Murray Hill, Gramercy, and Long Island City.
1st-Year Analysts: Rent tends to hover around $2,000 to $3,000 per month. Many opt for shared apartments or smaller studios to balance costs.
Associates (earning $275k-$325k): It's common for associates to spend $2,500 to $4,500 per month on rent. Some associates do stretch to $5,000 for a more spacious 2-bedroom or a luxury 1-bedroom in newer buildings with amenities. However, this is more of a personal choice based on lifestyle preferences.
Senior Associates and Above: Spending $5,000 or more is not unusual, especially for those seeking modern, spacious apartments in prime locations. Some even go up to $7,000 for high-end 2-bedroom units with premium amenities.
While $4,000 might not secure a "luxury" spot in 2025, it can still get a decent 1-bedroom or a shared 2-bedroom in a good area. For those willing to spend $5,000 or more, options improve significantly, including newer buildings with better amenities and more space.
Sources: How much do you spend on rent as an associate making 275-325?, Millionaire by 30, 1st year analysts: stupid to move into NYC right now?, SA 2021 NYC Housing Thread, Best neighborhoods to live WITH GF in NYC (and timing) - 1st year IB Analyst Midtown Summer 2019
Honestly, in NYC, you’re looking at around $5,000 or more for a decent one-bedroom in 2025. Rent is crazy right now, and $4,000 isn’t cutting it if you want something good. Some associates are definitely dropping $5K for a decent place. If you want to keep costs down, consider sharing a two-bedroom with someone. Just be ready to shell out more if you want a good spot. It’s tough out there!
$1,500 in Chicago
For what
1500 is a bit low from my experience, but it is insane to hear these NY rents. 2000 can get you a very solid place in chicago
The general rule is whatever you make annually gross divided by 40 before bonus is your monthly max rent.
You might wanna reread that
Thanks - phrased it differently lol
I'll stay in London after all
I pay $3000 for the tiniest studio you can imagine. It’s literally smaller than my kitchen back at home. But location is sweet (prime west village) and I don’t feel like moving. I’m planning to move only after I can afford $4-5K and find some better version of what I have. As an An3 I think $3-4K is reasonable. Associates could be swinging 4+ and would not be surprised if VPs are paying $5-6K for somewhere really nice. The sub-$3K options just suck now unfortunately. But I refuse to live outside of downtown Manhattan so that’s on me.
I’ve seen studios for as low as $3k in the tompkins park area of NYC but I haven’t lived there yet so can’t attest to if 3k gets you a rat infested shithole so…
Tompkins Square Park area is good. If there are rats, just get a cat or peanut butter traps.
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