NYC rent
How much do junior analysts at your shop typically spend on rent? Assuming 125k base and variable bonus, what's reasonable to spend in NYC in rent?
Trying to figure out a reasonable range.
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Location matters. 15-20 reference points across the city and various convos with friends floating around the analyst-associate ranks. Everyone is always moving/sub-leasing/searching etc. so it isa pretty common office topic.
Solo: $2-$3.5k Roommates: $1.5-$2.5k
If you just start off, having a roommate is more common.
FWIW I am pretty aggressive when it comes to this, but I think solo you should be at least spending $3.5k...enjoy the fruits of your labor and have a place you can work from if circumstances call for it.
Pretty hard to cover the 40x rule as a first year analyst solo at that price though haha.
I have a generous signing bonus which I presume would be ok to use to qualify in case needed.
Nah it's usually not counted from what I've seen. The rent-income requirement is usually based on your total comp (includes base + bonus). So you can definitely include the signing in that number but be careful because a lot of time for first-time renters (assuming this is what you are - coming out of college) the buildings require your offer letter etc. Worst case, if your parents can afford to, have them sign as a guarantor. Though I will note the guarantor requirement is like 60x rent. Fwiw my dad didn't make that requirement so my group had to cough up an additional couple months of rent for the security deposit as a lot of the guys I was rooming with didn't have parents who could afford it / lived internationally (automatically ineligible to guarantor). That being said, given the current rental market I'd be surprised if you had a tough time dealing with building mgmt/brokers on the income to rent exposure
They’re going to just use your base salary as written on a letter from HR
$3.5k is roughly 40x, plus you can show last years W4 which is presumably higher. Just my 2c.
so the 40x rent rule includes your bonus if you can show proof of it?
Yes, if you have been working for 1 bonus season most places will accept that as proof of your comp. Most places will average your previous 2-3 yr bonuses after you’ve been working for a bit.
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