Flexing, Bedrooms, and Rent Considerations

flipcup's picture
Rank: Orangutan | 366

About to go to NYC for FT and am scouring for places to live. Overall, I'm looking towards "analyst-y" neighborhoods (Midtown East, Kips Bay, Murray Hill, etc.).

First off, how hard would it be to find a "true" 2 BR for under $2k per person? Most suggestions I've heard have been to flex a 1BR for two people or to flex a 2BR into three, but can a legit 2BR be found without jacking up the price? Are there any sq. ft. guidelines for how big a room can be in order to be flexed comfortably?

Second, how much would it cost/how much harder would it be to find a 2BR/2 Bath setup compared to a 2BR/1 Bath? What would the added rent look like, and would it likely push me over the 2k mark?

Finally, what does the market look like in terms of average rent right now compared to a year or two or three ago? I've seen plenty of threads from 2011-2013 saying the midpoint was about 1600-1700, so would it be reasonable to accept that 1700-1900 (or more) is a more common range today?

Thanks in advance for the advice, just want to be as prepared for the rush of housing as possible.

Comments (13)

Mar 11, 2016

Just move to Harlem. I live in Harlem and it's fine. 15 minutes to times square area where most banks are headquartered -- it's really not that bad. You can get a huge 1BR to yourself for like 1200-1500 and live like an actual human being instead of a fratboy living with 16 guys in some Hell's Kitchen shithole. I will never understand the Analyst fixation with the preftige luxury-building life with 6 other guys.

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Mar 11, 2016

Hey man, totally respect your decision, but I think I and most other analysts just want to live around people in similar situations (young, first job types). No disrespect intended

Mar 11, 2016

Don't move to Harlem. That's neither near where you will be working or will you will be going out so it makes life that much more difficult. Plus dating when you live in Harlem is tougher too, especially depending on where you live.

2 bed 2 bath is likely not happening unless you are willing to spend too much (2200-2500). 1700-2100 is a safe range for what you are asking for, probably closer to 2k-2100 a true 2 bedroom. 1700-1900 for a flex is about right.

Mar 13, 2016

Interesting--what do you think the size tradeoff is between a 2br/1 bath and a 1 br flex??

Mar 11, 2016

Don't move to Harlem. That's neither near where you will be working or will you will be going out so it makes life that much more difficult. Plus dating when you live in Harlem is tougher too, especially depending on where you live.

2 bed 2 bath is likely not happening unless you are willing to spend too much (2200-2500). 1700-2100 is a safe range for what you are asking for, probably closer to 2k-2100 a true 2 bedroom. 1700-1900 for a flex is about right.

Mar 13, 2016

Are there website or something that you can look to get rooms without broker fees?

Best Response
Mar 14, 2016

Look at Streeteasy or NYBits for no-fee listings.

To OP: it isn't hard to find them, they just may not have the amenities you want. A lot of incoming analysts have limited ability to physically view apartments ahead of moving in, so they see clean, high-res pictures of these luxury high-rise doorman buildings packed full of amenities and submit an online application.

Here's the problem: the buildings price the units based on those amenities, but no analyst will ever have time to use them. The gym is never satisfactory (unless you're a cardio bunny, and that prompts a DYEL?). How often are you going to use the pool? "Games room?" Sure, tell me how many times you get the chance to shoot billiards with your boys. Better yet, bust out the board games and have a riproaring game of Monopoly.

Because your life is going to revolve around work for at least two years, it makes more sense to find a clean apartment that's quiet, spacious, and within walking distance of your office.

If your budget is $4,000 for a true 2/2, you can get a nice starter apartment that'll be more than enough of a home to you for your analyst stint. Here's a Streeteasy search: http://streeteasy.com/for-rent/midtown-all/price:3...
Here's a unit in a building a friend of mine lived in: http://streeteasy.com/building/new-york-tower/11d
Long story short: don't pay for the luxury buildings, you won't use the things that they're making you pay for. Don't live with too many people (it seems like you understand this already), you'll want to preserve your sanity and have a quiet space in your precious few waking moments outside the office. Don't live too far away from your office; (a) you want to be able to walk to work, not start your day jammed into a cattle car during rush hour, and (b) you want to live close to wherever you're going out.

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Mar 15, 2016

This makes a lot of sense, and I've thought a lot about how I don't need a gym in the building or the extra crap you rightly mentioned. I am, though, probably willing to go $1800-1900 for a doorman/elevator instead of $1600 for a walkup just because I'm willing to pay for the "luxury" of not trudging up flights when I come home. Overall, I've also decided that being around other young professionals, even analyst types, matters to me because of social circles interacting and whatnot. I'd probably feel awkward if I was in a place with mostly families or if it was all arthouse types.

As for the units you've posted, they're obviously very nice, but the location (1st ave) may be a bit far East and on a first year analyst salary, my budget probably doesn't stretch to exactly 2k on rent w/o utilities. Any recommendations for the "stereotypical analyst" type?

Mar 15, 2016

Seriously what in the fuck are all of you guys always going on about with the 2k minimum for a non-flex room and telling people to live in Harlem and queens. You can get a place in east village or murray hill with a couple of friends for $1600 each or even less if you don't give a shit about what the place looks like. Better yet, get a place with friends who are also embarking on their Anal Years so you don't have to worry about peace and quiet on the rare occasions you are at home since it's all but guaranteed that you won't cross paths any more often than once a fortnight anyway. You'll be taking cars home when it's late (or not going home at all) and even a moron can stumble onto the 6 while half-asleep and get to work in one piece. Cut these ill-fated children a break and stop giving them shitty advice

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Mar 15, 2016

@APAE and @KREBSCYCLEOMG are giving good advice here, OP.

Mar 17, 2016

You can easily find a no fee 2br/2 ba in Murray hill for sub 4K rent and definitely a 2 br/1 ba in midtown east for around 3.4k message me if you want the website of one of my previous property companies they have 2 buildings in those areas.

Mar 20, 2016
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