Incoming Analyst: Rent Logistics
Hey WSO,
I will be starting at a BB as a FT analyst in July of 2021.
We will receive the first paychecks + sign-on bonuses only a few weeks into the program (~mid/end-July), which I think is typical of other BB programs.
I am planning to rent a place in NYC earlier than that though (likely starting in June), but was concerned about the income requirements of many apartments. Has anyone else had their application approved by the leasing office using only an offer letter confirming your salary and expected start date? Or will I need to get a guarantor as I am not making money just yet?
Thanks in advance!
PS: Any other advice on renting as a first-year is also very welcome - I am from a very low-income background so all of this is new to me.
Offer letter will be fine. If you're moving in a month before you start and have no income history they might want the additional month's rent up front too.
You'll need a bit of cash to move in though - security deposit, first month's rent, broker fee if applies (usually a month's rent so make sure you only look at no-fee apartments). If your signing bonus is late you might need to figure out a way to have this much cash before you start... most BBs pay signing bonus well in advance because they assume you have to move.
NYC is also extremely expensive to have a studio or one bedroom, highly recommend getting a roommate since you won't be there that many hours a week
Thanks so much for such a detailed response!
Yeah, I am trying to calculate the costs of moving in and it is not looking pretty.. I have some savings, but those are not enough to cover the entire cost of moving in, so may have to take a personal loan and repay it as soon as I get the signing bonus.
In terms of having a roommate, it actually looks like I can find a studio for the same price as sharing a 2bd apt with someone. Sounds like a good enough deal I think?
In lower Manhattan?
Would verify payment date with your HR before taking a loan. Mid July is unusual for BBs since the sign on bonus is really a relocation/moving bonus. Given a low income background they may be able to accelerate your payment to be before the move date.
Alternate option here is your training will more than likely be virtual, do that at home and save up your first few months
Ask if they can advance some wages.
Check out ThriveCash. Easy to use and can confirm it's legit.
can confirm too! i've used it for the same thing this past summer (2020). repayed in full after my signing bonus hit and it's about 11-12% APR i think which isn't bad if only borrowing for 1-2 months
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