Leasing an apartment - I have to do this before I start training, right? (Regional BB, 1st yr analyst)

I have training in New York, but I will be working in a regional BB office (SF, Chicago, LA, etc.). Since training lasts for almost two months, I don't really need to move in to a new place until after training. But since I'd probably have to work really soon after training is over, I won't really get a chance to find an apartment after training, right?

Are there apartments that offer immediate start? I looked on Craigslist, most of them say "available from July 1st" - this means that those apartments require one to rent starting from July 1st (and not a later date), right? And usually first month's rent and another month's rent (as a security deposit) is due at signing?

Comments (14)

Jun 7, 2012

I'm in a similar situation as you are. Found a place early and will try to sublet while I"m gone.

Jun 7, 2012

Generally, apartments start opening up a month from when the previous tenants move out. That means an apartment with a July 1st start date will start showing in June, for Aug 1st in July, etc.

My roomie and I had the same issue as you, and we decided to just go for the June 1st move in date so we would have a place to put our stuff while in training. We decided that it's possible to find an apartment after training (for a later move in date, say, August 1st), but that it would be really difficult and stressful to do that and move in in one weekend, and since your analyst program would likely end in early July anyway, you'd end up paying a tail stub for the last month's rent, so moving in early/late balances out a bit.

Also, yes, generally security deposit and first month's rent due at signing (usually amounts to double your monthly rent).

Jun 7, 2012
randomwench:

I'm going to be working for a regional BB office (SF, LA, Chicago, etc.), and training lasts through July into early August. So I don't need an apartment until around two months from now, but I would really like to have signed a lease before I leave to NY (or else I'll only have a couple of days to find an apartment and move in when I get back).

Unfortunately, I'm scouring Craigslist l can only find apartments with "availability July 1st" or available now. That means I'd have to pay for rent during the month of July if I sign a lease now, even though I won't be living there. Should I sign a lease now and try to sublet out the apartment for the month of July? I've never had to find an apartment before, nor have I ever had to find subletters, so I would appreciate input from anyone who's experienced the same situation as me.

SMH.. Genius....

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Jun 7, 2012
FlakieBear:
randomwench:

I'm going to be working for a regional BB office (SF, LA, Chicago, etc.), and training lasts through July into early August. So I don't need an apartment until around two months from now, but I would really like to have signed a lease before I leave to NY (or else I'll only have a couple of days to find an apartment and move in when I get back).

Unfortunately, I'm scouring Craigslist l can only find apartments with "availability July 1st" or available now. That means I'd have to pay for rent during the month of July if I sign a lease now, even though I won't be living there. Should I sign a lease now and try to sublet out the apartment for the month of July? I've never had to find an apartment before, nor have I ever had to find subletters, so I would appreciate input from anyone who's experienced the same situation as me.

SMH.. Genius....

It seems to me like you're implying there should be some simple solution to this - what is it? Is there an optimal solution I've missed?

Hope it's not "get your realty broker to do it" or some bourgie shit like that. I'm on my own here, no parents to help with this, and I really don't want to pay any huge fees.

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Jun 7, 2012

I would go with the option that you're thinking. Yeah it sucks having to pay for a month/month and a half of rent for a place you aren't living in, but I think it's better than having to find an apartment and move in just a few days after training. You've got a signing/relocation bonus I'm assuming, so that should eb enough to cover your costs. Obviously subletting is the preferred option.

No experience with sublessors, but don't find your apartment that will be living in for at least two years (most likely) on CraigsList; the idea of that scares me. Go on Apartment Finders online or something similar for your city and leave CraigsList to be used for finding sublessors. Get in touch with local universities off-campus housing program and see if there are any students looking to sublet

Jun 7, 2012

FYI there are some cities where if you don't get a broker, you will get screwed by landlords and their agents. Brokers aren't "bougie," they're par for the course, a cost of doing business and the reason you got a check for $10k to cover relocation.

In New York, for example, even though I paid a broker fee of ~$4,000, given what I was finding among no-fee apartments--when I could find real ones, which was rare--it will have more than paid itself back in two years. The place is also significantly nicer than the ones I found on my own, and about $200 cheaper than comps. $4701=PV((0.02/12),24,200)

SF you'll need one. Chicago you will not--if you can't find a good deal on a sweet place there, you're doing something horribly wrong. Ditto for Houston except your place will be more cheap and less sweet. Dunno anything about LA.

Generally landlords won't show an apartment until the previous tenant is out, usually using one month between tenants to renovate, clean, and lease. So what you're seeing is pretty typical. You won't see much inventory until you're looking in July. Schedule a weekend trip (the earlier the better to save on air fare) to look at places, if you explain the situation and give plenty of advance notice Saturday and even Sunday showings are possible.

Since your viewing time is limited and you'll want to see as many realistic places as you can in that span, do yourself a favor and get referred by a friend or relative to a good broker. They exist, but you won't find them online.

Jun 7, 2012

There is no point in renting for a year if you only need a couple of months...

"Everyone has a plan until they get punched in the face."

Jun 7, 2012

means you procrastinated. You should start looking a few weeks before graduation. If you really don't find a place I'm sure you can find temporary places for 1-2 months until you find a long-term crib.

Jun 7, 2012

Most hotels offer long-term stay discounts. Short-term housing is usually available, but you won't find any sort of "deal" on it... you will be paying out the ass. At least in my experience, but you could still get lucky.

Jun 7, 2012

Not to completely hijack the tread but does it make sense to buy a place in Manhattan if you have the down payment if you are possibly only going to stay in the city for 2-3 years. Between saving on rent and being able to write-off the interest payments. Plus what are the going rates for decent location 1 bed 1 bath or a studio apartment 300-400K?

Jun 7, 2012
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