I am graduating in a couple of months from a small liberal arts college. No one I know is going to be moving to New York after graduation, and I don't know anyone that well from my internship. I am now starting to think about renting my apartment, and I am not sure about the roommate question. Do most people find a roommate? With no roommate, I don't think I could find a place close to the office that is significantly less than around 2k / month.
I would prefer to live alone, but if I could get away with paying like 1.5k instead of 2k / month, I might think about a random person to live with. What do you guys think of rooming with someone you don't really know?
Why anyone, especially a new grad working in IB, would NOT set themselves up with a roommate situation is beyond me. Your greatest expense living in NYC is going to be housing and, ironically, it's the place where you'll spend the least amount of (meaningful) time.
Instead of finding a completely random roommate, create a post here on WSO, or find one that's probably already been created, and try to buddy up with a like minded financial professional that will be working similar hours and living a similar lifestyle...since you don't want to share a place with some aspiring artist that stays up all night listening to death metal while working on their 'art'.
In addition to the cost savings, you might find other benefits to having a roommate. If they work at another firm or come from a good school, they have a separate professional network that you could be introduced too. They could also know other recent grads that work on the street and/or live in NYC that could eventually be part of your social circle (since you mentioned not really knowing anyone).
Lastly, you may be entirely unfamiliar with NYC real estate, geography and transportation and that potential roommate might know a 'better' area to live in that could make your commute and after-work life a bit more enjoyable.
Regards
^^ What he said. Also, you said you were looking for a place close to your office, if that's Lower or Mid-town Manhattan, dont limit your self to living in Manhattan. You could live right across the bridge in brooklyn for cheaper and only +5 mins on the train. Just a suggestion.
not just on a cost front....lets say you get out before 12, you get home, and what....sit alone watching tv? fuck that, you have some free time, you want to talk to a normal person about normal crap, you need a housemate.
To add to that, it's not just the cost of rent. I know most places you will be paying upwards of $150 a month for cable and Internet, maybe more depending on packages, etc. Personally, I would have a hard time justifying a $100+ dollar expense for something that I may or may not get to use regularly. Maybe this cost can be lessened if you just purchase Internet and stream movies and shows through a content provider, but I'm not sure what sort of monopoly the cable companies have going in NYC.
That concept applies to outside activities like going to bars/clubs/etc. If you and your roommate are heading the same place, splitting a cab there and/or back could add up.
Regards
Just me, but after college I didn't really want a roommate. Did not like having to deal with noise and having a dirty apartment from roommate.
are you going to be in banking? a lot of what they're saying is predicated on that, and if so, i agree 100%. unless you have a lot of cats or something, you will lead the most miserable life I can imagine living in a city where you know no one and no one knows you. you can't expect to get off work at midnight every night and have time to meet anyone, plus its significantly more expensive
Where is your office? I can give you suggestions for finding roommates as I'm been in NYC for a while already.
I think it may make sense in your situation, but when I left college there is a certain amount of growing up and being a man and I'm sorry guys but living with another man is not in my equation.
But yes, housing prices are ridiculous and you'll never be home, so go for it. I, like you, prefer living by myself, and certainly wouldn't want to have a roommate that I didn't know prior.
General Consensus on Roommates? (Originally Posted: 03/02/2010)
I will be starting as an FT analyst in the fall and am trying to decide if i should live alone or with a roommate. just curious what most IB analysts do? I am leaning towards living alone, but every time i mention it to friends / family (not in the industry) they tell me i'd be crazy to live in nyc without a roommate. of course rent usually plays a role in this decision, but pretending money is not an issue, what would you guys do?
thanks
Depends on whether or not you tend to become friends with your roommates. Throughout College, my roommies and I have been really good friends, and I can't imagine living without a connection like that. Even though next year I will be rooming with someone I am not currently friends with, I hope to recreate that atmosphere (at least partially).
Living with someone else is a PITA. Lay down the law and don't be a push over.
Yes, well in college ive had the same roommates since soph year and I love living with them. I would never have lived alone in college, EVER. but i just cant see how my living situation next year would be even remotely the same as it was in college, considering all the hours and stuff.
True - but on those moments that you are vegging at home and watching TV at 2am before you pass the f* out, it's nice to have someone to talk to.
Grown ups live alone.
For SA internships, do you recommend living with someone or living alone? This is assuming the people you would be living with are also doing IBD and would work equally long hours. I think it would be nice to come home, talk the breeze for 5-10 min then go to our own rooms and pass out. Weekends would be fun too since we could (hopefully) all hang out. Other than that though, my only concern is the noise factor. If it's just one other guy I don't think it would be a problem, but if I'm living with two or three other guys, even if they are all doing IBD, if they stay up later one night than me and talk loud while I'm trying to sleep (and for some reason even though I have my own room the walls are thin), that could be a little annoying. But these would be guys that I've known in college for the last couple years and are overall cool guys to hang out with.
yeah id say in your case you should live with those guys. the fact that they will all be in ibd and working similar hours is a big plus in my opinion.
in my situation the girls id live with would not be in IBD and dont even really know what ibd is or how demanding the job is-- so i know when i come home really late from work and am exhausted they will want to chat and hear about my day and all ill want to do is pass out.
also summers are way different cause its so temporary. worst case you live w the guys really dont like it and you know to live alone for FT.
Pretending money isn't an issue whatsoever... I'd go with alone. If you want to hang out with friends, there's always the weekends or weeknights if you get off (relatively) early. Like you said, during the week, you won't be feeling chatty coming home from work. And it's nice to just have quiet time and not worry about being considerate to others.
Also... with roommates, there's a very likely instance where someone will move halfway through or after 1-yr lease and you'll have to find new roommate(s) to keep your building/continue paying rent.
It's hard to pretend money isn't an issue in nyc though. It's not just saving money, it's also about you getting a much better place for the same amount you intend to spend. ~$1600/mth alone most likely gets you an unfurnished pre-war walkup, in a likely inconvenient location. ~$1600/mth with 1 or 2 roommates gets you a newer apartment with a doorman, laundry room, maybe a gym, likely in a better (closer to subway) location
Roomies when you have a job is hard.
Its cool to have someone to vent to / chill with but
1) If your roomate is a banker - you guys will both be stressed 2) If non-banker you will hate him for the free time / inability to understand your schedule
I've come home at 2/3am and had idiot friend watching tv and won't go to sleep or have them wake up at 6am and start making noise
In all seriousness, NY is small enough to have friends close by.
If this is purely a monetary thing - then maybe it's worth it but you decide. I personallly like the peace of mind
Thanks for the replies guys. thats what i wanted to hear. the thing about resenting your roommate for having free time is so true for me (at least from last summer when i worked in ibd and my roommate literally didnt have a job) haha but i didnt know other pple felt like that too
Roomate vs No Roomate (Originally Posted: 11/09/2010)
How many of you guys chose to go with a roomate as analysts?
Will I be able to get a nicer place considering I have one or two or three roomates?
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My sister pays about 1200 after a recent price drop for rent/month. She is in a 4 bedroom in the meatpacking district with a rooftop that overlooks the west river....
She loves it and besides wasting cash on being a 3/yr rental (5/yr is where buying makes sense) she loves the price compared to location despite her being journalistic and not being wall street.
So I recommend roommates despite them usually being crazy. Mainly because you can meet friends outside of work and if you are a banker you can meet some hip hipsters all up in williamsburg.
If I'm working near midtown/rockefeller center, would living downtown/the financial district make sense? Or would it be too far of a commute?
too far
why would you possibly want to work in fidi if youre not working there? i love this damn out of towners
WSO allows you to edit for a reason
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Roommates are great if you are not the primary one on the lease. Take it from me, the last thing you want to do after a long day of work is be a friggin landlord and have to collect the rent. People are incredibly flaky and I consider roommates who cause no drama and pay on time to be a rarity.
Live alone if you can afford it. The peace of mind is worth more than what you might save with sharing a place.
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