Moving to NYC and wanted to get a read on the typical PE associate living situation. Do Associates typically live on their own or have roommates? What is a good ballpark figure for rent?
Preliminary research indicates solo living for under $3.5K a month may not be realistic. Looking for benchmarks from current associates - TC is in $250-$300 range.
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Comments ( 16 )
Think most PE ASOs have a roommate as NYC is stupid expensive, usually just 1 instead of the 2-3 roommates you see with fresh grads. Often one close buddy or a SO. As people move into second and third year plenty start getting their own apartments.
Assuming you're on $140k base - I think $3,500 is doable - will likely be a studio or small 1br, neighborhood search should be based on your commute but there are options. Looking on StreetEasy you can get laundry in building + doorman building (IMO two non-negotiables for anyone working long hours) and still have some decent options around that price point. If you want a luxury apartment or prime area you'd need a roommate.
It depends on what you want your living situation to look like / the amenities you want when you look for a place. For what it's worth, myself and a few colleagues had roommates for at least the first Associate year and then found a place solo for the 2nd year. It seems like this current market, around $4.5k is kind of a "reasonable" price point for a solo 1br place with laundry in downtown Manhattan. If you look for it, you can definitely find the odd off-market deal, but Streeteasy generally prices fairly close to market in most cases. You can't have everything in this city - I personally chose laundry, space, and building amenities at the expense of being in a prime location downtown.
Any advice on finding roommates?
There are a lot of Facebook groups for this - "Roommates NYC" is an example. Definitely could find someone with ease if you're fine to live with a random / someone you don't know well. Another thing to contemplate is living in Brooklyn or Midtown - they are much more affordable than downtown Manhattan by a wide margin and could still allow you to live solo if preferred. The Brooklyn commute is not all that bad and you get A LOT more bang for your buck there so would certainly consider the likes of Williamsburg or Greenpoint.
Craigslist
Good location 1 br with washer, elevator, etc (basic amenities in normal city) will cost you 5.5k - 6k . You can get all those for 4.5-5k if you go to worse location (I.e Fidi), but still expensive. Studios with these basic amenities in high 3's -4.5k range. All pretty ridiculous and hoping it will come down ~500-1k a month on all of those if economy keeps going the way it is
It is 100 doable I live on the UES pay 2300 for a 1 bed, the more luxury + amenities, the more it'll
Cost. Ofc places like WV, Chelsea, EV are gonna run you more.
Snagged a rent stabilized 1bd in HK for ~$2,500 back during the pandemic.
If you are young and new to nyc you should get roommates regardless of income, and the more the merrier. No better opportunity to meet others and develop a wider range of experiences and relationships. If they can afford the rent it means they are a professional like you, plenty of opportunities to screen people as well. You will know when it's time to go on your own. Enjoy it while you can.
I mean NYC is expensive, but you can definitely find stuff for 3.5k or less. I live in a Manhattan studio for $2,500. You can get decent 1BR for 3,500. It won't have amenities like a gym or elevator but you can find some with w/d and recent renovations / updates.
This is just simply true unless you are in way upper west or upper east. Anywhere below 40th st you will not find a decent one bedroom under 3.5k, if you think this is the case you haven't looked in over 20 months at apartmebts
I moved 4 months ago, but sure. Just look on street easy. I mean idk what people expectations are here. A walk up gets the job done for me, so I had no trouble finding anything within that budget.
What areas were you looking in? Seems like there are a ton of walk-ups in EV
1st Yr Associate; Living solo 3.4k for a studio in a luxury building. Definitely doable, just gotta search
2nd year VP living with 2 other VPs we all pay 6k each and got a triplex penthouse. I feel like that's the move pay 4K and find 2 other guys willing to do that and get a ridiculous place
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