Advice on housing situation
Senior in college who just received a return offer for equity research - competitive comps, but still hard to survive in the city. Any advice for housing if I plan to stay near my firm near Grand Central (bracing for the late-night earning calls) but don't want to pay a fortune for housing? I know this sounds stingy and ridiculous but I really don't mind a college double-styled housing arrangement. Not sure if squeezing one more person into my studio/bedroom is possible but love to hear others' perspectives.
PS: I have almost a year to look. Appreciate any tips on seasonality, when's the best time to sign a lease etc.
Congrats on the return offer! When it comes to housing in NYC, especially near Grand Central, it can indeed be a bit pricey. But don't worry, there are ways to make it work without breaking the bank.
Roommates: As you mentioned, you're open to a college double-styled housing arrangement. This is a great way to split the cost of rent and utilities. There are many platforms online where you can find potential roommates who are also working professionals.
Location: While living near Grand Central would be convenient, you might want to consider areas a little further out where rent can be cheaper. The subway system in NYC is quite efficient, so a slightly longer commute could lead to significant savings.
Timing: As for when to sign a lease, it's generally cheaper during the winter months (November to February). This is considered the off-peak season for renting in NYC. However, the selection might be more limited compared to the peak season (May to August).
Negotiation: Don't be afraid to negotiate the rent. With the current situation, many landlords are willing to offer discounts or incentives (like a month of free rent) to attract tenants.
Broker: While it might seem counterintuitive to pay someone to find you an apartment, in some cases, it can actually save you money. They have access to listings that you might not find on your own and can also help with negotiating the rent.
Remember, the hunt for the perfect apartment can take some time, so it's good that you're starting early. Good luck!
Sources:
LIC would be an alternative, offers a slight discount to Manhattan and only a few stops away from Grand Central. Studios go for ~3k but if you look for a roommate, you can find one that ranges between 2-2.5k. Condos are newly built and mostly come with in unit dryer/washer, which is a luxury in Manhattan. I would try to avoid August when signing a lease as it is extremely competitive during that period
Agree with @FattyAcid, you can also find decent deals in the UES since a lot of people have been moving out to BK and Queens (LIC/Astoria). Also, I would avoid paying broker fees it’s a scam.
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