1st years in NYC biglaw - how much do you pay on rent? Forum

[Anonymous User]

Any thoughts regarding what rent is reasonable for first year associates in NYC given the pay raise?

Especially with not insignificant law school debt (think ~ $200,000) in the Manhattan area—is paying $3,500 on rent too much? $3,000? Should first years with debt bite the bullet and keep living with roommates and pay closer to $2,000?

[Anonymous User]

Especially with not insignificant law school debt (think ~ $200,000) in the Manhattan area—is paying $3,500 on rent too much? $3,000? Should first years with debt bite the bullet and keep living with roommates and pay closer to $2,000?

It is to some extent dependent on your own preferences and tolerances. I would rather pay $2k in order to save $18k in a given year, which (at 7% growth) is over $130k in 30 years.

[Anonymous User]

Any thoughts regarding what rent is reasonable for first year associates in NYC given the pay raise?

Especially with not insignificant law school debt (think ~ $200,000) in the Manhattan area—is paying $3,500 on rent too much? $3,000? Should first years with debt bite the bullet and keep living with roommates and pay closer to $2,000?

Like the other poster said, it's going to depend on your preferences. For me, I lived with a roommate as a first year in a 1-bedroom flex with a 10-15min walk to the subway. My rent was under 2K, and I loved the place and the extra cash. Most of my friends paid $3k+ in rent even as first years, which was something I was never willing to do.

With the way the rental market has gone, if I were coming in as a first year now - I'd aim to have roommates and spend about ~$2500/month in rent. But, once again, that's my personal preference to spend more on going out and vacations over my housing. FWIW, I graduated with ~75k in student loans.

[Res Ipsa Loquitter]

The rental market has changed so it’s harder to get some of the rental prices people on TLS discuss. Under $2K living alone would likely require going to queens or deep Brooklyn. Under $3K you can live in Manhattan but it’ll be a weak spot. Around $4K is normal Manhattan rent now for a decent spot.

[Anonymous User]

From what I've been hearing, first years are now paying $4k to $6k if they live in Manhattan or the neighborhoods in Brooklyn closer to Manhattan and have one or no roommates. Some even live in LIC, Jersey City or Hoboken and are still paying at least $3.5k. It's brutal out there. Would recommend having two roommates and looking at Astoria or deep Brooklyn, and foregoing a building with any amenities at all (AC, doorman, in-building laundry, gym) if you want to save money.

[Anonymous User]

Live in a new 2 bed, 2 bath luxury building in LIC for 2.5k. Not too bad considering the market right now.

[Anonymous User]

From what I've been hearing, first years are now paying $4k to $6k [...]

Woah, $4-6K is a stupendous amount of money. (And technically, somebody making $215K doesn't meet the 40X rule of thumb for $6K rent, right?)

I know this is un-knowable to a certain extent, but I have to wonder how many of those first years paying $4-6K fall into one of these buckets:
A. People who don't have any student loans.
B. People who already have substantial means / ongoing support from wealthy parents. (Probably strong overlap with category A here.)
C. People who just recently moved to NYC as a junior associate. This one is more speculative, but hang with me — if you move to NYC with preexisting QoL expectations that you developed outside NYC, you are more likely to demand the kinds of costly amenities (more space, nicer kitchens/appliances, fancy lounges in the buildings) that result in $4-6K rent. Versus those who lived in NYC before or during law school are used to 'slumming it' and therefore less likely to spring for those costly amenities (even when they find themselves able, technically, to afford it).
D. People who generally value current consumption & current well-being over future savings, and for whom its just 'worth it' to sacrifice future things for better stuff today.
E. People who — regardless of their preference for current vs. future consumption — shift a disproportionate amount of their current consumption into housing vs. other spending categories like food, alcohol, clothing, traveling, etc.

I pay $2.7K for a 1 BR on the UWS.

[Anonymous User]

Not New York (SF), but the first-years paying over $4k tend to be dipshits that sign leases with corporate landlords sight unseen instead of taking a weekend to visit a bunch of Craigslist listings and immediately applying to the good ones.

[Anonymous User]

if you move to NYC with preexisting QoL expectations that you developed outside NYC, you are more likely to demand the kinds of costly amenities (more space, nicer kitchens/appliances, fancy lounges in the buildings)

It is shocking to me what people considerable habitable in NYC (also, LOL @ suggesting transplants are used to fancy lounges in apartment buildings rather than whole-ass houses).

[Res Ipsa Loquitter]

From what I've been hearing, first years are now paying $4k to $6k [...]

Woah, $4-6K is a stupendous amount of money. (And technically, somebody making $215K doesn't meet the 40X rule of thumb for $6K rent, right?)

I know this is un-knowable to a certain extent, but I have to wonder how many of those first years paying $4-6K fall into one of these buckets:
A. People who don't have any student loans.
B. People who already have substantial means / ongoing support from wealthy parents. (Probably strong overlap with category A here.)
C. People who just recently moved to NYC as a junior associate. This one is more speculative, but hang with me — if you move to NYC with preexisting QoL expectations that you developed outside NYC, you are more likely to demand the kinds of costly amenities (more space, nicer kitchens/appliances, fancy lounges in the buildings) that result in $4-6K rent. Versus those who lived in NYC before or during law school are used to 'slumming it' and therefore less likely to spring for those costly amenities (even when they find themselves able, technically, to afford it).
D. People who generally value current consumption & current well-being over future savings, and for whom its just 'worth it' to sacrifice future things for better stuff today.
E. People who — regardless of their preference for current vs. future consumption — shift a disproportionate amount of their current consumption into housing vs. other spending categories like food, alcohol, clothing, traveling, etc.

I pay $2.7K for a 1 BR on the UWS.

Correct. In today’s market many landlords want 44x, 45x, or even 50x, so $6000 isn’t happening for a first year without family help or a roommate.

Many recent law school grads also vastly overestimate their desirability as a tenant in NYC. Someone who makes 215K but has minimal credit history, has perhaps never held a job before, has never lived in the city before, has minimal savings, and has significant student debt could find themselves rejected for a $4200 apartment despite making over 50x rent.

[mwells_56]

I'm a first year who was living in Manhattan until I started working mostly remotely and gave up my apartment. Was paying $3990 for a furnished 1-bedroom in Chelsea. A colossal waste of money.

[Anonymous User]

7th year associate in NYC Biglaw - I pay $5.7k/month for a 1BR duplex in West Village

[thisismytlsuername]

7th year associate in NYC Biglaw - I pay $5.7k/month for a 1BR duplex in West Village

Are you in the Archive? I know so many biglawyers who have lived in that building.

[Anonymous User]

I pay 5.5 for a 1bd in the west village (very spacious though — 2 floors). Not the archive but agree that I know a lot of biglaw people who currently live there or have lived there.

[Anonymous User]

I split a 3 bedroom condo with my significant other. We each contribute $3400 a month.

[Anonymous User]

.

[Anonymous User]

Live in a new 2 bed, 2 bath luxury building in LIC for 2.5k. Not too bad considering the market right now.

Wow that's incredible, is that a COVID deal? LIC listings seem to be going up to around 3-3.5k for a one bed luxury.

[Anonymous User]

Live in a new 2 bed, 2 bath luxury building in LIC for 2.5k. Not too bad considering the market right now.

Wow that's incredible, is that a COVID deal? LIC listings seem to be going up to around 3-3.5k for a one bed luxury.

Lol sorry 2.5k is my half. So sounds about right.

[Anonymous User]

Incoming associate starting this fall. I just locked down a lease on a 2BR on the UWS for $6K total ($3K each between me and my SO). The apartment is decently spacious and it has a private outdoor terrace large enough for real patio furniture, but it's pre-war and no extra bells & whistles in the building.

Financially, $3K per month feels like a *little* bit of stretch and I'd prefer to be splitting something down in the ~$2.5K/each range. But it helps that I have no student loans.

Good luck hunting out there, y'all.

[Anonymous User]

https://www.reddit.com/r/TikTokCringe/c ... _to_sleep/

Good deal here, think about all the savings.

[thisismytlsuername]

Incoming associate starting this fall. I just locked down a lease on a 2BR on the UWS for $6K total ($3K each between me and my SO). The apartment is decently spacious and it has a private outdoor terrace large enough for real patio furniture, but it's pre-war and no extra bells & whistles in the building.

Financially, $3K per month feels like a *little* bit of stretch and I'd prefer to be splitting something down in the ~$2.5K/each range. But it helps that I have no student loans.

Good luck hunting out there, y'all.

In what world is $3000/month in rent a stretch on a $235k/year? Y'all are nuts.

[Res Ipsa Loquitter]

Incoming associate starting this fall. I just locked down a lease on a 2BR on the UWS for $6K total ($3K each between me and my SO). The apartment is decently spacious and it has a private outdoor terrace large enough for real patio furniture, but it's pre-war and no extra bells & whistles in the building.

Financially, $3K per month feels like a *little* bit of stretch and I'd prefer to be splitting something down in the ~$2.5K/each range. But it helps that I have no student loans.

Good luck hunting out there, y'all.

In what world is $3000/month in rent a stretch on a $235k/year? Y'all are nuts.

It could be a bit of a stretch when you have minimal savings and are just starting out in a career where most people wash out in a few years

[Crazystallion]

July 2022 record high rent in Manhattan. Brooklyn, safe area, 15 min walk to subway, 1 hr to get to Manhattan, 2 bedroom, 1 bath, no doorman, $2200 total. East Flatbush near Crown Heights.

[Anonymous User]

July 2022 record high rent in Manhattan. Brooklyn, safe area, 15 min walk to subway, 1 hr to get to Manhattan, 2 bedroom, 1 bath, no doorman, $2200 total. East Flatbush near Crown Heights.

How many times per week are you going into the office?

[Crazystallion]

I'm not BigLaw but I was going to office daily.