Our advice: Proactive networking
Banking Analyst Andrew's advice for you.
If you’re interning in New York this summer, you may be asking yourself, “Where am I going to live?” The good news is that thousands of people before you have answered this question for themselves and you will too. It just takes a little bit of time, effort and strategy.
To start, there are two key considerations you should think about.
1. Decide on a budget for yourself. This will ultimately help you determine whether you will live in a local college residence hall, rent your own studio, find roommates for a shared apartment or dream up another solution. Budget is also a key factor when deciding whether to convince yourself that living on the sixth floor of a building without an elevator will double as your daily workout.
2. Decide on a part of town. Different parts of the city have different average rent prices and your choices may be limited by your budget (see step one). Additionally, while it may seem great to get a place in the hippest neighborhood, remember that you’ll want to take in to account things like your commute to and from the office, the noise level both day and night, safety and accessibility to necessities like a late night convenience store, laundromat, supermarket, drug store and even the gym.
Once you’ve answered those two major questions, start looking around on the internet or asking people you know for information. Members of your network at your future employer or classmates that interned in New York the previous year can offer valuable advice. Know others who are in the same situation? Join forces with them and navigate the apartment hunt together.
Just know that when it comes to real estate in the Big Apple there is a sweet spot as far as your timeline is concerned. Looking for a temporary sublet any more than one month in advance of your move-in date is typically too early, although it doesn’t hurt to keep an eye out before then. It’s not that New Yorkers are procrastinators per se. It’s just that the flow of move-ins and move-outs tend to balance out in 30 days’ time.
That being said, local college residence halls (such as those at FIT, NYU, Columbia and NYIT just to name a few) run on a different timeline. If you want to get into one of those, it’s best to make your arrangements before the end of March to give yourself the best probability of getting a spot, not to mention your first choice of roommate or a single room.
Here at Barclays, we will provide our incoming interns with a list of places to consider staying for the summer. We include information on applying to summer dormitories, the process of hiring a broker, finding men’s or women’s residences, hotels/hostels and summer sublets via popular websites listing services. If you’re not going to be working at Barclays, ask your summer employer if they have something similar to share.
No matter what you decide and where you end up, this is the city that never sleeps. Your home is your sanctuary, but you might find that you aren’t spending much time there because you’ll be out and about making the most of your internship and this amazing city.