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The recession seems scary!
Closed remaining ATVI position
Additional Posts in MBA Applicants
I have my Sloan interview tomorrow! Any advice??
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Do it. It looks like you already have the mindset that this isn’t going to be your dream apartment. As someone who has lived in both situations in nyc (luxury apartment with all the amenities and just ok apt with trade offs) It was clear to me that the latter was better.
The vast amount of money you lose in increased rent isn’t worth it. At the end of the day you’re still only getting say 700 square feet in a 1br. Whether you pay 4K or 2k you’re still stuck with the same square footage. Yes it may be a nicer location / apt but the premium is not worth it at all. That money will be way more valuable down the road.
You know how you hear those stories of people wishing they saved more when younger vs. those that did save and have a great house/apt later. This is that time. You’re younger, have less responsibility, and are about to be broke for 2 years. That extra money will be a game changer either through investing or just helping you get through the next few years.
If you feel like you can live at this place and not hate it, then lock in this great rate. The way I view apts in nyc (especially when applying to school which I am as well) is as such: what is the cheapest place I can live without being totally miserable. You still need to have a place that doesn’t make you dread going home, but is affordable. You know this is a temporary situation so that should make it easier. Just think of what you can do with an extra 12-24k (present value) not spent on obscene nyc rent THAT is what you’re sacrificing for.
Just make sure you’re being intentional with the money you’ll be saving, it won’t be worth much if you end up spending it on other areas that won’t contribute to savings or returns.
Why not move to a cheaper place?
If you are at Columbia or NYU look into subsidized grad student housing. A lot of NYU people live and commute from Brooklyn. A lot of Columbia students live uptown or in grad student housing at Columbia. If you are international, try reaching out to international house at Columbia. They provide subsidized housing.
How old are you?
26!