Starting in NYC soon, partner and I are looking at combined comp between 210k and 250k pre-tax. What’s a reasonable spend for rental?

Non negotiable are must be pet friendly

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Lock in low rents now. You should be able to find a decent one bedroom for $2500 -$2700.

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This! You could afford comfortably $5-6K probably, but it’s worth saving what you can. You’ll land a great apartment with private outdoor space in some Manhattan neighborhoods for $4K-$5K right now, which will let you get enough space for both of you and the pet and such.

Edit: I just realized you wrote combined comp, sorry! I’d say you can still probably afford $5K but it’s not the most fiscally responsible / won’t allow you much wiggle room depending on how much you spend outside of rent. So $3-4K is probably better. You can do well with that range during Covid pricing for sure (and lock that in for 18 months+). But this is all subjective because different people have different visions of what a good life / good savings benchmark looks like.

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While you can likely afford more you'll be quite comfortable at 5k and be able to enjoy a bit of Manhattan pomp and circumstance

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You can live comfortably for much less than 5k IMO and save money for other luxuries like food and going out in NYC. Pre pandemic my partner and I were paying 3,300 for a large 1br in Long Island City on a complex building with a rooftop pool, amazing gym, indoor pool and dog park. 15 min commute to midtown. And prices have dropped significantly since then

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Hah yes

You can afford up to 5-6k but can find something comfortable around 3-4K and just have extra for savings/investments/Michelin star food/hobbies. My fiancé and I are at 380k combined and spend around 3200 on rent. We could afford more but 3200 got us what we wanted already (pet friendly luxury building, in unit washer dryer, central AC, doorman, good location, plenty of space, etc)

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We are at about ~$250k; monthly expenses: $4k on rent, $3k in loans, ~$800 on food (during covid- just groceries really) + the rest (cell phones, internet, etc.)

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This is amazing thanks EY1

Obviously keep in mind OP that while many places are offering huge discounts on rent right now, after about a year you should expect those rents to spike back up. So I would definitely suggest researching online or asking current tenants in the building what pre-COVID rents were so you can make sure you can still afford it in a year.

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I would go with ~$3500. You’ll get a great 1BR during this time and possibly with W/D. That way you can kind of live a bit more carefree here and still save. We are at ~$500K and spend $4350.

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Standard logic is no more than 30% of pre-tax income (that gets you the 40x monthly rent retirement for many rentals in pre-COVID times). Assuming you have no revolving debt (student loans, car payments, child support, etc.) you’d be looking at about $5,250/month. In this environment you’ll likely find a pet-friendly luxury building for much closer to the $3k mark if you just want a 1-bed. A 2-bed would move you closer to that $5k mark.

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Keep rent under 3.5k.

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Or you can try to lick in an 18 month or two-year lease at the lower rent.

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Lol i read the first half of the post and thought it was going to be another one of those “will i be able to afford NYC” posts and i was prematurely becoming angry until i read the rest

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Also another factor to consider is area. You can get amazing deals all over the city these days but area is what drives the price (along with the underlying building type, amenities, etc.)

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Oh wow, this is great news.

I was unsure of COL aside of rent and was worried we wouldn’t be able to afford more than 3k on rent and had trouble to find many choices.

What’s a typical monthly spend (rent aside) for a couple in late 20s? Nothing extravagant but we like our comfort

Depends on what you want and how you socialize, but since so much is closed or “lesser” right now, you’ll prob not be spending tons on dining. Plan for that budget line item to increase when the city is back to flexing

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5-6k should be totally fine! i spend ~3k per month making much less than your combined income and havent felt any pressure on savings or lifestyle. plus with rents being so low you could get a much larger apartment for less right now and save extra that way as well

Same boat here, 4-5k when we lived but with 2 kids we bought and moved out in Queens near the subway

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