Intern Life

Best Housing Options for Your Summer Internship

Finding housing for a 3 month summer internship in a city that you have never been to can be a challenge. Many short-term housing options can be outrageously expensive and leave you will very little money left over after paying rent, or put you in the negative if the internship pays you too little or nothing at all. Below are some of the best options I have heard from previous interns on how to secure affordable short-term housing:

  1. Corporate recommended housing: Many large organizations often coordinate with local universities and other programs to provide their interns with short-term housing at discounted rates. Be sure to take advantage of these offers early, as there isn’t always enough capacity for everyone and slots can fill up quickly.
  2. Airbnb: A few of the interns at my place of employment in Charlotte were able to find summer housing through the website. Generally these places were very nice and fully furnished. Registering for the service online was very straightforward and ended up costing around $1,000 a person for the whole summer, a fraction of what most other rentals would have cost.
  3. Friends and extended family: This may not always be feasible but to the extent you have any friends or extended family in the area, it is worth the shot, and it is by far your best chance of achieving free housing for the summer. It might also make sense to focus your internship search beforehand on cities where you have these personal ties and can coordinate these kinds of arrangements, especially if you are a freshman or sophomore and have a feeling that your internship will be unpaid.
  4. Mentor: Asking a mentor if they would be willing to let you stay with them during a summer internship could play out to be one of the best decisions you ever make. My sophomore year, I had an amazing opportunity to intern for a private equity group in Charlotte. The only issue was that it was unpaid, and I didn’t have housing in Charlotte. I asked one of my mentors if I could stay in his guest bedroom for the summer. To this day, it is one of the nicest things someone has ever done for me. Not only that but I learned so much by having the chance to eat dinner with him and his family. I received amazing advice over drinks after work and on the weekends. At first I was so nervous about asking him, but I am so glad I did. It turned out to be the best summer of my collegiate career. Without his generosity, there is no way that I would be where I am today.
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Carl Schlotman

Carl Schlotman IV was born and raised in Cincinnati, Ohio. Carl completed 6 internships in his collegiate career with world-class financial institutions such as: Bank of America Merrill Lynch and Goldman Sachs. After gaining experience with his internships and accepting a full time offer with Wells Fargo Securities in Investment Banking upon graduation, Carl seeks to give back to younger students. He published his first book: Cash in Your Diploma, in April 2014.

Carl has spoken at several universities around the country to share his strategies and tactics for getting the job you want, in the field of your choice, making the salary that you desire. The concepts laid out in Cash in Your Diploma have helped students attain positions with: Northwestern Mutual, Wells Fargo, Microsoft, The United States Government, Morgan Stanley, entrepreneurial startups, and many others.