Renter’s Guide
At Adina Equities we know that an apartment is more than just
a roof you’re your head. It is your home. The place you feel most comfortable.
We believe that everybody should have a home they love, and we know just how hard
that is to achieve here in New York. This guide will help you prepare by providing
you with a step-by-step, easy to follow overview of the process.
1. Connect with Adina to discuss
your rental needs. Phone, email or book a personal rental consultation at our office.
Since we have so many fabulous exclusives, working with us provides you with a clear
advantage, especially in a tight rental market like Manhattan. Adina works with
a select team of Agents and assistants to help you in your search. As Adina always
says, her name is on the door, meaning the way you are treated and the service you
receive is extra important to her. Adina purposefully keeps her office “small
and strong” as she often says. She has high expectations of the way you are
treated by her staff. She expects high quality service from a handful of personally
trained staff members who are trained to do business the “Adina” way.
Together we will help assess your needs, focus your neighborhood search, determine
the time frame for the search, discuss your rental budget, and prepare you for what
to expect along the way.
2. Did you know that every building
has different application requirements? Landlords of apartment buildings usually
require proof of income equal to 40 to 50 times the monthly rent plus a clean credit
report. Problems with applications can often be solved by getting a guarantor, or
by paying additional security deposits or advance rent. Condos and co-ops often
require a Board package plus additional fees and, in some instances, a Board interview.
Approval from a co-op or condo Board typically takes from 14 to 30 days.
3. We realize not every application
is perfect. We can help. For those of you with credit issues, no guarantors, 100
pound dogs, 5 cats, or other obstacles to getting the apartment of your dreams,
the right Broker can make all the difference. If you have a special concern, we
will try to match you up with a landlord who understands your special needs.
4. Come prepared. Adina Equities
has an outstanding track record of matching clients with apartments they love on
the first day out. It is imperative in this competitive market to come prepared.
There is nothing worse than finding an apartment you love and then missing out because
you weren't prepared to beat out the competition. Here’s what you should bring
with you:
• Cash (usually a $500 deposit will hold the apartment pending approval of
your application)
• An employment verification letter including salary and bonus
• Recent pay-stubs
• Last year’s tax return
• A current bank statement
• A landlord reference letter
• Your credit card numbers
• Verification of additional sources of income
• And, (just in case) the name of a person willing to guarantee your lease.
5. Prepare the funds. Renting
an apartment usually requires your first month’s rent, security deposit (equal
to one month’s rent) and Broker’s fee. The standard, New York Broker’s
fee is 15% of the first year’s rent. Sometimes, the last month’s rent
is also required in advance. Landlords will not accept personal or out-of-state
checks. They require certified funds. In some cases, you will need the checks on
the same day you submit your application.
6. If you are relocating, try
to establish a New York bank account before you begin your search. If this is not
possible, bring the necessary funds with you.
7. Now we hunt. As an Adina Equities
client you get first access to our fabulous exclusives. If we don’t have the
perfect apartment for you, you can bet that we have access to it. Our contacts are
extensive and our database includes nearly every available apartment in Manhattan.
We won’t stop until you find an apartment you love.
8. We've found you an apartment
you love. Here’s what comes next:
• Complete the application or board package
• Put down a deposit
• Pay the application fee
• Sign for a credit check
• In some cases, a personal interview may be required.
Your Agent will guide you each step of the way until the lease is signed and the
keys are in your hand.
9. Phew! You’ve been approved.
Your Adina Equities Agent will accompany you to the lease signing. Now is the time
to turn over the certified checks for rent, security deposit, and Broker’s
fee. If you are moving into a condo or co-op you will sign the lease and present
the checks in advance of the final board approval. This is standard practice so
that you can move in as soon as you are approved.
That’s it! Call the movers and accept our thanks to you. As our business is
built on the referrals of satisfied clients, we are truly grateful for each an every
person who comes through our door.