Reminder: Rent Increase in effect as of September 1st
Please note that the annual rent increase will come into effect on September 1st, 2023, which residents were notified of in May. We kindly ask residents to arrange to have their cheque amount or other payment methods adjusted to reflect the increase communicated to you. Should you have any questions about your rent increase, please reach out to the Residence Office at 35 Charles. Additionally, your last month’s rent (LMR) must be updated to reflect the rent increase (see below)
Last Month’s Rent (LMR) Top-Up
What is LMR?
University Family Housing, like other landlords in Ontario, collects a deposit at the start of the tenancy to cover the last month of rent. As rents go up each September 1st, the deposit must be topped up to equal the new rental rate. The landlord must pay tenants interest on the rent deposit every 12 months. The rate of interest a landlord must pay is determined by the Ministry of Housing and published on the Ontario Landlord Tenant Board website on an annual basis.
How is it Calculated? A Sample
- A tenant moves into an upgraded two-bedroom unit on February 1, 2023. The rent at the time of move-in is $1524. A deposit of $1524, representing last month’s rent, is collected at the start of the tenancy.
- On September 1, 2023, rent for an upgraded two-bedroom for existing tenants is increased to $1570. The differential is $46. The rent deposit on file is now short by $46.
- However, the tenant has earned 2.5% on the deposit from February 1 to September 1:
- $1524 X 2.5% X 212/365 days
- Interest earned is $22.13.
- The tenant owes $46 but has credit for interest earned of $22.13. The LMR top-up required is $46 less $22.12 = $23.87
- The above is a simple calculation to illustrate the principles. Other factors may impact specific calculations such as parking deposits, the timing of payment of the prior year’s top-ups, etc.
Next Steps/Options to Pay:
A letter will be sent to you in mid-September to confirm the amount of LMR Top-up payable.
There are two options available for tenants to pay the LMR top-up:
- Adjust the value of your next rental cheque
- In-person payment with Canadian debit card in Residence Office Room 102
For tenants paying their rent via preauthorized payment, you will have to come in person to pay for your LMR top-up, using one of the two options available
If you have any questions on this requirement, please reach out to the Housing Administrator, Isabelle Brull at 416.978.2872 or firstname.lastname@example.org.
Penalty for Illegally Parked Vehicles
Residents are reminded that unauthorized vehicles in our parking garages will be tagged by Transportation Services at U of T and towed at the owner’s expense. This includes visitors to our buildings. Visitor parking is available in the underground garage at 35 Charles Street West. The resident must use a fob to enable the car to go in and out of the garage, the spaces are on the “C” level, and they use a Pay & Display system. For more information on parking at Charles Street, please visit our website here.