Charles St West
General Updates
Temporary Office Closure
Please note that the Residence and Admissions Office will be temporarily closed on August 24th from 10:30am – 1:30pm. Security will be available during this time, which you can contact at 416-729-1592 or 647-234-4050.
Rent Increase as of September 1st – tenant reminder
Please note that rent increases comes into effect on September 1st. Kindly arrange to have your cheque amount adjusted. Please call the Housing Office at 35 Charles if you have questions about your rent increase. Also, your last month rent (LMR) must be updated to reflect the rent increase.
Last Month Rent (LMR) Top-Up
What is LMR?
University Family Housing, like other landlords in Ontario, collects a deposit at the start of 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, 2022. The rent at the time of move-in is $1661. A deposit of $1661, representing last month’s rent, is collected at the start of the tenancy.
- On September 1, 2022, rent for an upgraded two-bedroom for existing tenants is increased to $1711. The differential is $50. The rent deposit on file is now short by $50.
- However, the tenant has earned 1.2% on the deposit from February 1 to September 1:
- $1661 X 1.2% X 212/365 days
- Interest earned is $11.58
- The tenant owes $50 but has a credit for interest earned of $11.68. The LMR top up required is $50 less $11.58 = $38.42
- 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 prior year top ups etc.
Next Steps/Options to Pay:
A letter will be sent to you to 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
If you have any questions on this requirement, please reach out to the Housing Administrator, Isabelle Brull at 416.978.2872 or isabelle.brull@utoronto.ca.