Charles Street

General Updates

Rent Increase as of September 1st – Tenant Reminder 

Please note that the rent increases took effect on September 1st.  If you have not done so already, kindly adjust your cheque or debit payments to reflect the new amount. For any questions regarding the rent increase, please contact the Residence Office at 35 Charles, Suite 102. Additionally, your last month’s rent (LMR) deposit must be topped up to match the new rent amount. Tenants enrolled in pre-authorized debit (PAD) payments will have their rent automatically adjusted. 

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 a tenancy to cover the last month’s rent. As rent increases each September 1st, this deposit must be topped up to match the new rental rate. Landlords are also required to pay tenants interest on the rent deposit every 12 months, with the interest rate set annually by the Ministry of Housing and available on the Ontario Landlord and Tenant Board website.   

How is it Calculated?  

Here is an example: 

  • A tenant moves into an upgraded two-bedroom unit on February 1, 2024, at a monthly rent of $1859. A deposit of $2859, representing last month’s rent, is collected at the start of the tenancy. 
  • On September 1, 2024, the rent for an upgraded two-bedroom increases to $1905 for existing tenants, a difference of $46. The LMR deposit on file now is short by $46. 
  • However, the tenant has earned 2.5% on the deposit between February 1 to September 1: 
  • $1859 x 2.5% x (212/365 days) = $26.99 in interest earned. 
  • The tenant owes $46 but has earned $26.99 in interest, meaning the LMR top-up required is $19.01 ($46-26.99). 

Note: This example is for illustration purposes. Specific calculations may vary due to factors like parking deposits, timing of the prior year’s top-up payment, etc. 

Next Steps and Payment Options: 

A letter will be sent to all tenants in mid-September confirming the LMR top-up amount owed. There are two payment options available: 

  • Adjust the value of your next rental cheque 
  • Make an in-person payment with a Canadian debit card at the Residence Office, Suite 102 

Please note that tenants on PAD payment plans must use one of these two options to pay the LMR top-up, as monthly PAD payments will not cover it. 

If you have any questions, please contact the Housing Administrator, Isabelle Brull at 416.978.2872 or isabelle.brull@utoronto.ca. 

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