It is the policy of Victoria Park Community Homes (VPCH) that a security deposit or what is commonly known as the payment of Last Month Rent (LMR) is required by all tenants taking occupancy with VPCH regardless of income source.
- VPCH and tenants enter into a signed lease agreement prior to taking occupancy. Possession of the unit commences upon the tenant receiving the unit keys on the stipulated move-in date or commencement of the lease.At the time of commencing occupancy, tenants are required to pay VPCH – an amount equal to the first month rent and the last month rent.
(Note the first month’s rent may be pro-rated when a tenancy commences prior to the first day of a month). - The last month rent is an amount equal to the first full month’s rent as noted in the lease agreement, and it must be paid in secured funds on or before entering into the tenancy agreement, and unit keys are provided for move-in. (Secured funds may be in the form of certified cheque, money order, direct debit or online payment).
- Failure to pay the LMR will absolve VPCH’s responsibility to provide the unit keys and commence the tenancy on the stipulated move-in date. This circumstance does not absolve the responsibility of the tenant, who entered into a binding lease agreement with VPCH. In these circumstances, VPCH will immediately commence legal proceedings as deemed necessary.
- If the rent increases after a tenant has paid the LMR, VPCH can ask the tenant to pay an additional amount towards the LMR to bring it up to the same amount as the new rent.
- The LMR deposit can only be applied to pay for the last month of tenancy.