Your Questions Answered
What Fees do I Need to Provide?
You will need to provide $2,000 towards your last month’s rent deposit for an application to be processed. If the application is not successful or cancelled, the $2000 will be refunded 100% in full.
What is a Guarantor?
A guarantor (usually a parent, guardian, family member or friend) is a leaseholder who does not occupy the unit. You may be asked to add a guarantor to your application if you do not meet the financial qualifications to lease. A guarantor agrees to take joint responsibility for all aspects of the lease if the tenant(s) fails to do so. A guarantor needs to complete the same application process as a renter and is also required to sign the lease.
How Much is My Rent Deposit?
The rent deposit is applied to the last month’s rent period of your tenancy. The amount of this deposit is equivalent to one month’s rent of the suite you are applying for.
Is the Last Month’s Rent Deposit Refundable?
Your last month’s rent (LMR) deposit will be applied to the rental amount owed on your last month of living at a Tricon property. At the end of your lease term, should you wish to vacate the property, a 60-day notice to vacate is required. For example, if your lease term ends on December 31, 2023, and you wish to vacate the suite at this time, a notice to vacate needs to be received by our management office no later than November 1, 2023. Your last month’s rent deposit will be applied to the rent that will be due on December 1, 2023.