Hi Im Chris Borkowski, you know me as “Condo” Chris and I’m a Broker with Remax Hallmark right here in the City of Toronto.
Today I’m back with another hot tip for renters. Sometimes I’m out with a tenant and we find a place that they really love.
They ask me” Hey Condo, what if I give the landlord 6 months rent up front to sweeten the deal, will that help me get the place?”
I’m here to tell you that practice is illegal. A landlord can not under the law, charge you 6 months rent up front.
The only up front rent a landlord can charge is the last months rent that you pay when you pay “first and last”. And guess what? Heres the hot tip: Your landlord has to pay you interest on that last months rent. This year for 2013 the interest rate is 3.2% – Thats $32 for every thousand dollars of rent. So, if you’re smart you’ll make sure that your last months rent cheque is short 3.2% If you’re even smarter, you’ll hire me to write the lease for you. It doesn’t cost you a cent, and we’ll make sure you get your interest at the end of your lease.
I hope you enjoyed todays tip for renters. If you would like to see more – check out my website. Condochris.ca
Once again, My name is Chris Borkowski and I’m a broker with Remax Hallmark right here in the City of Toronto. Thanks for watching.