Do I Need To Pay First And Last Month’s Rent?

Yes, a Landlord in Ontario has the legal authority to collect the first and last month’s rent deposit from a tenant when the lease agreement is signed. This deposit serves as a security for the landlord and must equal the rental rate agreed upon in the lease.

The first month’s rent deposit is typically used to cover the rent for the first month of your tenancy, while the last month’s rent deposit is held by the landlord and applied to the rent for the final month of your lease term.

For more detailed information on the first and last month’s rent deposits, refer to Section 106 of the Residential Tenancies Act. This section outlines the legal guidelines and protections for tenants and landlords regarding rent deposits.

By understanding these requirements, you can better prepare for your rental obligations and ensure a smooth leasing process. If you have any questions or concerns about rent deposits, consulting the Residential Tenancies Act or seeking advice from a knowledgeable leasing agent can provide additional clarity and support.

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