Lester Lofts, Waterloo

Booking Deposit

• A booking deposit equal to 1 month's rent is required.
• The last month's rent deposit is non-refundable upon application approval and is used to reserve the room.

Security Deposit

• A $200 key deposit is required.
• The key deposit is refunded when the keys are returned.

Mode Of Payment

• Credit card.
• Debit card.
• Bank transfer.
• Automatic bank withdrawals.
• Certified cheque.

Guarantor Requirement

• A Canadian guarantor is required.
• Guarantors must be full-time employed Canadian citizens or permanent residents.
• The guarantor agrees to pay outstanding rent if required.
• Credit checks may apply.
• If the student does not have a Canadian guarantor, they can pay a guarantor fund equal to 2 additional months' rent.
• The guarantor fund is applied to the 2nd and 3rd last months of the lease.

Additional Fees

• A $275–$495 administration fee applies when a replacement tenant is found.
• Smoking violations incur a $200 charge and may also result in city fines.

Pay In Instalment

• Full payment or monthly payment options are available.
• Monthly payments are due on the first day of each month.

Cooling Off Period

• The property does not offer any cooling off period, all contracts are legal and binding.

No Visa No Pay

• Tenants are eligible to cancel their booking if their visa application is rejected.

Early termination by students

• Tenants who want to leave the lease early must find a suitable replacement tenant.
• The replacement tenant must agree to the same terms as the original lease.
• The existing tenant is released only after the replacement tenant has submitted the required documents and payments and has been approved as a tenant.
• An administration fee is charged when a replacement tenant is found.

Replacement Tenant Accepted

• The tenant is responsible for finding a suitable replacement tenant.
• The replacement tenant must take over the lease on the same terms as the original lease.
• The replacement tenant must be approved as a tenant before the existing tenant is released.
• A lease replacement administration fee of $275–$495 applies.

Other cancellation policies

• Subletting is allowed subject to completion of a Sublet Agreement.
• For student buildings, subletters must be college/university students and provide government ID and student ID.
• The original tenant remains responsible for paying rent while the unit is sublet.
• The tenant must submit the completed Sublet Agreement as required.

Delayed Arrivals & travel restrictions

• If you are unable to travel due to government-imposed travel restrictions, please contact the team with the relevant supporting documentation. We will facilitate the request to review your circumstances and explore the possibility of cancellation/contract amendment. Requests are considered individually, and any outcome will depend on the property's review and applicable booking terms.

University Course Cancellation/Modification

• If your course has been cancelled by your university, please reach out to the team with the relevant supporting documentation. We will liaise with the property team to review your request on a case-by-case basis for cancellation. The resolution will be subject to the property's assessment and the terms of your booking.

Deferring Studies

• If you have deferred your studies, please contact the team and share your updated university documentation. We will notify the property team to review your request for cancellation/contract amendment. Requests are assessed individually, and the final outcome will be subject to the property's review and booking terms.