LMR interest

In some jurisdictions, including Ontario, the landlord must pay the tenant interest on the last month's rent (LMR) deposit. Rent Magic's Apply New Rents function automatically calculates LMR interest at the same time as it increases tenants' rents.

There are various settings that you can adjust:

• For most clients, ManageUDA's built in interest calculator will override the LMR Interest field in Building Defaults. Please contact your representative if you need to set the interest rate. Also on this screen you can specify Rent Magic's default action with LMR interest, for each building. See Building Defaults for more information.
• You can change the default action for each individual tenant from the building default, through the tenant's Increase Information screen. To access the Increase Information screen, first open the tenant's Tenant Information screen (see Open Tenant Information for details), jump to the Other Information screen, then click on the Increase Information button. See Increase Information for more information.
• While running the Apply New Rents function, you may change the action for any tenant from the default for that tenant. See Apply New Rents for more information.

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