Rental Rates and Fee Schedule (2023-2024)

Published April 4, 2023 | Updated June 28, 2023 

Fiscal Year Budgeting 

July 1, 2023 - June 2024

One of the greatest benefits of living at Commonwealth Terrace Cooperative is that we are a Cooperative.  This means we are not owned by a corporation nor driven by profit. There is no portfolio to be managed nor investors to answer to.  We are a true community focused organization, with oversight from our peers in governance, a management team for day to day operations and the contributions made consistently by our members.  All residents have the opportunity to become a member and have a voice at CTC.  The Co-op strives to provide an affordable living experience to the community’s best interest in mind.

There comes a point in every organization, for profit or not for profit, where increases are necessary.  For CTC, we are at that point.  In order to keep a property up and running, it has to be able to invest into itself.  The Board of Directors, finance committee and management team have worked hard on developing a budget that will keep CTC successful at being the member driven, nonprofit focused organization it has always been. Our fiscal year budget for rental rates and the updated fee schedule reflects this necessity. Consistently over the last 5 years, CTC has had lower than industry average rental rate increases and operated at a loss due to the uncertainty of the times and events that were happening.  These increases have ranged from 0% - 3.25% in rents, with industry standards being closer to 5%-8%.  The increase in expenses - specifically, University Requirements and other uncontrollable costs (utilities, insurance, etc.) - increased far more that the rates of rent, leaving nothing to be left over for CTC to invest in itself.

It is crucial that CTC’s rental and fee increases line up with amount of increases in uncontrollable costs going forward. CTC management and the Board of Directors continually dedicated to provide well maintained and affordable housing for the co-op residents and strive continue to maintain lower than market rent and fee rates for our students that live at CTC and are a part of our special community.

---

Fee Schedule

Effective July 1, 2023

Fee Schedule FY 2023-2024

While understanding the increase in rent for this year, the Board of Directors was mindful of what the fee schedule increases would be.  Although some fees did adjust, most changes are due to policy and system changes.  This year's fee schedule was also edited to add clarifying language to line items, as well as adding existing charges from other operational areas of the co-op (such as room reservations) for an increasingly comprehensive fee list.

Note: One change includes that the late fee is 8% of your rental rate (formerly a flat $50 fee). Review the attached fee schedule above for all changes.

---

Rental Rates 2023-2024 

*UPDATED June 23, 2023

Starting July 2023

Rental Rate Schedule Effective July 1, 2023 - June 30, 2024

FY 2023-2024	One Bedroom		Two Bedroom		Three Bedroom
	Garden Level	Upper Level	Split Level	Phase IV	Phase IV
Member Rate	$819	$819	$1103	$1107	$1367
Non-member Fee	$50	$50	$50	$50	$50
Non-member	$869	$869	$1153	$1157	$1417

In July 2022, we started differentiating between Garden Level (first floor) and Upper Level (second floor) in One-Bedroom buildings, as well as between the models of Two-Bedroom units - Split Level and Phase IV - on the Rental Rate table. The new distinction is a result of the University of Minnesota's St. Paul Strategic Facilities Plan, approved by the Board of Regents in December 2021. The plan indicates that the CTC property will remain housing (yet now with mixed-use housing) and will not be used for academic building use. CTC is waiting on Housing and Residential Life (HRL) to initiate the process of change on this property with an expected wait time of 5-10 years. Meanwhile, the University is building up reserves for future undetermined redevelopment of the cooperative, by raising the co-op's financial requirements paid to the University*. Effectively, today’s rents combined with the discontinued investment in the co-op’s one-bedrooms and two-bedrooms split-level model buildings are being put towards those reserves for the overall plan.

In which case, the co-op must make changes to reflect the depreciation, in fairness to our residents, as well as plan to help mitigate the co-op's significant loss when the University implements the plans of redevelopment. Of CTC’s 456 units, only 102 are Phase IV. CTC’s one-bedroom and two-bedroom split models make up 78% of CTC’s total units and, thus, annual income. The process of demolition and reconstruction of all one-bedroom and two-bedroom split-levels is expected to take years to complete, in which the co-op must operate at significant income loss while 78% of our units are off-line indefinitely.

*The University financial requirements increased by 4%. The UMN capital plan moving forward is only investing in Phase IV two and three bedrooms which is why those units are receiving a higher increase. The University financial requirements are expected to have a 4% increase annually moving forward to plan for the future redevelopment of the property.

Co-op Membership Status

Residents can become a member anytime while living at CTC. To join, contact the office and submit the one-time joining fee to initiate the membership to your household.

Rent Payment Reminders

Add Monthly Charges or Outstanding Fees

Your monthly amount due includes your unit’s rental rate, as well as any other additional charges, such as an additional vehicle, or an extra appliance (including air conditioners), long-term visitors, or other outstanding fees. View your balance and payment history via your RentCafe account, otherwise contact the office if you need assistance determining the accurate amount.

Rent Due on 1st of Month

Rent is due to CTC's office on the first day of the month. Rent payments made after the fifth day of the month are subject to a late fee. An automatic late fee charge and email notification on the 10th of each month informing you of a late fee charge or past due balance on your account. If you find any errors, please contact CTC's office.

Note: New to FY 23-24, the late fee is now 8% of your rental rate (formerly a flat $50 fee), as reflected on the fee schedule.

Deposits + Statements

• Please allow 2-3 business days for the withdrawal to appear in your bank account, as well as the payment to be reflected in your RentCafe ledger if not submitted through RentCafe.
• Write or make sure your address is on the check (if paying by check).
• If paying not for an account printed, please note specifications in memo
• View balance and payment history (RentCafe login > Payments)

Payment Method Options

1. Provide a Check to CTC Office
   • Free 
   • We accept personal checks, money orders, and cashier’s checks 
   • Two drop-boxes available for deposit: one inside the Community Center on CTC’s Office window; one outside on the northwest exterior of the Community Center facing the Ward 9 playground, which is available 24 hours/7 days a week.
2. Pay online via RentCafe
   • Starting at $0, fees apply depending on transaction form and amount. Detailed list of payment fees.
   • Select recurring or one-time payment
   • Guide to make an online payment
3. Use BillPay via Personal Bank
   • Free for standard transactions
   • Select recurring or one-time payment
   • BillPay will print and mail checks from your bank to CTC for you
     • How Do I Set Up Online Bill Pay?
     • Remember to assign the mailing date at least 10 days in advance to the first to ensure the check arrives before the fifth of the month, accounting for any holidays or weekends
     • Mail check to CTC at 1250 Fifield Ave, Falcon Heights, MN 55108. No account number from CTC is necessary; this field indicates the name you wish to designate for your own personal records.