Having recently read reviews on VRBO about a homeowner in RB who was not returning security deposits, I am a little more concerned than usual about rental agreements with individuals. I have found a fabulous cottage and was wondering what most people think is fair for a security deposit. In the past we rented from a rental company and paid no security deposit (just a deposit as a fraction of the overall rental cost). Thanks in advance for any suggestions.
What's the typical security deposit?
- Thread starter dcurlin
- Start date
-
Trouble logging in? Send us a message with your username and/or email address for help.
I can't help you with a typical refundable security deposit, but most individual homeowners do charge one - possibly several hundred dollars. The nonrefundable fee that many rental companies charge is basically a self-insurance fee, on the principle that the contributions of many will pay for the damage of a few. Owners managing their own properties don't have any way of spreading out the cost.
Good luck!
Good luck!
I've seen deposits as low as $500.00 on a 6bed/7bath condo, but most rental companies rely on the credit card you are paying with. Some rental companies require a cash deposit and will return it after you have left and they inspect the property.
Generally a deposit shouldn't exceed 10% of total stay or one day. If your overall cost is $1,000.00 and the owner wants that as a deposit I would look elsewhere as you may be paying for damage left by a previous guest.
Always remember that the beach has been there for thousands of years and will be there in 15 minutes. Take a quick walk through the rental and note and damage, if it seems recent, expensive, or beyond normal wear and tear, report it to the management company or owner then. Telling the desk clerk as you check out almost guarantees you will be charged for it.
Generally a deposit shouldn't exceed 10% of total stay or one day. If your overall cost is $1,000.00 and the owner wants that as a deposit I would look elsewhere as you may be paying for damage left by a previous guest.
Always remember that the beach has been there for thousands of years and will be there in 15 minutes. Take a quick walk through the rental and note and damage, if it seems recent, expensive, or beyond normal wear and tear, report it to the management company or owner then. Telling the desk clerk as you check out almost guarantees you will be charged for it.
We charge $250 for rentals that are usually between $750 and $2000. I cash it on receipt and mail it back after checkout. I have never had to keep any part of it. The only time I ever agreed to just hold a deposit check (not my beach property), the guest was there a month, left the place a total mess (according to my cleaners, who required an extra 3 hours to clean it) and when I cashed the check it bounced. No real damage but an extra $75 or so to me on the cleaning bill.
Dcurlin, one good thing about renting from an owner via VRBO or any similar outfit is that you have the opportunity to built a rapport with the owner before you even get to the beach. Most owners--myself among them--do not mind answering e-mails or talking on the phone. It's a two-way street, renting. You're trusting the owner to deliver a vacation as described in their ad, and they're trusting you to respect their property. Talk before you rent and get comfortable with the owner you're renting from. It will work in favor of both parties should something go awry.
About the security deposit: sometimes I charge a $39 non-refundable security deposit, which is insurance that protects my property up to $5k in damage. Or I charge $29 which protects up to $500, or I simply ask that my rental agent to get an authorization code on the renter's credit card which would allow the card to be charged to pay for any damage incurred. It depends on how long my guest is staying, which method I use. I am very happy to say that in four years of sharing my condo with others, I've never had any damage, and I put that down to taking the time to build a business relationship before the vacation happens.
A fair security deposit for a typical 1 week local rental should be less than 50% .. approx. $500, with balance due on arrival (or prior week) .. monies should be refunded with 30 days notice (minus $25() or totally in the event of mandatory evacuation. With so much competition these days we have to be fair, flexible and inviting.
In Inlet Beach, we live next door to our pet-friendly rental, so are able to offer 'hands on' attention and build up rapport with our clients, many of whom are annual returnees
In Inlet Beach, we live next door to our pet-friendly rental, so are able to offer 'hands on' attention and build up rapport with our clients, many of whom are annual returnees
Last edited: