You want to provide your guests with a perfect vacation experience. But by renting your property to those you don’t know, you are also exposing yourself to risk. A security deposit is a vital component of protecting your short-term rental property. The trick is finding the balance between enough money to cover potential damages and an amount small enough to put renters at ease.
Know the Basics
Since your rental agreement may only be a week or even just a night, it’s critical that you include everything necessary to protect your investment. It’s a good idea to include a clear description of the property and key contents, conduct that is prohibited, and how the property should be left at the end of the agreement.
The first step in determining a security deposit amount is to understand the law in your city and state. Some states limit the amount you can require for a security deposit as a multiple of the rent. Other states have no limit at all.
Here are some things to consider when deciding exactly how much to charge for a security deposit.
About the Author
Bonnie Joy Dewkett is a professional organizer and writer for Quill.com. She shares cleaning & organizing tips for homes and businesses alike as The Joyful Organizer.
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