Homes, Condos, Casitas/Guest Houses, Private Rooms, Penthouses, and More. Just make sure you have a clean livable place that is no more than 30 miles from the stadium, most visitors that are looking to rent will not mind a little travel time to the event, this provides the opportunity for some sightseeing prior to arriving to a hectic event.
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Security deposits can offer short-term rental hosts peace of mind in the unlikely event that guests cause real damage beyond normal wear and tear to their vacation properties. While most short-term rental guests are used to paying security deposits, having the proper processes in place can make them less of a burden for your guests and easier to deal with for you. Here are some tips.
1. Make sure you’re charging the right amount
When determining how much to collect for a security deposit, you’ll want to charge enough to (a) provide renters incentive to avoid damaging your home and to (b) cover the cost of damages that might occur — without making the amount so high that it will deter renters from choosing your property.
Many hosts use $250 or $500 as standard security deposit amounts. Luxury rentals or larger properties can range from $500 to $2,000. Consider the property’s amenities when estimating this. Another option is to charge a percentage-based security deposit which work based off the reservation’s total price and can vary between 10-20% of the rental price, particularly if the rental cost is on the higher end. As an example, a villa renting at $4,000 a week, would require a $400 to $800 deposit.
Most short-term/vacation rental management properties go with fixed-rate deposits for simplicity. It’s much easier to automate into a process since the amount requested never varies. Going fixed-rate also covers more risk if the property is open to single-night reservations. It can help to take a look at similar properties to see what they’re charging for security deposits so you can stay competitive.
A reservation deposit/fee is commonly a non-refundable specific amount of money that validates the booking and is then typically applied to the total rental amount. The reservation/booking deposit can be up to 50% of the total rental charge or a fixed fee of $500 - $800. You can elect to refund a booking deposit, if you have implemented a cancellation policy with a specific time frame for cancelling a booking and only if a guest does not violate said policy.
2. Know the law in your area
Local laws on security deposits may specify renters’ rights, how security deposits can be used, how long they may be held, or even where they must be held (i.e., in a separate bank account). Be sure to familiarize with the local laws that apply to your property.
3. Find a collection/refund system that will work for you
There are a few options for collecting and refunding short-term rental security deposits, with varying pros and cons for you and your guests. While requiring a security deposit via check may be more common for long-term renters, for short-term rentals, it’s usually more convenient to either charge the full amount of the deposit via the same method used for booking the rental (typically a credit card or bank account debit) or to preauthorize the amount of the deposit on a credit card. This process can be completed via Square, PayPal or any other payment processor.
It’s helpful to list the security deposit as a separate line item in the rental bill so guests know exactly how much they’re being charged. If the security deposit amount is actually charged at the time of booking, it will be refunded if there are no damages. If preauthorization is used, the amount will only be charged if damage occurs; otherwise, the hold will be released.
4. Be clear about when the deposit is due and process it quickly
If you don’t manage security deposits through your online rental platform’s booking system, make a clear request to your guest for payment of the security deposit and give a deadline to complete the payment. Once the guest’s part is complete, process the payment quickly in order to avoid any problems such as returned checks.
5. Make house rules and chargeable damages policies known
Always let your guest know what is and what is not acceptable behavior on your property, and what will be grounds for keeping a security deposit. Normal “wear and tear,” such as breaking a glass or other minor accidents, is not grounds for dipping into the security deposit. Be specific about what sorts of damage will result in your guests losing part or all of the security deposit. This gives you more solid legal ground and warns guests about the consequences of certain kinds of damage.
6. Refund your deposit quickly
Your property should be inspected for damage as soon as your guests exit the property. If there is no damage, return the security deposit as soon as possible. This goes a long way toward cultivating goodwill with your guest and encouraging positive reviews and repeat visits. Keeping the deposit longer than necessary, on the other hand, is a sure way to sour a good relationship.
7. If you must keep the deposit, keep careful records
If major damage has occurred, it’s crucial for you to document it in case there is any dispute with the renter. Take photos of the damage and keep receipts for costs you incur to fix it. Generally, you’re only allowed to keep the amount of money it costs to make repairs or buy replacements, so if the amount to fix the problem is less than the security deposit, the guest would get some of the deposit back.