One of our homeowners recently inquired about whether he should require the same security deposit for an off-season and/or shorter stay rental as he does for an in-season, weekly one.
We recommend that you require the same security deposit in the off season as you do in the high season. The reason is that, regardless of the season or your weekly rental rate, the security deposit is meant to both incent your vacationers to leave your property in good condition and to protect you financially in case they don’t. The cost of any damage is the same, whether in season or out. And, even if someone were to stay for ONE night, your risks are the same as a longer term rental, and you should protect yourself adequately.
Now, we understand that you may get some push-back from an off-season, short-term vacationer. But you can give them the above reasons to defend your policy – and you can also back off on a case-by-case basis if you choose.
See our other posts related to security deposits:
Security Deposits – Too Much or Too Little?
Withholding Security Deposits – Know Your Rights
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