By using MyVR's services you agree to our Cookie Use - We use cookies to improve your experience on our site, analytics and marketing efforts.

Knowledge Center

Get More Renters. Work Less.

What are the different types of vacation rental deposits?


Which ones are standard and what are average deposit amounts for vacation rentals?

Asked By: Mike

Tags: Insurance Rates

1 Answers

Mike

For deposits, it's standard to request a third or half of the traveler's payment upon booking. This can later be applied to the full rental fee, but it's a good idea to strengthen their commitment to their rental. 
 
The other two vacation rental home deposits revolve around damages. A security deposit is often 10% of a client's rental fee, or $200--whichever's greater. If you're allowing pets, hold those cats and dogs to as high a standard as you do their owners by charging a pet-specific damage deposit of roughly the same amount as the regular damage deposit. This will handily force your clients to clean up after their animals and keep them in line, saving you time and money.