Vacation Rentals Security Deposit
Returning the vacation rental security deposit is typically the last step of the rental process. If done correctly, you will leave your renters with a sense of appreciation, and therefore, may have repeat business in the future. Be sure to have your housekeeper or maintenance crew thoroughly check the home before mailing out a check. There are two different scenarios you will have to face when sending out the vacation rental security deposit: One where you will be able to return the complete vacation rental security deposit and the other where you will have to withhold some (or all) of the money to cover damages incurred during a guest’s stay. Both situations should be dealt with professionally, and there are things you should keep in mind in both accounts.
Sending the vacation rental security deposit back when no damages were found
- Mail the check and letter as soon as possible.
- Sending the refund check in a handwritten thank you card or letter adds a personal touch.
- Begin by thanking them for their stay, and for keeping your vacation rental in good shape.
- Include a note to say when you will be renting for the next season. Mention that you tend to book fast, which will give the renter a sense of urgency if he/she wishes to use your rental property in the future.
Holding some of the vacation rental security deposit to cover damages
- Begin by thanking the guest for their stay.
- Inform the renter that a portion of their deposit is being kept, and why. Note in the letter what your rental agreement states regarding security deposits and damages. Include a photo of the damage if possible.
- Include a copy of the bill or receipt where you paid to have the damages repaired, or purchased the items to repair it yourself.
- Explain that the check enclosed is for the vacation rental security deposit minus the amount needed to cover the damages.
If all of the vacation rental security deposit has to be kept to cover damages, prepare your letter in the same way you would if only some of the money was going to be withheld. Just alter it to say that none of the money will be sent due to the extensiveness of the damages. Be sure to include a copy of the vacation rental security deposit refund policy with your letter, especially if you are keeping some of the money. In some states, the law states you must notify renters or return the deposit within a certain period of time. Be sure to include a timeframe in your rental agreement, and stick to it to keep yourself out of trouble.
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