Security deposits for a weekly room rental?

Question

Hey sooo I live in the Darby area (Right outside of SW Philly) & I have an extra room thats not being used.

Decided to market it as a rental and I’ve had people express interest as a weekly rental. I am open to the idea but I wanted to know if it’s customary to have a security deposit for a weekly rental?

Please advise any feedback would be appreciated!!

Michael Ablan · Answer

@Derek Askew  - We charge a $500 refundable security deposit on our lakefront AirBNB.  You're situation may be different because they're just renting a room. Start with something and see if it sticks.  If it doesn't then adjust accordingly

Colleen F. · Answer

@Derek Askew Weekly rentals I have looked  at for a family member in MA have a  1 week to 1 month security deposit.   1 week on the traditional rooming house style rental.    As the rentals get nicer the deposit goes up.  Can't say from the landlord side.  Look online for comparable listings in your area to get an idea.

I am assuming this isn't Airbnb but more a roomer.  you want to cover yourself for at least a couple weeks if they stop paying.  If someone can't come up with some sort of deposit there is a good chance that they are one crisis away from not being able to come up with rent...

Derek Askew · Answer

@Nathan G. Thanks for reaching out appreciate it

Shain Ismailovski · Answer

Depending on local laws and regulations you should be allowed to ask for a security deposit for a weekly rental. It would basically work out like a vacation rental in a sense if you have someone new renting it out each week. It's common to ask for around 10% of the rent for security deposit, but that again varies based on local regulations. Make sure you are allowed to rent on a weekly basis also as some municipalities don't love it.

Nathan Gesner · Answer

It's common for short-term rentals to charge a refundable deposit, a mandatory cleaning fee, or keep a credit card on file for any expenses after move-out. Some do all three.

Derek Askew · Answer

@Colleen F. Thanks for the info. And yes that is VERY true!

Derek Askew · Answer

@Jimmy O'Connor yes

Derek Askew · Answer

@Michael Ablan thanks for sharing

Derek Askew · Answer

@Shain Ismailovski thanks for getting back to me appreciate it also appreciate the heads up

Jimmy O'Connor · Answer

Do you have a rental license active on your property?

Security deposits for a weekly room rental?

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