Security deposits are refundable fees collected by hosts to protect their property from potential damages caused by guests during their stay. Typically, you’ll come across a fixed amount ranging from $250 to $500 for standard rentals, while luxury rentals and larger properties may range from $500 to $2,000.
Now, you might be wondering how to make the security deposit payment. The good news is most vacation rental platforms have it streamlined!
At Lake, we don’t allow hosts to charge guests a security deposit on the platform or outside the platform. Instead, you’ll see at the time of booking that you may be charged in case of damages.
It’s essential to familiarize yourself with the cancellation policy of your chosen rental before booking. Different rental platforms offer various levels of flexibility, such as
- Flexible: Full refund up to 24 hours before check-in
- Moderate: Full refund up to 5 days before check-in
- Strict: 50% refund up to 7 days before check-in
Getting a Refund for a Security Deposit
Regarding refunds for security deposits, it usually depends on Lake’s policies, individual host’s preferences, and whether you’ve caused any damage to the property.
As a guest, it’s your responsibility to treat the rental with care and report any potential damages to the host. Remember, maintaining good relations with your host and receiving positive reviews will enhance your reputation on Lake.
Security deposits help ensure rental properties remain in tip-top shape and without an extra burden on your pocket.