Security Deposits

[PeggyHefferon]

A comment in another thread had me thinking about the topic of security deposits.

How much thought do you put into the security deposits you are required to pay? The scenario that made me think of this was in regards to vacation rentals, but the question can certainly be applied to any situation where a security deposit is involved.

Honestly, anytime I have stayed at a vacation rental, I never really put much thought into what I paid as a security deposit. I have always respected other people's property and understood that if I somehow caused damage then it was my moral obligation to pay. To me, the deposit was just a necessity for securing the rental that I wanted and always expected that money would be returned after the rental. Thankfully it has always worked out that way.

But the point is I never really put much thought into the amount, and I am curious if that is something others consider when renting something?

[disneysteve]

But the point is I never really put much thought into the amount, and I am curious if that is something others consider when renting something?

We rent vacation homes regularly and I've never been bothered by the requirement for a security deposit. We've never damaged a property and we've always gotten the money back promptly, typically within 1-2 weeks of checking out.

I totally understand why owners require it. In fact, I've often thought the amount was too low because if a renter did any significant damage, a $200 or $250 deposit wouldn't really cover much.

[PeggyHefferon]

I totally understand why owners require it. In fact, I've often thought the amount was too low because if a renter did any significant damage, a $200 or $250 deposit wouldn't really cover much.

I totally agree and this type of situation is what led me to posting this question. TexasHusker said he just got stuck paying for carpeting that was ruined. My first thought was about the security deposit and how it must not have covered the damage.

[Thrif-t]

Nope can't say I've ever thought about it because I always assume, I'm getting it back or not going to be charged for it anyway.

[PeggyHefferon]

Of the people that I know personally, I have only heard of one incident of a security deposit being held. I am sure there were probably occurrences that family/friends didn't choose to discuss. But only once has that type of situation made its way to my ears.

A relative let her grade school son eat spaghetti on the floor with a comforter underneath him so he wouldn't get anything on the carpet. Of course she wasn't able to get the stains out of the comforter and it ended up costing her $80. And she had the nerve to complain about how much was held back because she could buy one cheaper.