Tuesday, January 30, 2018
Security Deposit Questions. SEASONAL Vs a SHORT term Vs a LONG Term Tenant Tenancy Deposits
Security Deposit Questions.
SEASONAL Verses SHORT term Verses LONG Term, what should be the deposit?
This is a common question when renting out your home or condo.
LONG TERM Lease. Leases are required. Reference FLORIDA Statutes Landlord Tenant Act.
Best Practice I follow recommend is $50 less than the rent held in Trust for the Tenant.
Here is an example
Beachside Rental Online Rental application
Criteria required disclosed that needed for Long-term Renters.
SHORT TERM Tenancy is usually WEEKLY. Leases not usually required.
Most Vacation Weekly rental sites do 10% or $275- $500 a week.
HomeAway.com VRBO.com AirBNB.com
Most of these special insurance policies.
SEASONAL TERM Lease is the 3rd Category.
In Florida, the Winter Season is the main season. Snowbirds come for up to 6 months.
Anything from 1to 6 months is Seasonal.
If Rent is $3,000 -5,000per month then Security Deposits are usually as low as $1000 - $2500.
These Deposit amounts are whatever a landlord descides.
All deposits are governed by FL Law Landlord Tenant act.
Most Seasonal Rents are paid up front for the full term 60 days before the term begins.
A 13% Sales Tax is added to the Full Season Rent and Cleaning fee.
A deposit holds it for the next year as an example.
AT BEACHSIDE RENTALS INC. these initial deposits and the full-term rents ( 1 month or 4 months ) are deposited but held in trust until after there arrival.
Diana Sames Beachside Rentals INC. I am NOT an Attorney.
Agent and Realtor 727-776-0122
Office 727-367-3636 REMAX Preferred St Pete Beach FL 33706
Rental Criteria and application