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I am on the west side of Los Angeles and looking to rent my home as a summer vacation house with a 3-month lease. Does the market support asking for 1st, 2nd and last month's rent plus a security deposit equal to the price of one month's rent?
I am on the west side of Los Angeles and looking to rent my home as a summer vacation house with a 3-month lease. Does the market support asking for 1st, 2nd and last month's rent plus a security deposit equal to the price of one month's rent?
So you want to rent your home out for three months, and want to ask for all of the rent up front, as well as a security deposit? I have no idea if the market would support that, but I would never agree to it.
I wouldn't go for that myself. We are renting this coming winter for two months, I have sent a deposit for a little less than 10% of the total rent amount which turns into a refundable damage deposit upon arrival. Balance due 45 days prior to arrival. Another winter rental we had we paid first month to hold it and then paid second month upon arrival. No specific damage deposit.
I realize you are worried about turning your home over to strangers, but remember your potential renters are worried about turning over a considerable amount of money to you, who is a stranger to them. I always say there has to be a certain amount of trust for both sides in vacation rentals.
Any vacation rental I've rented on sites like Home Away I've paid a deposit and then usually the balance within a certain amount of days before I checked in. I've never paid the entire amount up front.
yes there was a security deposit which was always promptly refunded after I left.
Just so you know, me myself would never rent a vacation rental off Craigs List, in case that's the route you plan on taking. I always use VRBO or Home Away. I would also consider a realtor who specializes in vacation rentals.
We do a weekly rental during the summer. Half up front when we book (refundable in case the house suffers damage in the meantime), and the other half the day we get the keys the day of arrival. Refundable security is sent back a few days after we vacate. All of the paperwork and key handling is done through a local agency specializing in rentals.
But that is just for a week. 3 months for the same renter is moving into regular tenant-land. I'm sure someone else would have more experience there, but I would imagine the first month + security upfront, then collect the 2nd and 3rd months as they come around would be an easier nut to swallow for the renter.
We do a weekly rental during the summer. Half up front when we book (refundable in case the house suffers damage in the meantime), and the other half the day we get the keys the day of arrival. Refundable security is sent back a few days after we vacate. All of the paperwork and key handling is done through a local agency specializing in rentals.
But that is just for a week. 3 months for the same renter is moving into regular tenant-land. I'm sure someone else would have more experience there, but I would imagine the first month + security upfront, then collect the 2nd and 3rd months as they come around would be an easier nut to swallow for the renter.
Very common in FL for the months of Jan, Feb and March. and most if not all are paid in full by check in day. Very wise to take insurance if vacation renting that long in case illness, death in family etc forces you to leave before the time expires as YOU WILL NOT GET A REFUND.
O/P I would surf around Home Away web site and see what people in your location are asking for in vacation rentals.
I think that given the term, this is a residential lease and not a VRBO thing.
It is quite common for people to rent 3 months in the winter in FL.
But yes the most I've seen in the minimum nights required on VRBO is 30 days
On a residential lease can you require all that money up front?
For a vacation rental you can require it all paid up by check in date.
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