[l2ridehd]

Read your lease agreement and see what it says about the deposit. In my lease I spell out the security deposit and how it is handled.

Up to 60 days prior to the rental start dates I will refund 50% of the deposit and try to rent the property. If successful in renting I refund the remaining 50%. If not I retain the 50% of the deposit and will let prospective tenant apply it to future rent of either of our homes up to two years. If less then 60 days from rental start date I retain 100% but again let it apply to future rentals if I am not able to rent the property. If I am able to rent it I refund it all. All the terms are spelled out in the lease agreement. Remember the deposit removes the property from the market so the home owner loses the opportunity to rent the property.

I try to set it up so it's fair for both of us. My lease is used by several other home owners, but I am sure there are many different types of leases owners use. Your best tenants are those repeat renters so I try to be as fair as possible to them. When you cancel, the owner incurs additional cost of advertising and may or may not be able to rent the home.