If you choose to purchase a Damage Protection Plan, there are a few options to cover the cost.
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Include It in Your Monthly Rent: This keeps pricing simple and avoids charging tenants a separate fee during booking.
Before adjusting your rent, compare similar furnished rentals in your area to make sure your pricing remains competitive.
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Replace or Reduce Your Security Deposit: This can lower upfront costs for tenants while still providing protection against accidental damage.
Learn more in our blog, How Much Should You Charge for a Security Deposit?
Charge It as a Separate Fee: This keeps the cost separate from your rent and lets tenants see exactly what they're paying for.
Which Option Is Best?
There is no single right approach as it depends on your pricing strategy and local market.
When deciding how to recover the cost of a Damage Protection Plan, consider:
Rental prices for similar properties
Whether you require a security deposit
Your overall operating costs
How you want pricing to appear to tenants