Mid-term rental deposit, application fee, & rent collection

[Robert Calabro]

What do mid-term renters prefer when it comes to security deposit? I'm leaning towards a smaller non-refundable deposit vs a full month rent that is refundable. I would love to hear what others have experienced with it. 

Secondly, is it common to do a normal application fee for background and credit? My current platform charges $55. Should I keep doing this or is there something better for mid-term stays?

Lastly, what is the preferred method for collecting rent with mid-term stays? I'm currently using Avail.co for my long-term rentals. 

TIA!

[Allen Duan]

I can share what we do. We come from a background managing short term rentals, rather than long term.

We do a smaller refundable damage deposit of $500. Mid term stays are much shorter than long term so there should be less opportunity for damage. Of course, good screening will also help prevent bookings that are likely to cause damage.

We've never done application fees, but we also don't do credit and background checks. I think MTR tenants could be ok with this and it really depends on your business and how you plan to mitigate risk.

We collect rent through our property management system Hostfully. Again, this is a coming from the perspective of treating MTRs more like a STR rather than a LTR.