How do security deposits work for guests?
Security deposits can be required by the host and collected on thisopenspace. Security deposits are set by the host and based on a listing's features and/or how a guest is planning to use the space. They are never requested based on anyone’s race, national origin, ethnicity, sex, gender identity, or age.
A host can require a security deposit to protect them in case of damages, late check-outs, and failure to adhere to the rules.
Collecting security deposits
Some hosts require a security deposit for their space. The amount is set by the host, not by thisopenspace. If you’re a guest and you’re booking a space with a host-required security deposit, you’ll be shown this amount before you make your booking.
If your booking duration is less than 5 days total:
On the day before your check-in date, an authorization for the security deposit amount will be placed on your payment method. If your check-in is the same date as the day you made the booking, an authorization for the security deposit amount will be made on your payment method at the same time your booking is confirmed. The authorization means that you won’t be able to access these funds for up to 7 days.
For example, if you’re paying with a credit card with a total credit limit of $10,000 and there's a security deposit of $500, your credit card limit would then be $9,500 until the security deposit authorization is removed. As long as your host does not file a security deposit claim within 48 hours of your check-out, we’ll refund the $500 charge placed on your card 7 days after the authorization was placed. Your bank may take 3-12 business days to process the release of funds. If it turns out we can’t place an authorization for the security deposit amount before your check-in, you’ll be notified by email and will have 12 hours to try another payment method. If that doesn’t work out, we may cancel your booking, and your refund, if any, will be subject to our cancellation policy.
Try to make sure your payment method has enough money available to cover the security deposit. (If you’re not able to do that, thisopenspace is not responsible for any associated fees, including overdraft fees.)
If your booking is great than 5 days total:
For bookings that are greater than 5 days total counting from the check-in time to the check-out time, a charge, rather than an authorization, will be placed for the security deposit amount.
The security deposit amount will be withdrawn from your credit card and refunded at a later date.
Everything else works the same way as booking durations that are less than 5 days in total.
Refunding security deposits
Security deposit authorizations are released 7 days after the authorization is placed unless your host submits a security deposit claim. Your bank may take 3-12 business days to process the release of funds.
How security deposits work if there’s an issue
If and when a host files a security deposit claim, it will be handled according to how thisopenspace handles security deposits. Under the process, hosts are required to provide documentation of the damaged or missing items, and request reimbursement from the guest through the message thread on thisopenspace within 7 days of check-out or before the next guest checks in (whichever is earlier). Once a host and guest agree on a resolution, the host can contact us to confirm the amount of the security deposit to be released to the guest. We will always confirm with both guest and host before releasing funds. If the guest is unwilling or unable to accept the security deposit claim, then the host can contact us and we will mediate to resolve the dispute.
If there’s an issue during your stay, a host can report an incident and submit a request for some or all of the security deposit within 48 hours after your check-out or before a new guest checks in—whichever is earlier.
Before requiring a security deposit, hosts should understand that not all property damage caused by guests is within the terms of how thisopenspace handles security deposits. Exclusions may include general cleaning and ordinary wear and tear.
Find out more about what happens if a host makes a security deposit claim.
Note: All payments, including security deposits, should always be made through thisopenspace. Don’t ever exchange money outside of the thisopenspace website. Find out more about what to do if you’re asked to make a payment off the thisopenspace website.