Most landlords set their deposit based on instinct. Often one month's rent or more. But there’s something many don’t realize: Your deposit directly affects how many tenants choose your listing.
What the data shows
From Furnished Finder surveys:
57% of tenants have passed on a rental due to a high deposit
8 in 10 say deposit size influences their decision
Most prefer deposits under $500
Your listing doesn’t show when someone leaves because of your deposit. They simply move on.
So what's the right number?
According to our tenant survey, 71% of tenants find deposits under $1,000 most reasonable. But the most common range for what feels acceptable is even lower: $250 to $500.
That’s often less than what many landlords are charging, and significantly lower than the one or two months’ rent some listings require. There’s also an important nuance: a lower deposit doesn’t just make your listing more competitive. It can also build trust.
In our survey, 18% of tenants said they feel hesitant when there’s no deposit at all. It can signal a lack of care or structure. So the goal isn’t necessarily zero. It’s low, intentional, and aligned with how tenants make decisions.
What about protection?
This is the key question.
A deposit was never designed to fully protect you. Recovering costs can involve back-and-forth conversations, documentation, and sometimes unresolved disputes.
That’s where the Damage Protection Plan fits in.
How the Damage Protection Plan helps
The plan helps cover accidental tenant damage—from furniture to floors and more- for as little as $54.99 a month. If something goes wrong, you file a claim and a dedicated team reviews it. You're not negotiating with your tenant.
Because coverage is in place, many landlords feel more comfortable lowering their deposit - $250 to $500 - while still protecting their property.
Katie, who has been on the Furnished Finder platform for several years, put it simply: 'If my deposit is $2,100, I think my leads get cut by a third. Easy.'
A simple framework for setting your deposit
With the Damage Protection Plan:
Aim for $250–$500
Consider a small deposit as a commitment signal
Align with your deductible if applicable
Without it:
Charge enough to cover a realistic repair - $1,000 to $1,500 for most mid-range properties
Recognize higher deposits may reduce inquiries
Lowering your deposit isn’t just about pricing. It’s about making your listing easier to say yes to.
Lower your deposit with the Damage Protection Plan → (opens in new tab)