NEW YORK, Sept. 15, 2021 /PRNewswire/ -- Rhino, the New York-based insurtech company that pioneered the security deposit insurance industry, and UDR, Inc., an S&P 500 Company and leading multifamily real estate investment trust, celebrate and reflect on nearly two years of productive and strategic collaboration. Rhino's security deposit insurance helps relieve the financial stress of renters heightened by the COVID-19 economic impacts, widening the pool of prospective residents for UDR's communities while also reducing the administrative burdens on UDR's property managers.
For nearly 50 years, UDR has been a leading real estate company focused on providing distinctive, high-quality apartment homes paired with exemplary service and amenities. UDR began its relationship with Rhino in 2019, and since then, Rhino's services have been rolled out to nearly its full portfolio of approximately 55,000 units across 171 properties. UDR offering Rhino, which allows renters to replace large, upfront cash security deposits with a low-cost insurance option, is one example of these exemplary services.
"It has been nearly two years since our relationship with Rhino began, one of which was largely influenced by the COVID-19 pandemic," said Mike Lacy, Senior Vice President of Property Operations at UDR. "Offering Rhino's security deposit insurance to residents has not only helped them with affordability and securing a home at our UDR communities but also reduced administrative burdens of our local property managers while in-person activities were put on pause."
Instead of an upfront cash deposit, residents pay Rhino a small monthly fee that can be as little as $4 per month, and Rhino insures the property owner for damages that might occur. Rhino's integrations with property management systems enable property managers like UDR to securely provide residents the option of a low-cost and affordable security deposit insurance policy at scale.
Rhino's priority is to make life easier for the landlord and the renter by providing a safe and affordable solution to security deposits that price out many potential residents. For more information, visit www.sayrhino.com.
Rhino was founded to give renters everywhere greater financial freedom to plan and enjoy their lives. We eliminate the need for traditional security deposits by replacing them with smart, affordable insurance so renters can maintain control of their cash. Instead of a large upfront cash security deposit, renters pay Rhino a small monthly fee, and Rhino insures the property owner for damages that might occur and lost rent. To date, we are offered in over 1 million homes, and we have saved renters over $300 million in cash.
UDR, Inc. (NYSE: UDR), an S&P 500 company, is a leading multifamily real estate investment trust with a demonstrated performance history of delivering superior and dependable returns by successfully managing, buying, selling, developing, and redeveloping attractive real estate properties in targeted U.S. markets. As of June 30, 2021, UDR owned or had an ownership position in 54,667 apartment homes, including 1,417 homes under development. For over 49 years, UDR has delivered long-term value to shareholders, the best standard of service to residents, and the highest quality experience for associates.