NEW YORK, June 10, 2021 /PRNewswire/ -- Rhino, the New York City-based insurtech company that pioneered security deposit insurance, announced the expansion of its service offerings to include policies for single-family homes across the US. The only service of its kind available to single-family home renters, Rhino continues to tackle the housing affordability crisis in America by replacing cash security deposits with smart, affordable insurance and unlocking $45B in cash security deposits for 110 million renters in the US.
Demand for single-family rental homes is at an all-time high. According to a report from CoreLogic, rent growth for single-family homes grew by five times the growth rate of multi-family properties between June 2020 and March 2021. The same report found rents for these homes jumped 4.3% this March compared with a year ago; a 3% year-over-year increase.
"The pandemic caused an unprecedented number of Americans to move to the suburbs last year, resulting in record occupancy rates for single-family homes and aggressive rent hikes on rental properties across all markets," said Paraag Sarva, co-founder and CEO of Rhino. "The launch of our single-family home policies will expand our services to the suburbs and help ease the financial burden for individual and family renters when they need it most."
Rhino will be partnering with several property management companies across the country as they roll out their single-family home offerings. Of those companies, PMI Property Management, one of the largest property managers in the country with thousands of assets throughout the US, will be offering Rhino services across their extensive portfolio to help their renters alleviate the burden of a traditional upfront cash deposit.
"I'm thrilled to work with Rhino as they are a significant differentiator in the market. We want the rental process to be as easy as possible for our renters, and working with Rhino helps achieve that by removing some of the financial obstacles that individuals face when moving into our rental homes," said Brian Birdy, owner of PMI Birdy Properties and former VP of Residential at PMI.
Rhino's flagship product, security deposit insurance, acts as a direct replacement for a cash security deposit. Instead of a large upfront cash deposit, renters pay Rhino a small monthly fee that can be as little as $2 per month, and Rhino insures the property owner for damages that might occur and lost rent. Rhino's latest expansion has already saved single-family home renters $17 million and will further help renters achieve financial freedom as one of the only services of its kind available to single-family home renters.
About Rhino: 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.