NEW YORK, May 24, 2022 /PRNewswire/ -- Rhino, the leading real estate technology company and pioneer of security deposit insurance, today announced that their innovative solution is now offered in more than two million homes nationwide. In the process of reaching two million homes, Rhino saved American renters more than $700 million and increased their partner network to 6 million homes.
America's leading housing providers, including Highmark Residential, UDR, Invesco, Peak Living, Towne Properties, Monarch, and Brookfield, have partnered exclusively with Rhino, motivated by a seamless customer experience that integrates effortlessly with their property management systems. The recent addition of two multifamily housing operators, Tide Equities and HomeRiver Group, to Rhino's partner network of over 2,500 local, regional, and national property owners made the 2 million home milestone possible.
"We're excited to offer Rhino's security deposit insurance to our residents in certain markets because it increases the affordability of renting while also helping to secure our portfolio, offering more protection and reduced administrative burden compared to traditional cash deposits," said Andrew Napurano, Chief Operating Officer of HomeRiver Group.
Last year, Rhino announced a $95 million investment round enhancing their reach to more property owners and renters and seeing 100% year-over-year growth in units. As housing costs increase nationwide, Rhino is bringing renting into the future with their security deposit insurance, renters insurance, and other innovative solutions in their product suite.
"At a time when housing costs are increasing to unprecedented heights, the cash security deposit is simply too burdensome for many renters and becoming more outdated by the day. Rhino is committed to modernizing the rental experience, making it easier for both property owners and renters," said Paraag Sarva, Rhino co-founder and CEO. "Thanks to our growing partnerships with property owners throughout the nation, millions of renters now have the choice to use Rhino's security deposit insurance, helping them access new homes at a lower cost."
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 2 million homes with a 6 million home partner network, and we have saved renters over $700 million in cash.