NEW YORK, Oct. 25, 2021 /PRNewswire/ -- Rhino, the leading real estate technology company, today announced that alongside its network of 2,000+ partners, has saved American renters $500 million since 2017; money that would have otherwise been tied up in cash security deposits. This milestone achievement demonstrates a 42% growth from 2020 to 2021.
Rhino's security deposit insurance is now offered in 1.5 million rental units across the nation, setting security deposit insurance on track to replace traditional cash deposits. The news comes on the heels of the company's $95 million funding round, led by investment firm Tiger Global Management, earlier this year in its mission to unlock $45 billion in cash security deposits for 110 million renters in the US.
"To hit this milestone, saving $500 million for renters in America is an indication of Rhino's influence on the evolving rental market, and it's an indication that cash deposits will be inevitably eliminated," said Paraag Sarva, Rhino's Co-Founder & CEO. "Rhino's mission has always been to make renting easier and to give renters more control over their cash. We're headed in the right direction."
Rhino's security deposit insurance acts as a direct substitution for a cash security deposit. Instead of a large upfront cash deposit, renters pay Rhino a small monthly fee that can be as low as $4 per month, and Rhino insures the property owner for damages that might occur and lost rent. Rhino has deployed $260 million of the $500 million in just this year alone, with this number expected to continue to increase as security deposit insurance becomes more widely known and the nation recovers from the pandemic.
Property owners who offer Rhino's services attract a larger pool of renters by marketing rental units as "deposit-free," and Rhino's integrations with property management systems enable property managers to seamlessly and securely invite new renters to replace their cash security deposit with security deposit insurance. The Rhino platform offers the most integration options of any security deposit insurance provider, including Yardi Voyager, RealPage (OneSite and On-Site), Entrata, Rent Manager, Salesforce, and MRI.
Rhino is the preferred choice for NMHC Top-50 owners across the country. Rhino is proud to partner with top management companies nationwide including Highmark Residential, UDR, Inc., Lincoln Property Company, Towne Properties, Peak Living, Roscoe Property Management, Echelon Property Group, and more.
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 1.6 million homes, and we have saved renters over $500 million in cash.