Security Deposit Insurance Pioneer Expands Nationwide
NEW YORK, Oct. 4, 2022 /PRNewswire/ -- Rhino, the leading real estate technology company and pioneer of security deposit insurance, today announced that it has saved renters over $1 billion since the company's founding in 2017. Rhino's security deposit insurance continues to make housing more affordable for the 110 million U.S. renters, even as $44 billion remains locked up in cash security deposits.
"By saving renters $1 billion, Rhino enters unique territory unmatched by many companies in the rental space in terms of impact," said Paraag Sarva, Rhino's Co-Founder and CEO. "While this milestone offers validation on the path to modernizing the renting experience, we are just scratching the surface, with over $44 billion in market opportunity for our flagship product and new offerings that will create even more common sense, win-win value for our renter and landlord partners."
With the nationwide average monthly rent topping $2,000 for the first time ever this year, renters and property owners are seeking solutions to reduce the cost of housing. Affordability is at the forefront in today's market, and Rhino's offering supports renters directly, putting money back into their pockets at move-in.
"The quote I received from Rhino was $250 for a year lease compared to the security deposit of over $3,000. Due to the time value of money, I didn't want to pay a month's rent of security deposit. I was able to more quickly save a few months of expenses, and from there I'm investing the rest," said Ismail Kheir, a Brooklyn, NY Rhino renter.
As Rhino's security deposit insurance has become available nationwide, more renters will have the ability to move into new homes more affordably and easily. In just five years, Rhino has saved New York renters over $200 million, Texas renters nearly $150 million, Florida renters more than $65 million, and Georgia renters over $15 million that would otherwise have been used for cash security deposits.
Since its founding, Rhino has grown its partner network to over 2,500 multifamily and single-family property owners and operators that manage more than six million homes, or 14% of all rental homes nationwide. As Rhino continues to expand its footprint in the residential real estate market, exclusive partnerships with America's leading housing providers, including UDR, Highmark Residential, Towne Properties, Monarch, and Brookfield, are the clearest signal of its value creation.
"It has been nearly three years since our relationship with Rhino began, which was largely influenced by the COVID-19 pandemic," said Mike Lacy, SVP for 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 on our local property managers while in-person activities were put on pause."
"The policies that regulate apartment leases are complicated and costly, so it's incumbent on leaders in residential real estate to be creative in crafting market solutions, like security deposit insurance, that benefit building owners and tenants alike," said Joseph Strasburg, President of the Rent Stabilization Association of New York (RSA). "RSA represents 25,000 diverse owners and managers of over one million apartments, so we're very careful in choosing which services and professionals we put in front of our membership. Rhino has been steady and responsible in their work with our members, and we're proud to be a part of the savings their policies have generated for tenants throughout New York."
As the most reliable, trusted brand by the entirety of the rental ecosystem, Rhino continues to build out its robust, vertically integrated suite of solutions to create a more accessible, efficient, and seamless experience for all that touch the leasing process. Rhino's flagship security deposit insurance and new renters insurance product, which launched in fall 2021 and already serves tens of thousands of renters, represent the first steps toward this commitment.
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 fee, and Rhino insures the property owner for damages that might occur and lost rent. In addition, Rhino offers a Renters Insurance product, allowing property managers to offer competitive rates for renters across multi-region portfolios while giving renters the convenience of managing their policies in one self-serve platform and the ability to provide proof of insurance seamlessly. As of 2022, we are offered in over 2 million homes with a 6 million home partner network, and we have saved renters over $1 billion in cash.
SOURCE Rhino
Share this article