For generations, the security deposit process has been a headache for renters and landlords. In that time, the system has seen very little innovation that benefits either party. At a time when the average American has less than $400 in savings for an emergency, there is $45 billion locked up in rental security deposits nationwide. Renters need this money. Landlords need a break. This is where the Rhino story begins.
Since 2017, Rhino has saved renters over $1 billion. The start-up’s low-cost security deposit insurance allows renters to skip the large lump sum upfront cost. Instead, a low-cost fee is put in its place that helps ensure landlords get the protection they need. The industry and renter community have responded well. Rhino works with 33 of the top 100 owners and landlords across the U.S. Their partner network reaches 6 million homes. Meanwhile, 8 out of 10 renters that are offered Rhino enroll.
Offering an option to renters is essential to making renting more affordable—and as homeownership continues to become increasingly expensive for Americans, it’s more important than ever that renting does not go the same way. To make this choice even easier, and to reimagine what the security deposit process looks like, Rhino recently acquired Deposify and launched Rhino+.