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+.
Meet Rhino+, Rhino’s Digital Deposit Management Platform
Rhino+ is the rental industry’s first digital deposit platform that simplifies and modernizes the security deposit process—making renting easier, transparent, and affordable. Rhino partners with select properties to allow you to build your credit with Credit+, a report that proves on-time rent payments.
Traditionally leasing teams deal with physical checks that must be brought to the bank and held in an escrow account, so leasing teams spend less time in the office or at properties. Landlords often have to track these payments in software platforms coded in the 80s that can’t always be used on personal computers, making them inefficient and frustrating. Then, the cash sits in escrow accounts, inaccessible until the end of the lease, where landlords have to deduct and then return the remainder via check at the post office. As the process is needed for every apartment, it takes up considerable time—averaging 20 hours per month.
Meanwhile, renters now have choices, and increasingly they’re showing their preferences for landlords and properties that match how they transact with the world. They want to be able to access and manage their renter journey on their phone. They want transparency and they want it in the palm of their hand.
Rhino+ is the platform both sides of the equation have been looking for.
Why Landlords Love Rhino+
Rhino+ allows landlords to use one tool for the entire deposit journey, saving time and leading to faster leasing. Rhino+ automates every step. Landlords can view and manage security deposits, security deposit insurance policies, claims, properties, and renters in one place.
We are very excited about the launch of the Rhino+ platform, and proud to be one of the first operators to give our renters a streamlined, digital security deposit experience. For the last three years, Rhino has helped protect our thousands of rental units, and now with the integrated platform of Rhino+, we are excited to give our renters the choice to use cash or insurance as part of their move-in experience. We’re excited to deepen our partnership with Rhino and bring a technology-enabled experience to our residents so they can move in seamlessly, while retaining protection over our assets.
-John Ashley, Omega Realty Group
Landlords start by inviting renters to enroll with Rhino, allowing them to select between security deposit insurance or a traditional deposit. If a renter chooses to enroll in Rhino, access to Rhino+ is automatic. The move-out process then becomes a breeze for renters who have no unpaid rent or excess damage. If a renter selects security deposit insurance, nothing is returned to the renter. If a traditional deposit is used, cash is sent directly to renters’ bank accounts. It’s the seamless process the industry has been looking for. A platform that’s designed for modern renting.
Why Renters Love Rhino+
Thanks to Stripe, Apple Pay, and Shopify, cashless digital experiences are what renters have come to expect from the businesses they interact with. They appreciate how streamlined and flexible the security deposit process becomes when using Rhino+.
Rhino+ lets renters pay online to fulfill their deposit requirements. They’ll save time and be able to easily track their security deposit or cash deposit—giving them unmatched transparency. And when their lease is up? If they opted for a cash deposit over insurance, their deposits are returned directly to their bank account within days.
Are you a landlord interested in minimizing friction and ditching your outdated security deposit process? Schedule a demo to get on the Rhino+ waitlist.