Rhino is security deposit insurance that replaces the need for a traditional security deposit. Instead of a large upfront cash security deposit, renters pay Rhino a small monthly fee, and Rhino insures each home for the property owner in case of damages and lost rent that might occur.
What’s the catch with Rhino?
Rhino Insurance lets you avoid putting down a security deposit when you rent an apartment. If your landlord accepts Rhino, you can skip the security deposit and pay a low monthly fee instead.
What is Rhino apartment?
Rhino is a deposit insurance type plan that replaces security deposits. It allows us to market the properties as deposit-free. This makes it extremely enticing to tenants, especially in the multi-family market. Usually, that kind of market is extremely competitive with low or no deposit leasing at many complexes.
Do you get money back from Rhino?
If renters opt for insurance, they can pay the fee every month, or they can choose to pay the full amount upfront. The latter can still be cheaper than paying a security deposit, with the caveat that, unlike a security deposit, the renter won’t get their money back at the end of their lease.
How much does Rhino rent cost?
Rhino, which started in late 2017, has helped pioneer an insurance option: Tenants pay a nonrefundable monthly fee (about $13 for a $3,000-a-month apartment) instead of a deposit, and Rhino insures the apartment, paying the landlord for any damages.
Does Rhino work as a guarantor?
Can Rhino be my guarantor? Yes, Rhino policies can also provide lease guaranty for renters that need it. … When renters enroll with Rhino, we protect their unit the way a security deposit does. Renters are still responsible in the case of excessive damage or unpaid rent.
Should I use Rhino security deposit?
Stay ahead of the game. Offering Rhino is better than having a cash deposit on hand. We protect homes like a deposit would while helping boost occupancy rates.
What is Rhino guarantor?
In addition to Rhino’s security deposit insurance, we provide guarantor coverage. If you don’t qualify for a lease on your own, you can have someone (a friend, a parent, etc.) act as your guarantor and co-sign the lease with you, guaranteeing that timely rent payments will be made.
What is Rhino deposit replacement?
Rhino’s flagship product, security deposit insurance, acts as a direct replacement for a cash security deposit. Instead of a large upfront cash deposit, renters pay Rhino a small monthly fee that can be as little as $4 per month, and Rhino insures the property owner for damages that might occur and lost rent.
Is insurent legal?
Currently, the Insurent® Lease Guaranty is applicable to apartments located in New York, New Jersey, Massachusetts, Illinois, Maryland, Virginia, Washington DC, Nevada, California and Florida. We plan to expand the program to other major U.S. markets in the near future.
Can I cancel Rhino?
Rhino policies can be canceled at any point during the life of the policy. If the coverage is no longer needed, Rhino can cancel your policy and issue any applicable refunds. A Rhino policy can be canceled only if the renter and property agree that coverage is not needed.
Can you rent an apartment without a deposit?
You can rent the apartment without paying a security deposit. Many times, these are low-income or assisted housing that can give that deal to help with renting to tenants with good credit. But by and large, the rule of thumb for apartments is that you are absolutely going to have a security deposit when you rent.
How does Rhino deposit insurance work?
Rhino’s security deposit insurance acts as a direct replacement for a cash security deposit. Instead of a large upfront cash deposit, renters pay Rhino a small monthly fee that can be as little as $5 per month, and Rhino insures the property owner for damages that might occur and lost rent.
Are rhinos reliable?
In summary, Rhino is at least as accurate as any other CAD product on the market today. In addition, Rhino provides tools for setting accuracy and units and tools for controlling and evaluating continuity not found in most CAD products.