Rent Your Next Apartment Deposit Free: Here's How It Works

Sponsored By Rhino

Rhino helps renters and landlords rent apartments Deposit Free.

Created By Brownstoner

The prospect of not paying a security deposit is the stuff of daydreams. But the fact is 50,000 renters in New York City are already living that dream.

Thanks to Rhino, a licensed insurance company, an archaic aspect of the rental process has been cast aside. Last year, deposit-free apartments saved city tenants more than one million dollars.

How does it work? Rhino offers renters an alternative to security deposits. By paying a monthly fee to Rhino (about $20 a month for a $2,500 rental), tenants save thousands on upfront costs.

For renters signing new leases and for current leaseholders, this deposit-free alternative can establish good renter’s credit. And the price goes down when the tenant renews (it would take 10 or more years for a tenant to pay as much to Rhino to equal an upfront deposit).

Landlords benefit, too. Administrative burdens around security deposits are a huge time burden. Many larger landlords have teams dedicated to this.

And the quicker application and approval process gets units filled faster. All claims are submitted to Rhino, and standard coverage is twice the monthly rent, so landlords get increased coverage.

Currently, Rhino is working with the biggest landlords in New York City (Stonehenge, Related, Glenwood, Brodksy, etc), to grow the number of deposit-free apartments.

This year, they expect deposit-free inventory in the city to double to 100,000 units. With at least 25 percent of those units expected to rent deposit-free this year, more than $75 million in savings will be kept in renters’ pockets.

Put simply, less money upfront is attractive to renters, and Rhino makes it more affordable for renters to move into their property — with one less contractual obligation with the landlord.

For more information go to the website.