Introduction
Imagine securing your dream apartment without forking over thousands in upfront security deposits. That’s the promise of Rhino, a pioneering rental assistance platform that’s shaking up the housing market. As a website and app, Rhino offers security deposit insurance and related services that make moving in more accessible and less financially burdensome. Founded in 2017 and headquartered in New York, Rhino has grown to serve millions of renters and thousands of properties across the United States, boasting a 4.6 rating from over 2,500 reviews. In a time when average rents in cities like Philadelphia hover around $1,800, tools like Rhino provide much-needed relief by replacing hefty cash deposits with affordable monthly premiums. Whether you’re a first-time renter navigating independence or a family relocating amid economic uncertainties, Rhino’s innovative approach empowers you to focus on settling in rather than scraping together funds. Backed by partnerships with property managers nationwide, this service isn’t just convenient—it’s a game-changer for modern living.
What is Rhino?
Rhino is the rental industry’s first comprehensive deposit platform, designed to streamline the entire renting process from application to move-out. Operated by Rhino New York, LLC, the company specializes in alternatives to traditional security deposits, offering products like security deposit insurance, renter guarantees, digital cash deposits, and renters insurance. At its core, Rhino aims to provide renters with cost-effective options while giving property owners robust coverage against potential losses.
Launched with a mission to bring greater financial freedom to renters everywhere, Rhino operates as a fintech solution integrated into property management systems. It serves a wide audience, from individual tenants in urban hubs like Philadelphia to large-scale property operators across every U.S. region. The platform is accessible via its website and mobile app, allowing users to manage policies, make payments, and access support seamlessly. Rhino’s model is built on affordability: instead of locking up cash in a deposit that might not be fully refunded, renters pay a small premium—often as low as $5 per month—for insurance that covers up to the full deposit amount required by the landlord.
What sets Rhino apart is its dual focus on renters and managers. For tenants, it eliminates the “2x rent paywall” that often bars entry to desirable homes. For landlords, it ensures protection without the administrative hassle of handling cash deposits. With over $213 million in revenue and a team of 51-200 employees, Rhino has established itself as a trusted player in the real estate space, though it’s not without mixed reviews—more on that later.
Services Offered
Rhino’s offerings are tailored to address key pain points in the rental process, providing flexible solutions for both sides of the lease.
Security Deposit Insurance
This flagship service replaces traditional cash deposits with an insurance policy. Renters pay a non-refundable premium based on factors like credit history and the deposit amount, typically ranging from $10-$20 monthly for a $1,000 coverage. The policy covers damages, unpaid rent, or other fees up to the agreed limit, giving landlords peace of mind while freeing up renters’ cash.
Renters Insurance
Rhino also bundles renters insurance, which protects personal belongings against theft, fire, or other perils. Coverage starts at low rates and can be customized to meet property requirements, often required in leases. This all-in-one approach simplifies compliance for tenants.
Renter Guarantee and Digital Cash Deposits
For added security, Rhino offers renter guarantees that act as co-signers for those with credit challenges. Digital cash deposits provide a hybrid option where funds are held digitally but accessible if needed. These services integrate into one transaction for move-in fees, making the process efficient.
For property managers, Rhino automates collections and optimizes leasing, helping fill vacancies faster by attracting more qualified applicants.
How It Works
Getting started with Rhino is designed to be effortless. If your property partners with Rhino—common in major markets like New York or Philadelphia—you’ll see the option during the application process. Otherwise, renters can apply directly via the app or website.
First, enter your lease details and undergo a quick eligibility check, which considers credit and income without a hard inquiry. Upon approval, pay the premium—either monthly added to rent or upfront for a discount. Rhino then issues the policy, satisfying the landlord’s deposit requirement.
At move-out, if there are no claims, renters walk away without owing more. If damages occur, landlords file a claim through Rhino’s portal, and the company handles reimbursement after verification. The process is paperless, with everything managed in one portal integrated into popular property management software.
Rhino emphasizes transparency: premiums are fixed, and coverage is clear. However, users should note that while it’s interest-free, the premium is non-refundable, differing from recoverable deposits.
Benefits for Renters
Rhino shines in providing financial flexibility, especially in high-rent areas like Philadelphia where upfront costs can exceed $3,000. By opting for insurance, renters save hundreds or thousands immediately, using that money for moving expenses or emergencies. It’s particularly helpful for those with limited savings, like young professionals or families.
The service reduces stress: no more worrying about deposit refunds tied up for months. Plus, bundling renters insurance ensures compliance without shopping around. Many users report improved access to better apartments, as Rhino’s guarantee can bridge credit gaps.
On the flip side, reviews highlight potential drawbacks—some find claims processes lengthy or customer service unresponsive. Still, for budget-conscious renters, the affordability often outweighs these issues.
Benefits for Property Managers and Landlords
Landlords love Rhino for its risk mitigation without losing applicants. The insurance provides equivalent or better coverage than cash deposits, including against unpaid rent or damages. Automation speeds leasing: collect fees in one go, reducing admin time.
Properties using Rhino see higher occupancy, as more renters qualify without large deposits. Claims are straightforward, with Rhino handling payouts quickly upon valid submissions. It’s scalable for portfolios of any size, trusted by operators nationwide.
Some managers note that while effective, recovery from tenants post-claim relies on Rhino’s efforts, not direct access to funds.
User Testimonials and Success Stories
Rhino’s impact is best captured in user voices. Empress B. shares, “This is my first time living on my own… Rhino made the process much more affordable and my move-in easy.” Aumberly R. calls it a “miracle” for enabling a cross-country move despite financial hurdles.
Emily A. describes Rhino as “our light at the end of the tunnel” during tough times, while Nick K. praises it for “making renting affordable again.” On Trustpilot, with a 3.5/5 average, positives focus on ease and savings, though some criticize support.
Reddit users in Jersey City discuss its value as a deposit alternative, with many appreciating the low monthly cost. BBB complaints exist, but successes like quick claims resolutions highlight its potential.
Contact Information and How to Get There
Rhino prioritizes digital support but offers multiple ways to connect.
- Website: https://www.sayrhino.com
- Location: New York, New York, US
- Address: 99 Wall St Ste 1504, New York, NY 10005
- Email Address: support@sayrhino.com
- Phone Number: (844) 844-3188
For directions, use this Google Maps link to navigate to their headquarters. Renters can access the help center at https://support.sayrhino.com for FAQs, while partners use https://get.sayrhino.com/partner-resource-center.
Challenges and Considerations
No service is perfect, and Rhino faces scrutiny. Trustpilot reviews note difficulties in contacting support, with some wishing for better phone access. BBB logs complaints about claims denials or unresponsive service, earning an A rating but with 250 issues in recent years.
Users report mixed experiences: while many praise affordability, others warn of potential “scams” if claims aren’t honored. Renters insurance coverage is basic, lacking extras some competitors offer. Always review policy details and property compatibility.
The Future of Rental Assistance with Rhino
As housing affordability remains a hot topic, Rhino is expanding its footprint, integrating with more PMS and exploring new products like enhanced guarantees. With economic shifts favoring flexible finances, Rhino’s model could become standard, especially in renter-heavy cities like Philadelphia.
Innovations in claims processing and customer support could address criticisms, positioning Rhino as a leader in equitable housing. For those weary of traditional deposits, Rhino offers a fresh path forward—affordable, efficient, and empowering. If rental barriers have held you back, diving into Rhino might just unlock your next home.