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Updated almost 3 years ago on . Most recent reply

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Susan H.
  • Investor/Landlord
  • NWA, AR
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Security Deposit Alternative?

Susan H.
  • Investor/Landlord
  • NWA, AR
Posted

Have you used Rhino or a similar service in lieu of collecting the full security deposit at start of lease?


Quoting from https://www.nbcnews.com/news/u...
With Rhino, the platform replaces the traditional security deposit to a landlord and instead provides renters with a monthly low-rate insurance policy, simultaneously providing protection to property owners. It frees up money for the renter and provides the coverage that landlords require. For renters, this means paying a monthly rate for insurance that's scaled to their rent. For property owners or landlords, Rhino covers excessive damages or the loss of rent.

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Greg M.#1 General Landlording & Rental Properties Contributor
  • Rental Property Investor
  • Los Angeles, CA
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Greg M.#1 General Landlording & Rental Properties Contributor
  • Rental Property Investor
  • Los Angeles, CA
Replied

I don't use it, but it is likely going to become a required offering in my area soon enough. Personally, I find your ability to save enough money for a security deposit to be a criteria for renting to you. If I were forced to offer it, my rental criteria would just now include a minimum amount of reserves in your bank account. Sadly, these services appear aimed at younger people, telling them don't save for the future, instead spend that money on take-out, Netflix, and Starbucks.

I'd be much more willing to use a service like this if I could set a higher than security deposit limit. I'll always take a $2K deposit from a tenant over a $2K promise from an insurance company. However, if I could have a $5K or $10K promise from an insurance company, that'd be enticing. 

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