No Security Deposit Needed!

We now partner with Rhino New York LLC to offer a new service to our tenants. When an applicant gets approved to rent a property, they have to come up with a significant amount of cash up front before move in – First month’s rent, security deposit, renter’s insurance premiums, utility deposits, moving expenses, etc. Well, we just cut that up-front cost by maybe 40-45%.

Rhino overview video …

Rhino supplies Security Deposit Replacement Insurance. Instead of having $1500-2000 sitting in a trust account for a year or years to secure their lease commitment, tenants get the option to instead pay a small premium each month for insurance to cover the landlord’s security. For an average of $7 a month per $1000 of coverage, paid by the tenant, the landlord receives the same or better coverage than if the security deposit was sitting in the property management trust account. The applicant’s income and credit score determines the premium cost. The tenants save their cash at move in, yet the landlord’s interest is still secured.

This coverage does not replace Renter’s Insurance, as the landlord is covered against loss up to the policy limit, not the tenant’s personal liability or belongings. Rhino covers everything that a regular security deposit would cover at move out, like damages, unpaid rent, cleaning and other such fees.

Use of the Security Deposit Replacement Insurance option is up to the tenant. If they want to they may give a cash deposit instead. Tenants will receive a premium quote after a 1 minute online application. There is no cost to the owner or the property manager. The deposit or coverage amount may also be changed depending upon an applicant’s qualifications. If needed, a higher amount of coverage may be obtained at a very reasonable cost.

If a claim is paid to the landlord on a Rhino policy, the tenant will have to reimburse Rhino for the cost. The insurance is not a license to not pay rent or to leave the home dirty at move out. Rhino may, at its discretion, allow the tenant to pay the reimbursement in installments. Rhino is responsible for pursuing collections if needed. The landlord and property manager are removed from that process.

If this offering popular? Nationwide, about 80% of tenants choose the Rhino option over tying up their cash. For additional information about this product, visit the SayRhino.com web site. Also watch the tenant-centric explainer video produced by Rhino. A link is provided.  In all cases, regardless of any statements by M&S Property Services, LLC or by myself, the agreement between a participating tenant and Rhino shall prevail.