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Rhino Launches First End-to-End Deposit Management and Compliance Platform in the U.S.
Rhino, which pioneered security deposit insurance in 2017 and now services a six-million-home partner network, today announced the launch of the first communities on Rhino+, the rental industry’s first end-to-end deposit management and compliance platform.
Thousands of renters at properties across the country will now have a seamless, digital experience to satisfy their security deposit requirement via their choice of a cash deposit or Rhino’s security deposit insurance. Rhino+ addresses the growing demand from landlords and property managers to reduce the friction presented by security deposits and associated compliance challenges in markets across the country.
“The process for security deposits has been a thorn in the side of property owners and renters alike for decades,” said Rhino Co-Founder and CEO Paraag Sarva. “Rhino+ is the first digital security deposit platform for owners and operators who want faster leasing, automated compliance and affordable deposit options. And renters can forgo cashier’s checks and have the type of digital-first experience they expect of any transaction.”
The launch of Rhino+ follows the company’s recent announcement of Credit+, a service that helps renters build credit through on-time rent reporting, as well as Rhino’s acquisition of Deposify. Rhino also recently released its 2023 State of Multifamily Housing Report, offering industry insights on rental growth, inflation and housing affordability.
Since 2017, Rhino’s innovations have saved renters over $1 billion in upfront move-in costs and helped drive down operational costs for over 2,500 landlords and property managers, a network managing six million rental homes and over 14% of the U.S. rental market.
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