Reporting $1 Billion Saved in Upfront Moving Costs, Rhino Ushers in New Era for U.S. Home Rental Market
With a mission to make housing more accessible for all, deposit management leader adds 700,000 new homes to its platform in 2022, closing the year serving a network totaling 14% of the U.S. rental market
NEW YORK, Dec. 20, 2022 /PRNewswire/ -- Rhino, the leading deposit management platform, was founded to give renters everywhere greater financial freedom. Closing out a banner year of growth, the company has continued to realize its mission, as renters using Rhino’s flagship security deposit insurance have saved over $1 billion in upfront moving costs while the company has celebrated additional key milestones.
“Financial flexibility will be a difference maker that defines companies of our time, and maximizing cash reserves is paramount when the average American only has $400 saved for emergencies,” said Paraag Sarva, CEO of Rhino. “Even after Rhino’s core product has saved U.S. renters over $1 billion, there is still $44 billion dollars locked away in rental security deposits across the country. It’s time for that to change. And, while it’s a massive problem to tackle in a legacy industry reluctant to change, we’re proud to be doing our part and ready to make an even deeper impact.”
Since pioneering security deposit insurance in 2017, Rhino has become the leading real estate technology company committed to building a comprehensive rental platform that benefits both renters and property owners. Rhino is creating trust and transparency between landlords and renters and reducing the friction and inefficiencies pervasive in managing security deposits.
To bring to market the first end-to-end deposit management and compliance platform, Rhino acquired Deposify in November, providing property managers the first end-to-end solution to manage both cash deposits and deposit insurance through a single platform — one capable of processing more than $45 billion in cash deposits and security deposit insurance for 43 million rental homes nationwide.
2022 marked other significant milestones for Rhino, including:
- Agreements with trusted reinsurance partners, including Ally Insurance, ReAlign, and ClearBlue, to expand premium writing capacity for security deposit insurance to over $200 million for 2023
- Expanding the leadership team to include two new executives: Timothy Gurba, Rhino’s new Chief Financial Officer, and Eric Harper, Rhino’s Vice President of Product and Engineering
“When scaling a company in five years from $0 to $100 million in sales, two challenges are security and implementing acquired technology,” said Bryan Woods, Rhino’s Co-Founder and Chief Technology Officer. “Rhino invested in upgrading our compliance with SOC2 to ensure we are exceeding industry standards.”
On the heels of launching Credit+, a free service for renters to build credit via rent payments and the early-2023 rollout of its end-to-end deposit management and compliance solution, Rhino’s product roadmap is robust, and the company is poised to bring to market future products and services to streamline the rental experience, freeing valuable time and money for all parties involved.
Rhino was founded to give renters everywhere greater financial freedom to plan and enjoy their lives. In 2017, Rhino pioneered security deposit insurance, replacing cash deposits with smart, affordable insurance so renters can maintain control of their cash. Instead of a large upfront cash security deposit, renters pay Rhino a small fee, and Rhino insures the property owner for damages that might occur and lost rent. In 2022, Rhino launched an end-to-end deposit management and compliance platform, transforming how security deposits are administered. In addition, Rhino today also offers Renters Insurance, giving renters a simple and affordable way to purchase contents and liability insurance, which landlords often also require at move-in. As of 2022, we are offered in over two million homes with a six million home partner network, and we have saved renters over $1 billion in cash.