NEW YORK--(BUSINESS WIRE)--Today’s announcement by New York City Comptroller Scott M. Stringer includes a recommendation to require residential landlords to accept insurance alternatives like Rhino over traditional cash security deposits. The proposal is a major step forward in modernizing New York City’s current security deposit system — the antiquated collection of cash deposits held in individually-segregated escrow accounts by landlords, tying up over $4 billion in cash for New Yorkers.
Under the Comptroller’s recommendations, among other options, every renter would be able to purchase low-cost insurance like Rhino instead of paying an upfront security deposit, as is typically required by residential landlords.
“All too often we see regulation slowing down the pace of change and innovation in industry,” said Paraag Sarva, Rhino co-founder and CEO. “Comptroller Stringer’s announcement today, including insurance alternatives like Rhino in security deposit reform, is a great example of government flipping the script and truly leading by example. We applaud Comptroller Stringer’s effort to give New Yorkers more choices, making the challenging rental process easier and more accessible for everyone through the adoption of new solutions like Rhino.”
Over the last year, Rhino has been working with elected officials across the country to improve renting for both renters and landlords. Today, Rhino is accepted by landlords in over 50,000 homes. Renters pay just a small monthly fee, starting at $5/month, instead of large cash security deposits, and landlords remain covered for all the things they otherwise would have collected security deposits for, like damages and non-payment of rent.
Rhino is a real estate technology company replacing security deposits with a low-cost insurance policy. Renters pay just a small monthly fee, starting at $5/month, instead of large cash security deposits. Learn more at sayrhino.com.