New Legislation Proposed by New York City Comptroller Scott M. Stringer Recommends Alternatives, like Rhino, to Cash Security Deposits for NYC Renters

NEW YORK–(BUSINESS WIRE)–#securitydepositalternative–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.

About Rhino

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.

Contacts

Rhino
Paraag Sarva
paraag@sayrhino.com