Not only are we the most affordable surety bond-based option for renters, we’re the most affordable of any insurance or financial product that replaces security deposits.
Do you get your money back with Rhino?
Do I get my payments back at the end of the lease like a security deposit? Rhino replaces the need for a large security deposit and your low monthly payments are not refunded at the end of your lease. Rhino fulfills the same requirement as a deposit, but at a fraction of the cost.
How much does Rhino guarantor cost?
Rhino, which started in late 2017, has helped pioneer an insurance option: Tenants pay a nonrefundable monthly fee (about $13 for a $3,000-a-month apartment) instead of a deposit, and Rhino insures the apartment, paying the landlord for any damages.
What is rhino security deposit?
Rhino is a deposit insurance type plan that replaces security deposits. It allows us to market the properties as deposit-free. This makes it extremely enticing to tenants, especially in the multi-family market. Usually, that kind of market is extremely competitive with low or no deposit leasing at many complexes.
Should I use rhino security deposit?
Stay ahead of the game. Offering Rhino is better than having a cash deposit on hand. We protect homes like a deposit would while helping boost occupancy rates.
What qualifies you to be a guarantor?
A guarantor must have superior credentials which include an excellent credit score, and at least double the normally required income. A guarantor must fill out an application, provide income documentation, have their credit pulled, and sign your lease.
How much is Rhino a month?
Rhino is security deposit insurance. Instead of paying the security deposit amount in cash at the time of the lease — renters pay a monthly fee to Rhino, averaging $5-10 a month — to cover the security deposit. Using Rhino frees up renters’ cash so that they can afford renters insurance and other moving expenses.
How does rhino work as a guarantor?
In addition to Rhino’s security deposit insurance, we provide guarantor coverage. If you don’t qualify for a lease on your own, you can have someone (a friend, a parent, etc.) act as your guarantor and co-sign the lease with you, guaranteeing that timely rent payments will be made.
What paperwork does a guarantor need?
Provide all relevant documents
Proof of income (recent payslips, bank statements, tax return) Letter of employment (if you’re starting a new job) Valid ID (passport, citizenship certificate, driver’s licence, Medicare card, utility bills)
Does being a guarantor affect credit score?
Does having a guarantor affect credit? The short answer is yes, both having a guarantor and being a guarantor on a loan can affect your credit. If you have a guarantor on your loan, it can help balance out your credit score during the loan application process.