Rhino is taking aim at an age-old tradition in the world of real estate — charging security deposits for rentals. Chaired by former Tinder executive Ankur Jain W11, the startup offers an alternative: Instead of requiring that renters pay thousands of dollars up front, landlords who work with Rhino have them pay a nonrefundable fee each month. In exchange, Rhino offers insurance that pays for damages a deposit would normally cover. (In addition to residential services, the company offers commercial insurance.)
It’s a win-win situation, says Rhino: Renters avoid having to shell out big fees at the start, and landlords fill vacancies more quickly by removing a potential financial barrier for tenants without putting themselves at risk.
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