OmniKey Realty has partnered with Rhino, a deposit insurance program, which has many benefits for our owners.
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. The cost of moving paired with first month’s rent and security deposits is extremely high. This can be cost-prohibitive or deterrent to many tenants. Especially when you can buy a home for less than 3% down with many loan options for well-qualified tenants.
About the Plan
This plan is typically less than 1% of the monthly rent paid by the tenant. It is purchased for the term of the lease and renewed prior to finalizing any renewals. Policies for your tenants start at $5/month. We can set the amount they have to cover themselves just like a security deposit after running their application. The design of the policy is to cover more than just damages, but also rents, late fees, etc. Essentially, the design is to pay anything we would deduct from a standard deposit. Also, typical payments happen within 48 hours of the claim after move out.
This opportunity provides benefits for marketing and for more payout potential on tenants who leave owing balances, damages, and more. This is without so much traditional fighting of withholding of deposits. If there is a dispute from the items paid by Rhino, Rhino handles the dispute and acts as the middleman. As a result, it helps cut down or completely eliminate tenant deposit disputes.
For all new account setups, owners can make the decision on if they want to join this program or not. If you choose to join, we will change the security deposit in the listing to $0. Also, we will market it as deposit-free and attach the information on the Rhino policy. If you do not, we continue with the regular security deposit charge and handling.