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 which is extremely enticing to tenants, especially in the multi-family market which is extremely competitive with low or no deposit leasing at many complexes. The cost of moving paired with first month’s rent, security deposits, etc. is extremely high and 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.
This plan is typically less than 1% of the rent monthly paid by the tenant and purchased for the term of the lease and renewed prior to finalizing any lease renewal. Policies for your tenants start at $5/month and we can set the amount they have to cover themselves up to just like a security deposit after running their application. The policy is designed to cover more than just damages, but also rents, late fees, etc. Essentially they explain that it is designed to pay anything we would deduct from a standard deposit, and typical payments happen within 48 hours of the claim after move out.
This opportunity provides benefits not only for marketing but also for more payout potential on tenants who leave owing balances, damages, etc., 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 middle man to help cut down or completely eliminate tenant deposit disputes.
We allow each owner to make the decision as to whether or not they want to opt in to this program for their listings as part of all new account setups. If you choose to do so, we will change the security deposit in the listing to $0, market 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.