New Legislation Proposed by New York City Comptroller Scott M. Stringer Recommends Alternatives, like Rhino, to Cash Security...
July 15 2018 - 1:33PM
Business Wire
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.
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RhinoParaag Sarvaparaag@sayrhino.com