NEW YORK–(BUSINESS WIRE)–Today, Rhino has published a data report on the performance of their security deposit alternative now replacing upfront cash deposits with low-cost insurance in 1 million homes nationwide. As Rhino has rolled out to 1 million homes, this growth has driven annualized revenue from $1MM to $21MM in just 18 months. On average, a renter signs up for Rhino every 3 minutes and the average quote-to-bind time for a Rhino policy is about 75 seconds. Over 80% of residents now choose to sign up for Rhino when given the opportunity at move-in or lease renewal.
“Offering Rhino is a legitimate selling point in this environment because everyone is planning ahead,” said Kim Sutherlin, VP of Performance for Peak Living. “Even as things slow down and shut down, life is still happening. Providing access to front end savings is good for people.” Rhino helps properties shorten the time that vacant units spend on the market by 30 days or more.
“We’d been using Rhino prior to COVID and it was a large success with our residents.” said Adam Haleck, President of Northpoint Asset Management. “When shutdowns started happening it highlighted a reality that’s always been present; residents want to hang on to their cash when they move in. Rhino became even more of a differentiator at our properties. All types of renters can use financial flexibility, especially now.”
“Rhino’s value is felt now more than ever, and we’re proud to have built a scalable solution that makes renting more affordable and more efficient. To have measurable impact in 1 million homes across the country is a milestone that our team has been looking forward to and one that speaks to our influence in this industry,” said Paraag Sarva, CEO and Co-Founder of Rhino.
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