Rhino or guarantor instead of collecting security deposit

[Emanuel Ohunwu]

Has anyone ever used Rhino or guarantor instead of collecting a security deposit? I can't seem many reviews on either company. They advertise as an insurance policy to cover losses rather than having a security deposit. These companies screen the tenant and offer a monthly payment plan for coverage. Supposedly, this helps the landlord rent their units faster and helps the tenant save money on a large security deposit.

[Nathan Gesner]

Originally posted by @Emanuel Ohunwu:

Has anyone ever used Rhino or guarantor instead of collecting a security deposit? I can't seem many reviews on either company. They advertise as an insurance policy to cover losses rather than having a security deposit. These companies screen the tenant and offer a monthly payment plan for coverage. Supposedly, this helps the landlord rent their units faster and helps the tenant save money on a large security deposit.

I have not used Rhino, but I've used a similar program for my the 400 rentals I'm managing and I know managers with thousands of units that use Rhino. Instead of paying a $2,000 deposit, the Tenant pays a small monthly fee. The landlord is guaranteed claims up to $2,000. It's the same level of protection for the Landlord but it's less expensive for the renter to move in, making it a win-win.