It isn’t surprising that forty percent of Americans have less than $400 in savings. For over 100 million people, the amount of money needed for a security deposit can be 10 times the amount that they have in the bank. Our team at Rhino believes there’s something really wrong with that. Our solution is to give renters an affordable alternative to the traditional security deposit. People can’t afford to live in the places they want to because they have to give up too much of their hard-earned money to find good housing. For Americans renting today, the cost of living is the highest it has ever been in the last half a century.
$45 billion of renters’ money is locked up in security deposits
Across the country, $45 billion (that’s billion, with a ‘b’) is locked away, trapped in the form of security deposits. Security deposit requirements today don’t take into consideration how challenging it is to manage cash flow. Most Americans know how much of a difference just having a couple hundred dollars can make. Renters shouldn’t have to fork over huge sums of cash just to rent an apartment when they’re already trying to pay off student debt and health bills, secure childcare, or just put money away for the future. We’re making sure that they don’t have to.
What Rhino is doing about it
Rhino’s mission is to build products and services that give renters a more affordable way to live in the homes they want. Today, I want to share three important updates about how this mission will shape our future and our journey to release $45 billion back to renters by 2021:
- We’re really proud to announce that we’ve already saved American renters $60 million so far this year… and we’re just getting started.
- We’ve recently raised $21 million from an extraordinary group of investors and real estate partners who truly believe in our mission and the impact we’re making. We’re excited to use that cash to bring Rhino to every single city across the country.
- We launched a new initiative that will build upon our current conversations and will grow our partnerships with policymakers at the city, state, and federal level. We’ll be helping these public officials find technological solutions to address outdated problems like the one Rhino is trying to solve. Check out our policy proposal and the group of elected officials who’ve expressed interest in our solution as we learn more about helping them solve the housing affordability crisis.
All of this means that you’re not alone and that we’re in your corner all the way. But we can’t do this without you. Our commitment to renters is what inspires us to work and we are setting our goals even higher by working with local elected officials to solve these problems. Is your council member, mayor, or governor doing enough to help solve the housing issues in your city? By working together, we can find solutions to the housing affordability crisis, unlock much needed cash, and ensure that more people live in the places they love.