Topic: Does anyone have experience with security deposit alternatives such as Rhino?

Does anyone have experience with security deposit alternatives such as Rhino? I would love to hear the pros and cons. Thank you in advance!!

I haven’t used Rhino. But I have used Jetty and deposit choice.
Not sure if rhino is the same

I have used Sure Deposit and Deposit IQ. Huge fan of Deposit IQ

Everyone loves Rhino

We have been very happy with LeaseLock

Realpage!

We love Rhino!

Leaseterm solutions

Jetty

Lease lock

Lease Protect

Rhino is great!

Jetty and SureDeposit.

We utilize Rhino. If you have any specific questions I would be happy to offer some feedback. I helped with the implementation and training our teams. I also monitor it monthly.

Flex deposit by Assurant. It is a surety bond system. Easy to use.

The prospective tenant applies for the surety bond prior to lease signing. Once approved (based on credit) the tenant pays a fee for the bond. The bond is good for 3 years and secures the security deposit obligations. If there are damages or applicable dues after vacating, the property would file a claim against the bond. The bond would pay the property back for the damages up to the required security deposit. Assurant would then seek those damages on their own from the tenant. Any damages above the required deposit amount/bond coverage amount are the responsibility of the property.

We use Lease Lock.

Rhino is great option and easy for office and customer

Rhino is great! I oversee 7 properties and have it rolled out at 5. The only downfall to these deposit alternatives is relying on the staff to actually file a claim. They simply don’t do it. I think incentivizing Rhino collections is ideal. Because it’s really not much different than former resident collections. We pay our ACM’s 10% of former resident debt they collect. If you do something like this, I would also pay 10% of any Rhino collections so the team actually files the claims for reimbursement. But overall, the product itself is fantastic.

We use Jetty. Pros: we have fewer cancelations due to a high deposit requirement (our demographic doesn't typically have the best credit  ), claims at move out are super easy and we typically get the check within a week or two. Cons: none that have anything to do with the product itself - I have to wait for the check before balances can be written off, so depending on the timing the delinquency suits on my books a little longer. This also can cause a blip in my financials because it makes it look like I collected that full balance because it hasn't been written off yet.

But again that's just timing of the move out combined with our write off policy, doesn't have anything to do with Jetty.

We just started using rhino but haven't had to use it yet.