Tenants attempting to move into a rental property may feel overwhelmed by the costs associated with doing so. It's common for property management companies to require a steep amount of money for a security deposit to move in.
So, on top of the first month's rent, you might be priced out of a potential home you love because of the high security deposit amount. Coming up with this type of cash in hand can be difficult for many people right now, especially since you have to add the cost of moving expenses to that, too.
However, with MHN Property Management and the Rhino insurance deposit program, you can easily move into a new home at a much lower cost of entry. Here's how it works and how it helps our tenants!
How Does a Traditional Security Deposit Work?
A traditional security deposit is what most tenants are familiar with when they move into a rental property. You pay a large sum of money before moving into a new home to cover any potential damage that may occur in the future.
This sum of money is often at least two months' rent. It is used for maintenance problems that may arise throughout the tenancy or to cover damages after moving out of the property.
For example, if your rent is $1,200, the security deposit amount could be as much as $2,400. This upfront money assures the property owner you are serious about moving in and maintaining the property. It also keeps the landlord from renting the property to someone else after you've put money down to reserve it.
Challenges Tenants Face With Paying the Security Deposit
We know many excellent tenants lose a good rental home because the move-in costs are too much to cover at once. The security deposit cost plus the initial rent amount can be quite hefty. This also means that property owners lose out on good tenants simply because the lump sum required to get into a property is too high for tenants to cover, even though they qualify based on the monthly rent amount.
With the rising cost of goods due to inflation and other economic concerns, you may not want to (or be able to) turn over that amount of money when it's needed to reserve your new home. However, working with MNN Property Management's Rhino deposit program is a great way to move in now without the significant financial commitment before you even start your new lease.
How the Rhino Deposit Program Works
The Rhino security deposit program is not like your traditional security deposit, where you must come up with two months' rent to get started. Instead, you can move into the property right away by just signing up and qualifying for the Rhino deposit program. When using Rhino insurance, there are no large upfront cash needs.
Although Rhino is referred to as insurance, it's not exactly like insurance in the traditional sense. For example, you won't have to pay any deductibles or co-payments.
However, it is like insurance in the sense that you are covered for any future issues or damages that may occur.
With Rhino insurance, you have what is more like a security bond, which is similar to a line of credit. You pay a monthly fee for Rhino insurance. Then, at the end of the lease, the credit is there to cover any damage that may have occurred during your tenancy.
If you're worried about "yet another" monthly payment, tenants can set up the right payment plan with your property manager, so it's convenient. At the end of the lease, MHN Property Management will review the property to determine if damage has occurred. If so, they must provide the following evidence to Rhino to receive payment:
- A statement of the exact damage
- A list of the costs
- A copy of the receipts
- Pictures of the place before and after the damage
With this service, our team works with Rhino directly on your behalf. Rhino pays our property managers out of the funds you provided through your account, making it a hassle-free experience for tenants.
What are the Benefits to Tenants?
You will find Rhino security insurance beneficial in the following ways:
- You have a zero-security deposit, meaning no money upfront. You don't need that two months' rent in advance.
- Your "surety bond" amount will be high enough to help cover all repair costs, so you won't need to worry about being "underinsured" either.
- You can get into the home you love quickly and easily.
- Even if you don't have the best credit history or are concerned about tenant screening protocols, you can often still move into your dream home.
It's easy to get started using the Rhino security deposit program. A team member at MHN Property Management will guide you through the process.
Choose Rhino Insurance with the Best Property Management San Antonio Offers
Relive the stress and financial commitment of large security deposits before moving in. Get started with the best property management San Antonio offers by reaching out to MHN Property Management! With the Rhino insurance program, you can get into the home you want without the stress of coming up with substantial amounts of money.
