Security Deposit

Here at Homespot, we are excited to offer you two options when it comes to placing a security deposit on your home!

Rhino

Rhino is a security deposit insurance that offers renters a security deposit replacement. Residents can use Rhino to skip their security deposit and save cash. With Rhino, the renter pays a small monthly fee instead of a large security deposit. Rhino empowers renters to be able to have more control over the upfront costs of moving by freeing up cash!

Rhino will replace the traditional security deposit. Instead of placing a traditional security deposit and us holding onto it until after you move out, you would sign up with Rhino. You have the option to pay a monthly premium fee, or you can pay it all at once.  At the end of the lease, when you move out, if there are any damages beyond normal wear and tear, we would submit a claim through Rhino, and their team would review it and make sure it is a legitimate claim before bringing it to you. Rhino is partnered with us, but they work for both of us to make sure our claims are valid and you are protected. Basically, they will act as Switzerland between us, and remain neutral. 

Want more information? Check out an informational video about Rhino here

Traditional Security Deposit

If you choose to proceed with a traditional security deposit method, you will pay a deposit equal to 2x the monthly rent rate. With this security deposit, it is refundable – minus any fees that are applicable upon move out (including repairs and cleaning fees).

What will the first three months look like, Rhino vs. Traditional Security Deposit?

   With Rhino:

First Month (Due on Move-In):

  • First Months Rent (Placed as a Holding Deposit to claim/hold the property)
  • New Tenant Setup Fee ($30/person that is 18+)
  • Monthly Maintenance Program (If the property is eligible – $10)
  • Non-Refundable Pet Deposit (If applicable – $250)
  • Pet Rent (If applicable – $75 for first pet, $50 for Second Pet, $25 for Third Pet)

Second Month (Due on the 1st of the Second Month):

  • Rent (Prorated for days property was in possession for the first month)
  • Monthly Maintenance Program (If the property is eligible – Prorated)
  • Pet Rent (If Applicable – $75 for first pet, $50 for Second Pet, $25 for Third Pet – Prorated)

Third Month (Due on the 1st of the Third Month):

  • Rent
  • Monthly Maintenance Program (If Applicable – $10)
  • Pet Rent (If Applicable – $75 for first pet, $50 for Second Pet, $25 for Third Pet)

   Without Rhino:

First Month (Due on Move-In):

  • Security Deposit (Equivalent to two month’s rent – Placed to claim/hold the property)
  • First Months Rent
  • New Tenant Setup Fee ($30/person that is 18+)
  • Monthly Maintenance Program (If the property is eligible – $10)
  • Non-Refundable Pet Deposit (If applicable – $250)
  • Pet Rent (If applicable – $75 for first pet, $50 for Second Pet, $25 for Third Pet)

Second Month (Due on the 1st of the Second Month):

  • Rent (Prorated for days property was in possession for the first month)
  • Monthly Maintenance Program (If the property is eligible – Prorated)
  • Pet Rent (If Applicable – $75 for first pet, $50 for Second Pet, $25 for Third Pet – Prorated)

Third Month (Due on the 1st of the Third Month):

  • Rent
  • Monthly Maintenance Program (If Applicable – $10)
  • Pet Rent (If Applicable – $75 for first pet, $50 for Second Pet, $25 for Third Pet)