How renter's choice laws are benefitting security deposit startups - Business Insider

And the upfront cost of moving in is another front. shows that the median American has $5,200 in their savings account. For people younger than 35, that dips to $1,580. Rental properties typically charge both the first month's rent and a one-month's rent security deposit, which puts many apartments out of reach for a median American.

Legislators from a wide range of states, from Virginia to New Hampshire, have either put forth or plan to put forth similar laws of their own. Reichen Kuhl, CEO and founder of security-deposit insurance company LeaseLock, said he has seen "a drastic uptick" in inbound demand from property managers since the laws began to appear. He said he's not surprised they're spreading so quickly.

It's important to note that all of these companies are actually more expensive overall than a typical security deposit, which is free, barring any damage to the property. Instead, these products charge a small fee to lower the upfront cost of moving in. Rhino was founded in 2017 and was incubated by Ankur Jain's Kairos venture fund. Rhino has raised $22.9 million, according to Crunchbase.

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