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A blog from CityRealty (Links below will take you to the 6sqft site)

Rental Building News and Offers

For New York renters, the security deposit, a fee dedicated to cover any damage done to a unit, has long been a key part of the process. A recent series of rent laws limited this to one month’s rent, but that can nevertheless be a daunting sum in a city where the median rent currently comes in at $2,673/month (per CityRealty listings).

Rhino chairman and co-founder Ankur Jain told The New York Times that “security deposits have been vastly overlooked for the past few decades and...have become a much bigger barrier than they used to be for renters.” His company is among a new class of alternatives to security deposits that may make this practice as much a relic of the city’s real estate past as bathtubs in the kitchen.

What are alternatives to security deposits?

A number of start-ups has emerged to offer alternatives to security deposits, but the best-known is perhaps Rhino. The company was created in 2017 in response to the housing affordability crisis. Instead of paying one lump sum as a security deposit, renters pay a small monthly fee to cover an insurance policy for their landlords. This serves the same function as a security deposit and, as of October 2019, has saved New York City renters over $60 million. Other popular companies include Insurent and The Guarantors,

620-Lenox-Avenue-01 Savoy Park via Corcoran
From the listing: Studio apartment features a sunny main room with enough area to create sleeping and living spaces, a fully loaded stainless steel and granite kitchen with dishwasher and ample closet space. Insurent, Rhino, and The Guarantors accepted on a case-by-case basis. See floor plan and full details here.

Why should renters use it?

For most renters, the possibility of smaller upfront payments and more cash in hand is a no-brainer. But there are further merits to a depositless model. The practice helps establish good renter’s credit, which is especially good for first-time renters. Moreover, when a tenant renews a lease, the price of their monthly payment goes down.

Renters should be advised, though, that this is not renter’s insurance. The policy provided through this service covers the apartment alone, and a separate policy is required to cover their personal belongings.

Why should owners use it?

The advantages of Rhino extend to landlords as well as renters. Without a security deposit, the lower upfront costs allows for a wider pool of applicants; from there, it can speed up the application process and fill apartments faster. This does not come at the expense

Brownstoner counts Glenwood, Brodsky, Stonehenge, and Related among the major New York City landlords that have come to embrace Rhino, but smaller property owners may appreciate the fact that Rhino covers the support, claims processing, and other administrative hassles of security deposits. Finally, this may come to make better business sense - as time passes, renters may come to insist on using depositless models and opt not to rent in a building that doesn’t offer them.

Deposit-Free Listings

From the Listing: "PANDEMIC DISCOUNT: 15% off of previous rent" No Fee! Tour this spacious 2 bedroom (flex 3) 2 bath apartment with decorative fireplace in NoMad! Features open-concept gourmet kitchen equipped with custom cabinetry, Caesarstone counter-tops, stainless steel appliances including dishwasher. King-sized master bedroom. Spacious living room. High ceilings and hardwood floors throughout. Insurent, The Guarantors, & Rhino accepted. Heatand hot water included. Net Effective: $4,395.00 is based on $5,552.00 with 2.5 months free. (Promotion applies to leases commencing on or before April 1st. Inquire about a 16-month lease (no security option for qualified applicants) See floor plan and full details here.

From the Listing: No fee! Live in this large, loft-style, 2 bedrooms (flex 3) apartment in NoMad! Excellent share! Separate gourmet kitchen with custom cabinetry, granite countertops, and stainless steel appliances, including dishwasher. Queen size bedrooms with floor-to-ceiling windows. Separate study/office space. Central air conditioning, extra high ceilings and hardwood floors throughout. Heat and hot water included. Free pick-up laundry service up to 20 lbs per week. Insurent, The Guarantors, & Rhino accepted. Net effective rent: $3,495.00 is based on $4,660.00 with 3 months free. (Promotion applies to leases commencing on or before April 1st. Inquire about a 16-month lease (no security option for qualified applicants) *Images are reflective of a similar layout in the same line. See floor plan and full details here.

From the Listing: Now Offering Leases Starting April 1!Pay NET EFFECTIVE RENT + No Fee! Free Amenities and Wifi for the first year! Rent advertised based on 3 months free on a 13 Month lease for leases starting immediately.NO SECURITY DEPOSIT AT LEASE SIGNING for qualified applicants through Rhino. See floor plan and full details here.

From the Listing: Start the year with the gorgeous three-bedroom apartment right on East 96th Street. The apartment features brand new dark wood floors, large windows, new light fixtures, exposed brick walls, and a spacious living room area. A separate kitchen area includes new white cabinets, long granite countertops, and brand-new stainless steel appliances.

$2500 NET PRICE!!! NO FEE!!!! Pets allowed. Shares are welcomed and guarantor is a must! No guarantor, no problem. We accept RHINO.
See floor plan and full details here.

From the Listing: No Fee + *1.5 Months Free– Residence 4G is a spacious and sunny, fully renovated factory loft with original wood beams and ironwork. The new kitchen provides white stone countertops and stainless steel appliances by Fisher & Paykel, GE and Bosch.

Free 6 month Wet Lounge Membership for leases commencing by 3/15/21 *Net effective rent is listed, offering 1.5 months on 14 month leases. Gross rent $4255
See floor plan and full details here.

From the Listing: NO FEE + *2 months free Great deal on Prospect Park with lovely view! Skip the security deposit with Rhino! Insurent and personal guarantors also accepted!

*Net effective rent advertised 2 Months free on 12 months or 3 months free on 18 or 24-month leases.- Gross rent $3500

*Parking and Storage is available for additional monthly rental.
See floor plan and full details here.

From the Listing: Beautifully renovated, RENT STABILIZED spacious unit with hardwood floors. Walk into an open brand new kitchen featuring stainless steel appliances, grey cabinetry, and a full-size dishwasher! to your left, there is the bright Living room facing south. Find the bedrooms in the back of the unit which are separated for added privacy by a marble bathroom showcasing modern details, a tub, and a rain shower.

This apartment can be rented deposit free. Pay a small monthly fee to Rhino, and never pay a security deposit again. Please ask for more information.
See floor plan and full details here.

From the Listing: PANDEMIC DISCOUNT: 30% off of previous rent. No broker fee! The perfect share! Make this newly renovated 2BR your new home! Gourmet kitchen equipped with granite counter-tops plus stainless steel appliances. Bright, quiet, hardwood floors and high ceilings. Heat and hot water included. Free pick-up laundry service up to 20 lbs per week. Insurent, The Guarantors, Rhino accepted. See floor plan and full details here.

From the Listing: The apartment features dark wood floors, a large living room space, an exposed brick wall, an extended dining area, and large closets. An open kitchen includes long countertops, plenty of cabinet space, excellent condition kitchen appliances. Shared are welcome and a guarantor is a must. No guarantor, we accept Rhino. See floor plan and full details here.

Artimus Construction

Artimus Construction
251 West 117th Street Leasing
251 West 117th Street ,
New York , NY 10026
(646) 783-XXXX
Map

Additional Info About the Building

 
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