NEW YORK–(BUSINESS WIRE)–#securitydepositalternative–On Monday, October 5, Atlanta, Georgia’s City Council voted to pass “Renter’s Choice” legislation into law, making Atlanta the second US City to act in putting low-cost alternatives to cash security deposits in front of all renters. This new law recognizes the important role security deposit replacement insurance can play in not only creating efficiencies for property owners, but also in bringing down costs for renters. The COVID-19 pandemic has created a period of historic economic challenge and uncertainty for Americans, and the federal government has largely failed to answer calls for renter assistance from renter advocates and industry trade groups including the National Multifamily Housing Council and National Apartment Association.
With more problems to address than dollars in budgets, city and state governments are under increasing pressure to identify ways to bring down costs for constituents. Security deposit alternatives like Rhino’s low-cost insurance program offer a trusted, proven solution to lower the burden of upfront move-in costs for renters while protecting property owners against excessive damages and unpaid rent. Atlanta Council Member Amir Farokhi’s leadership in passing legislation to put programs like Rhino’s as a choice for all renters stands as a model for city and state governments across America during the COVID-19 crisis and beyond.
$45 billion is tied up in cash security deposits across America, with over $755 million in the city of Atlanta alone. Atlanta’s economy will benefit immensely from the opportunity for this money to be spent in more productive ways with property owners still protected.
We look forward to collaborating with more US cities and states to deliver optionality to renters.
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