CYBER

The Landlord Tech Company That Turned Security Deposits Into a Monthly Fee

Oct 31, 2023

Rhino offers a monthly fee alternative to security deposits, but the money is never returned. Poorer people pay more, some renters pay for places they no longer live, and no one can reach the company by phone. The podcast explores the impact of such landlord tech companies, lawsuits, and the lack of transparency and frustration faced by renters dealing with Rhino's fees.

52:02

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Quick takeaways

Rhino offers a non-refundable monthly fee instead of security deposits, but renters end up paying more in the long run.

Rhino's service disproportionately affects renters with lower incomes and weaker credit, contributing to a 'poverty tax'.

Deep dives

Real Page and Yardi Lawsuits and DOJ Investigation

The podcast episode discusses the lawsuits and DOJ investigation surrounding Real Page and Yardi, two companies that provided rent-setting software for landlords. The lawsuits claim that these companies, by setting the rent for multiple landlords using their own proprietary algorithms, eliminated competition and violated federal law. The DOJ has recently filed a request for comment and may officially join in the class action hearing against Real Page.

Introduction

2min

Investigation into Landlord Tech Companies and Rent-Setting Software

3min

The Impact of Rhino and Similar Companies on Renters and Landlords

16min

Landlord Tech Company, Third-Party Management, and Ad Break

4min

Rhino's Lack of Transparency in Lease Renewal Policies

4min

Frustrations with Rhino's Monthly Fees

24min

Discussion about an article on landlord tech and upcoming topics on the show

2min

Rhino sounds like a good deal at first. When people move into a new apartment, they often have to pay a large lump sum security deposit to their landlord. For people who can’t pay, Rhino offers to bill them a little bit every month in lieu of the deposit. But there’s a catch: unlike security deposits, money sent to Rhino is never returned. The company uses algorithms to make the wealthy pay less than poorer people, some renters are still paying for places where they no longer live and no one, including landlords, can get the service on the phone.

This week on Cyber, Motherboard writer Roshan Abraham comes on to discuss his investigation into Rhino.

Stories discussed in this episode:

How Landlord Tech Is Squeezing Renters Who Can't Afford Security Deposits

Tenants Are Suing Landlords for Allegedly Price-Fixing Rents with Software and the Feds Could Get Involved

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CYBER

The Landlord Tech Company That Turned Security Deposits Into a Monthly Fee

Podcast summary created with Snipd AI

Quick takeaways

Deep dives

Real Page and Yardi Lawsuits and DOJ Investigation

Rhino: A New Middleman in Rental Security Deposits

Rhino's Non-Refundable Monthly Fee and Lack of Communication

Rhino and the Poverty Tax for Renters

Remember Everything You Learn from Podcasts