Rhino and Jetty join forces to create the largest security deposit insurance company in the US

In a strategic move set to reshape the U.S. rental landscape, Rhino and Jetty, two trailblazers in security deposit insurance, have announced their merger. This partnership creates the largest security deposit insurance company in the country, serving over 6 million rental units nationwide. The merger is expected to significantly influence the rental housing market, providing renters and property managers with expanded options for affordable move-in solutions during a time when housing affordability is a growing concern.

The merger, described as transformative by industry insiders, comes at a pivotal time. The average moving cost in the U.S. has surpassed $5,000, while many Americans struggle to cover unexpected expenses of even $1,000. By combining resources, Rhino and Jetty aim to address this affordability gap, offering solutions that alleviate the financial burden typically associated with moving into a new home.

A Game-Changing Merger in the Rental Housing Market

The newly formed entity is more than just a merger; it represents the convergence of two companies that pioneered the security deposit insurance industry. Since their respective launches, Rhino and Jetty have collectively saved renters over $4 billion in upfront move-in costs, reflecting their commitment to reducing financial barriers in the rental housing market.

Alex Fiance, Chairman of Rhino and Co-CEO of Kairos, emphasised the significance of this merger, stating, “Six years ago, renters had no choice but to pay hefty cash deposits. Rhino and Jetty redefined that standard by introducing security deposit insurance, which has now become the norm across American rental housing. Bringing these companies together is a natural evolution of our mission to make renting more affordable.”

With this merger, the combined company strengthens its partnerships with 47 of the National Multifamily Housing Council’s top 100 property owners, including major players such as Greystar, Highmark Residential, UDR Apartments, and Morgan Properties. This broad network ensures that the impact of their services will be felt nationwide, making affordable move-in solutions more accessible to millions of renters.

Expanding Services Beyond Security Deposit Insurance

While security deposit insurance remains the core offering, the merger paves the way for a diversified suite of services designed to simplify the rental process. The combined company will expand its offerings to include cash deposit management, renters insurance, guarantor coverage, and loss of employment insurance.

Michael Rudoy, co-founder of Jetty, highlighted the strategic advantage of the merger: “By uniting our technological innovations and product strengths, we can deliver what property managers and renters have been asking for—a comprehensive suite of solutions that simplifies the entire rental process.”

These expanded offerings address a critical need in the current rental housing market, where renters seek more flexible financial products to ease the transition into new homes. Property managers also benefit from streamlined processes that reduce administrative burdens and improve tenant satisfaction.

Gina Glorioso, Head of Operations at Highmark Residential, noted the growing importance of security deposit insurance in leasing strategies. “Security deposit alternatives have become central to maintaining leasing velocity and occupancy rates. Our renters expect these options, and they’ve become a key factor in their decision-making process,” she said.

Leadership and Strategic Vision for the Future

As part of the merger, several leadership changes have been announced to guide the company through its next phase of growth. Georges Clement, currently the Chief Operating Officer at Rhino, will step into the role of Chief Executive Officer. Clement brings a wealth of experience in housing policy and technology, positioning him to drive the company’s mission of expanding affordable move-in solutions nationwide.

Ben Lantos, co-founder of Rhino, will serve as a Senior Advisor, while Michael Rudoy will join the company’s Board of Directors. Additionally, the company has appointed new board members, including Barry Karfunkel, co-founder of Adir Ventures and former CEO of National General, and James Garvey, founder and former CEO of Self Financial. These appointments are expected to strengthen the company’s strategic direction, governance, and industry influence.

Operating from its headquarters in New York, the merged company will continue to offer both Rhino’s and Jetty’s existing product lines. This ensures uninterrupted service for current partners while leveraging the combined resources to foster innovation and expand market reach.

Implications for the Rental Housing Market

The merger of Rhino and Jetty marks a pivotal moment for the rental housing market. As the largest security deposit insurance provider in the country, the combined company has the scale and influence to set new industry standards. Their expanded suite of products addresses key pain points for both renters and property managers, from reducing upfront costs to simplifying administrative processes.

Moreover, the merger reflects a broader trend in the housing industry towards more flexible and renter-friendly financial products. With housing affordability remaining a critical issue across the U.S., the demand for affordable move-in solutions is expected to grow. Rhino and Jetty’s merger positions them at the forefront of this shift, with the potential to influence policy discussions around rental affordability and tenant protections.

As the company moves forward, its focus will be on innovation, growth, and expanding access to its services. By addressing both the financial challenges faced by renters and the operational needs of property managers, the merged company aims to create a more equitable and efficient rental housing ecosystem.