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Finding that perfect New York City apartment can be tough, but pulling together all of that cash for the security deposit can be even tougher. A brand new startup, Rhino, wants to help renters throughout this process by eliminating security deposits. Instead, through the firm, renters would pay a monthly fee, starting at $19 (h/t Crain’s).
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In New York City there are currently about one million rent stabilized apartments–about 47 percent of the city’s rental units. So why is it so hard to snag one? What are the benefits of having one (other than affordable rent, of course)? According to the New York City Rent Guidelines Board nearly 250,000 rental units have lost the protections of rent regulation since 1994. Why are we “losing” so many of them?
Images: Brooklyn Lyceum via Brooklyn Relics (L); Kiefer Sutherland’s former home at 763 Greenwich Street via Urban Compass (R)
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