In June 2020, Haley Residential began its partnership with Rhino, America’s leading security deposit insurance.
Based in Omaha, Nebraska, Haley Residential operates more than 50 multifamily properties in over 20 states across the United States. By partnering with Rhino, Haley Residential solved a key challenge for their team: their security deposits weren’t high enough to fully protect them from bad debt.
Learn how Rhino helped Haley Residential increase their security deposit minimum while keeping move-in costs low, reducing their bad debt by 3x.
Led by industry experts with decades of experience and expertise, Haley Residential acquires and maintains apartment communities that provide quality living spaces to its residents and value to its investors. Prior to partnering with Rhino, leaders at Haley Residential knew that their issue with bad debt stemmed from many of their buildings being pet-friendly, which would often result in damages that required extensive cleaning and repairs.
“We vet things a lot. We’re not quick to jump into anything. But after significant research and talks with the team, we realized that Rhino was the best security deposit insurance on the market,” said Lee Schwendiman, VP of Revenue Management at Haley Residential.
Within three months of launch, the team at Haley Residential were able to roll Rhino out to over 11,000 units in their portfolio. They integrated Rhino with Yardi to trigger automatic Rhino invitations to renters as soon as they were approved by their leasing team. This helped make offering Rhino a breeze for onsite teams and property management staff.
Haley Residential’s renters represent a wide spectrum of incomes, backgrounds, and preferences. For many, anything that could help them save at signing would be a significant benefit to their experience.
When compared to the price of a Haley Residential security deposit, the average Haley Residential renter Rhino quote is 90% lower than that cash deposit amount. This means that even after Haley Residential increased their security deposit minimums to eliminate bad debt with Rhino, their renters are enjoying significant cost savings at move-in as a result of what Rhino offers.
Rhino is a popular choice for Haley Residential renters, with 2 out of 3 renters choosing to enroll. And they’re moving in with less administrative friction than ever before.
Get the full story in our case study. See Rhino’s full impact on Haley Residential’s bottom line, and hear from their staff on why they recommend Rhino to their peers in the industry.
Then, schedule some time with our experts to explore how Rhino could improve your NOI, increase renter satisfaction, and deliver more wins for your team.