On Monday, April 5, Baltimore, Maryland’s City Council voted to pass “Renter’s Choice” legislation into law, requiring property owners to give all renters the option to use low-cost alternatives in lieu of traditional cash security deposits. Baltimore follows Atlanta, Georgia and Cincinnati, Ohio as the third city to pass this new law, expanding access to financial alternatives, like Rhino’s low-cost insurance.
In the city of Baltimore, over $275 million sits idly in cash security deposits, while rent prices continue to increase. Giving Baltimore renters the option to use security deposit alternatives will put cash back in their pockets, alleviating the financial burden that comes with finding a new home. Security deposit alternatives also ensure that property owners are provided with the same, if not greater, protection against unit damages and unpaid rent.
Baltimore City Council President Nick Mosby and Vice President Sharon Green Middleton, along with their colleagues, join the ranks of hundreds of policymakers stepping up to address the housing crisis by lowering upfront move-in costs in this time of historic economic uncertainty. Rhino looks forward to collaborating with more cities and states to build on Baltimore’s efforts and ensure renters have access to stable housing.
Visit renterchoice.org to learn more about the nationwide momentum of the “Renter’s Choice” movement.