Security Deposit Alternatives, Compared
A security deposit alternative replaces the upfront cash deposit with a smaller fee, bond, insurance policy, or payment authorization while preserving the owner's protection. This guide compares how Rhino, Jetty, Obligo, LeaseLock, Qira, and Beagle each approach it, and how to pick for your portfolio.
The Six Models at a Glance
| Provider | Model | Resident pays | Owner protection |
|---|---|---|---|
| Beagle | Deposit alternative integrated with insurance compliance | Low monthly fee instead of an upfront deposit | Damage protection retained at 100% |
| Rhino | Security deposit insurance | Small monthly or one-time premium | Coverage up to the policy limit; resident remains liable for damages |
| Jetty | Surety bond deposit alternative within a broader renters product suite | One-time or monthly fee for the bond | Bond payout up to the coverage amount; resident remains liable |
| Obligo | Billing authorization (no insurance) | Nothing up front; charged actual costs after move-out | Ability to charge the resident's payment method up to a pre-authorized limit |
| LeaseLock | Lease insurance embedded at the property level | Monthly fee collected with rent | Claims paid through the program for damage and lost rent |
| Qira | Deposit management with alternative and installment options | Full deposit in installments, or a deposit alternative fee | Traditional deposit protections when the deposit route is chosen |
Descriptions reflect each provider's public positioning at the model level. Programs change; confirm current terms, limits, and state availability directly with any provider you evaluate.
What Makes Each One Different
Beagle
The only option on this list that runs deposits and renters insurance compliance as one program, so a single vendor covers move-in costs, verification, and waiver coverage.
Rhino
One of the earliest and largest deposit insurance providers, with wide integration coverage across leasing platforms.
Jetty
Pairs its deposit product with renters insurance and rent-flexibility products under one brand.
Obligo
No insurance involved at all: it works like a hotel-style hold, which some owners prefer and some regulators treat differently.
LeaseLock
Deposit-free leasing built into the property's own stack rather than chosen resident by resident.
Qira
Flexibility between a classic deposit, installments, and an alternative in one platform.
Rhino vs Jetty: Which Deposit Alternative?
Rhino and Jetty are the two names property managers compare most. Both replace the cash deposit with a small resident-paid fee, and in both models the resident remains liable for damage they cause. The practical difference is focus: Rhino's core product is deposit insurance, while Jetty's deposit bond sits inside a broader suite of renters products.
The question worth asking before either: do you want deposits solved on their own, or deposits and renters insurance compliance solved together? If insurance verification, waiver coverage, and deposit alternatives are separate vendors, the compliance gaps between them are yours to manage. Beagle runs them as one program, which is the difference in practice for the team operating it.
Frequently Asked Questions
What is a security deposit alternative?
A security deposit alternative replaces the traditional upfront cash deposit with a smaller fee, bond, insurance policy, or payment authorization while preserving the owner's protection against damage and unpaid rent. Residents move in for less cash, and owners keep a way to recover losses.
Is a deposit alternative refundable like a deposit?
Usually not. A traditional deposit is the resident's money, returned if nothing is owed. Most alternatives charge a non-refundable fee or premium, and the resident typically remains liable for actual damages. That trade-off is the main thing to disclose clearly to residents.
What is the difference between Rhino and Jetty?
Both replace cash deposits with a small resident-paid fee, and in both cases the resident remains liable for damages. Rhino is built around security deposit insurance as its core product, while Jetty offers a surety-bond deposit product as part of a wider suite that includes renters insurance and rent flexibility.
Do owners give up protection with a deposit alternative?
No, when the program is run properly. Coverage limits replace the deposit amount, and residents remain responsible for damage they cause. The practical differences are in claims process, coverage caps, and how disputes are handled, which is why the program documents matter more than the category name.
Are security deposit alternatives legal everywhere?
Regulation varies by state and city. Some jurisdictions require offering residents a choice, specific disclosures, or caps on fees. Work with a provider that tracks state rules; Beagle's programs are designed to comply with applicable regulations across all 50 states.
For the full background on deposit models, read the security deposit alternatives guide or see how Beagle's program works.