Leading multifamily operators leverage the insurtech platform to gain more than 6 times the coverage provided by deposits
LeaseLock, the leading insurtech software platform that automates deposits out of leasing while providing enhanced lease insurance protection for multifamily operators, published analysis across its NMHC Top 50 multifamily clients that reveals dramatically increased protection versus deposits.
Specifically, enterprise clients across all asset classes and coverage plans, receive an average of $3,852 in insurance coverage per lease—6.1 times more than the average deposit previously collected. The analysis also reveals that 92% of new leases are automatically executed with coverage embedded, unlike traditional deposit alternatives such as surety bonds, that yield fractional adoption based on applicant workflows that direct the resident outside the native leasing checkout.
"As deposit laws intensify, LeaseLock provides a preeminent technology that gets operators out of the deposit game entirely," said Kevin Huss, VP of Revenue Management at Harbor Group, an NMHC Top 50 owner. "We chose the LeaseLock Zero Deposit Platform because the technology seamlessly integrates with our existing property management systems and operations—from move-in to move-out."
The Zero Deposit Platform powers a modern lease experience through insurance technology. Operators place their properties on the platform and begin to market their communities as Zero Deposit. Leveraging deep integration with property management software systems, every new lease gains $5,000 in rent loss and damage coverage with the standard coverage plan, while residents pay an affordable monthly deposit waiver fee instead of an expensive upfront deposit. Renters save thousands of dollars at move-in, while apartment communities drive more traffic, convert more leases, significantly reduce bad debt and eliminate deposit administration and liability.
LeaseLock integrates with all major property management systems, including Yardi, RealPage, Entrata, Resman and MRI. The lease experience is seamless for residents, effortless for onsite teams, and fully integrated into enterprise back-office workflows. The platform provides on-demand access to asset performance metrics to quantify true enterprise impact, including bad debt reduction and NOI lift.
"We brought multifamily the first lease insurance product, now we're leveraging software to deploy it," said Derek Merrill, CEO of LeaseLock. "As we developed our platform with leading multifamily operators, it was clear deposit alternatives fail because their definition of ‘integration’ means sending residents to a separate underwriting application outside the standard online lease checkout. This results in closing delays, a poor resident experience, fractional adoption, and operational headaches for onsite teams. LeaseLock is deeply embedded in the fabric of multifamily systems making it effortless for everyone."
NMHC Top 50 operator clients include Greystar, Pinnacle, Alliance, FPI, Avenue5, Bell Partners, The Bainbridge Companies and LMC. Top ownership clients include UBS, Goldman Sachs, BlackRock, ColRich, Olive Tree, PGIM, TruAmerica, Eaton Vance and Goodman Real Estate.
LeaseLock helps the world find home. Powered by insurance technology, LeaseLock deploys software and a proprietary AI-driven risk platform to eliminate deposits across entire rental housing portfolios while creating a modern lease experience for residents—faster, simpler, and more affordable.
Headquartered in Marina Del Rey, Calif., LeaseLock has insured over $500 million in leases and is backed by insurance rated A (Excellent) by A.M. Best. LeaseLock has secured $25 million from leading insurance, technology, and real estate venture funds including Liberty Mutual Strategic Ventures, American Family Ventures, Wildcat Venture Partners, and Moderne Ventures. For more information, please visit www.leaselock.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20201105006224/en/