Insurtech provider releases new product that totally eliminates all deposits, surety bonds and guarantors from multifamily lease transactions
MARINA DEL REY, Calif., Aug. 14, 2019 /PRNewswire/ -- LeaseLock, the only provider of a nationwide A-rated lease insurance program that totally eliminates security deposits in rental housing, today announced the nationwide launch of LeaseLock Zero Deposit™—making it available across all 50 states to enterprise multifamily and single family operators. Early release Zero Deposit clients have insured over $100 million in leases to-date.
Zero Deposit powers a modern lease experience by totally eliminating all deposits, surety bonds, cosigners and guarantors. Renters pay a fee starting at $19 per month that generates over $5,000 in coverage for the property on every lease. Renters save thousands of dollars at move-in, while properties drive more traffic, convert more leases, significantly reduce bad debt, and fully eliminate deposit administration and liability.
By simplifying the lease transaction and making it more affordable, LeaseLock has measured a 10 percent lift in closing ratios on average—resulting in one to two new leases per month, per property. Additionally, lead-to-move-in is accelerated by 10 days on average, reducing vacancy loss. Further, clients are realizing a 50 percent reduction in bad debt on average. LeaseLock published Zero Deposit performance results across three of its clients totaling 21,790 apartment homes.
Zero Deposit is integrated with all major property management software systems including Yardi, RealPage OneSite and Entrata. The resident and leasing agent experience is seamless and completely native—requiring no out-of-workflow processing.
"We love how simple LeaseLock makes the leasing process. All of our approved and conditionally approved applicants are instantly covered—no more security deposits and no more cosigners or guarantors required—giving us an edge in a competitive market," said Debbie Nicholson, EVP at First Communities, ACRE Division. "LeaseLock is essentially invisible to our residents, and provides us with a blanket of coverage well beyond a security deposit."
"Our new Zero Deposit product is a giant leap forward from anything that's existed before," said Derek Merrill, founder and COO of LeaseLock. "We've invested millions of dollars and years of R&D in multifamily, insurtech and property management software integration to bring this product to market. The investment is paying off based on the positive NOI impact we're measuring across our client base."
Zero Deposit is expanding rollouts across NMHC Top 50 operators including Greystar, Avenue5 Residential, First Communities, Lincoln Property Company and The Bainbridge Companies.
LeaseLock helps the world find home. Powered by insurance technology, LeaseLock delivers a modern transaction for rental housing—faster, simpler and more affordable.
Headquartered in Marina Del Rey, CA, LeaseLock Zero Deposit™ totally eliminates all deposits, surety bonds, cosigners and guarantors. Renters pay a fee starting at $19 per month that generates over $5,000 in coverage for the property on every lease. Renters save thousands of dollars at move-in, while properties drive more traffic, convert more leases, significantly reduce bad debt, and fully eliminate deposit administration and liability.
LeaseLock is launching across more than 1,000,000 apartment homes, backed by insurance rated A (Excellent) by A.M. Best. LeaseLock secured $10M in Series A financing from leading insurance and real estate technology venture funds including, Liberty Mutual Strategic Ventures, American Family Ventures, Wildcat Venture Partners and Moderne Ventures. For more information, please visit www.leaselock.com.
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