Multifamily owner implements lease insurance across 8,000 units
MARINA DEL REY, Calif., June 10, 2020 /PRNewswire/ -- LeaseLock, the first and only nationwide A-rated lease insurance provider that totally eliminates security deposits, surety bonds and guarantors in rental housing, today announced White Oak Partners is implementing LeaseLock Zero Deposit™ across its entire portfolio. The company owns nearly 8,000 apartment homes in stable, mature secondary markets across the country.
White Oak initially launched LeaseLock at three properties, totaling 1,100 apartment homes. The properties experienced increased lead traffic, converted 96% of new leases on LeaseLock, and received over $500,000 in coverage—nine times more protection versus traditional deposits. Residents may opt-out of LeaseLock and pay the standard deposit if they choose.
"It was a no-brainer to replace security deposits portfolio-wide with LeaseLock. LeaseLock has proven to be the only solution to replace the long-standing deposit problem in the apartment industry," said John Detore, Director of Asset Management at White Oak Partners. "Surety bonds and other alternatives don't hold a candle to lease insurance. LeaseLock makes move-in affordable for our residents, and dramatically increases our protection against rent loss. In any economic environment it is important we reduce upfront costs for residents while still mitigating financial risk for our communities."
LeaseLock powers a modern lease experience with insurance technology. Instead of paying a deposit, renters pay a small monthly deposit waiver fee that generates over $5,000 in rent loss and damage coverage for the property on every lease.
"We're extremely honored to work with White Oak, a true forward-thinking owner that is moving beyond deposits and weak surety bond alternatives to better protect their assets and offer a best-in-class resident lease experience," said Ed Wolff, CRO of LeaseLock. "In this challenging environment, operators are realizing lease insurance makes a ton of sense in every market segment and asset class."
LeaseLock is rolling out more than 1 million rental units across NMHC Top 50 Managers including Greystar, Pinnacle, Avenue5 Residential, Bell Partners and First Communities.
LeaseLock integrates with all major property management systems, including Yardi, RealPage and Entrata.
LeaseLock helps the world find home. Powered by insurance technology, LeaseLock delivers a modern lease experience for rental housing—faster, simpler and more affordable.
Headquartered in Marina Del Rey, CA, LeaseLock totally eliminates all deposits, bonds and guarantors. Renters pay an affordable monthly fee that generates over $5,000 in coverage for the property on every lease. Renters save thousands of dollars at move-in, while properties increase occupancy, reduce bad debt, and eliminate deposit administration and liability.
LeaseLock has insured over $300 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.
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