MARINA DEL REY, Calif., May 27, 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 a partnership with The Resident Relief Foundation (RRF).
The RRF Resident Relief Initiative is a coalition of leading multifamily organizations to raise $10 million to help residents nationwide struggling to pay their rent because of coronavirus-related job loss or illness. As such, 100% of donations activated through LeaseLock COVID-19 Alerts will go directly towards rent relief.
"Our mission is to help the world find home. We designed our product with this core principle in mind and never has it been more important," said Derek Merrill, Founder and CEO of LeaseLock. "The pandemic is having a disproportionate impact on renters. I've watched the multifamily industry come together to help residents —offering relief programs and flexible payment arrangements to keep people in their homes. We're looking to do our part and partnering with an incredible organization like RRF is a very powerful way to do just that."
RRF, a Tarzana, Calif.-based 501(c)(3) nonprofit, serves as the bridge that helps responsible residents stay in their homes during a singular, unexpected financial emergency by providing qualified residents with housing stability during a chaotic time and help them avoid eviction, a forced move, or homelessness.
"We so appreciate LeaseLock's heart in helping us move forward with our COVID-19 relief initiative," said Tina Oswald, Executive Director of RRF. "During this trying time, it is important we all do our part as members of the multifamily industry, and LeaseLock is not only stepping up but also stepping in to help. Their commitment to spreading the word of our relief program will help so many in need and provide residents with some much-needed peace of mind during this uncertain time."
LeaseLock is rolling out more than 1 million rental units across NMHC Top 50 Managers including Greystar, Bell Partners, Pinnacle, Avenue5 Residential and First Communities. It 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.
About The Resident Relief Foundation
Established in 2017, we are a 501(c)(3) public nonprofit driven by progressive ideas, bold action, and a solid foundation of support. Join us as we help keep responsible tenants in their apartments during an unexpected financial emergency and also help them better prepare for future emergencies by donating now, visit www.residentrelieffoundation.org for more information.