NMHC Top 50 Operators Deploy LeaseLock Zero Deposit to Help Renters During COVID-19 Crisis
Operators eliminate security deposits for all new leases while securing protection from rent loss
MARINA DEL REY, Calif., April 14, 2020 /PRNewswire/ -- LeaseLock, the only provider of a nationwide A-rated lease insurance program that totally eliminates security deposits, surety bonds and guarantors in rental housing, today announced continued partnerships with its National Multifamily Housing Council (NMHC) Top 50 enterprise clients to implement Zero Deposit™ nationwide.
LeaseLock's NMHC Top 50 enterprise clients include Greystar, Pinnacle, Avenue5 Residential, Bell Partners, and First Communities.
"Multifamily operators are responding to COVID-19 with policies around resident support and preservation of occupancy. They are seeking ways to do the right thing for their residents during this time of crisis. We are doing everything we can to support our enterprise clients as they navigate the uncertainty created by COVID-19," said Ed Wolff, CRO of LeaseLock. "As a way to assist and inform multifamily operators through the rapidly evolving COVID-19 landscape, we have initiated an ongoing COVID-19 Alerts program. Our most recent alert offered insights into rent relief resources and how other NMHC operators are implementing these resources for residents. We feel these alerts are an invaluable tool."
LeaseLock Zero Deposit dramatically increases move-in affordability by eliminating all upfront security deposits, including pet deposits. The increased affordability allows apartment operators to increase conversion rates and close new leases even in a challenging environment.
At the close of the first quarter, launches of LeaseLock Zero Deposit communities were up 142% from the fourth quarter of 2019. To date, LeaseLock is insuring leases totaling more than $200M in value.
"Our April rent payment data analysis showed that more operators are seeking to preserve occupancy by accepting more partial payments and working closely with residents to stay in their apartment homes," said Derek Merrill, CEO and co-founder of LeaseLock. "Adding Zero Deposit helps reduces total move-in costs and converts more prospects looking for new homes during this challenging time. All while providing over $5,000 in rent and damage loss protection to the property. It's truly a win-win for both sides."
LeaseLock powers a modern lease experience with insurance technology. Instead of paying an upfront security deposit or surety bond, or having to secure a guarantor, renters pay a small deposit waiver fee that generates over $5,000 in coverage for the property on every lease. Renters save thousands of dollars at move-in, while apartment communities drive more traffic, convert more leases, significantly reduce bad debt and fully eliminate deposit administration and liability.
LeaseLock Zero Deposit is fully automated within the native leasing workflow—from move-in to move-out. Unlike surety bonds and rent guarantees that require leasing agents to direct residents to third-party websites and apps, LeaseLock instantly covers all leases with over $5,000 lease insurance coverage without any separate registration, application or billing process.
LeaseLock is integrated with all major property management software systems, including Yardi, RealPage and Entrata. The resident leasing experience is seamless and completely native—requiring no change in process for on-site teams.
About LeaseLock
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 $200 million in leases, and is backed by insurance rated A (Excellent) by A.M. Best. LeaseLock has secured $25 million in venture financing from leading insurance and real estate technology funds including Liberty Mutual Strategic Ventures, American Family Ventures, Wildcat Venture Partners and Moderne Ventures. For more information, please visit www.leaselock.com.
Media Contact:
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SOURCE LeaseLock
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