MARINA DEL REY, Calif., April 30, 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 Olive Tree Holdings (Olive Tree) is the newest company to implement LeaseLock Zero Deposit™ across its entire portfolio of more than 6,000 apartment homes.
Olive Tree is a New York-based, private real estate investment firm focused on the acquisition, reposition, and management of multifamily communities in dynamically growing markets, including Texas and Georgia.
"With COVID-19's impact on the rental housing industry, it's more important than ever that operators offer an affordable move-in experience for residents while also protecting themselves from potential rent loss," said Ian Bel, managing partner for Olive Tree. "LeaseLock enables us to do exactly that. It's clear LeaseLock has a stronger, more sustainable lease insurance product relative to surety bonds—many of which were turned off in this environment."
LeaseLock powers a modern lease experience with insurance technology. Instead of paying for a security deposit or surety bond, renters pay a small, monthly deposit waiver fee that generates over $5,000 in coverage for the property on every lease.
"We're honored to help Olive Tree as they navigate the turbulence," said Ed Wolff, CRO of LeaseLock. "Surety bonds are much more sensitive to market fluctuations because they collect much less premium relative to LeaseLock. Many surety bond providers have been paused by their reinsurance carriers. Meanwhile, we're continuing to expand our footprint and are thrilled to add Olive Tree to our client roster."
LeaseLock is the first and only nationwide lease insurance program, rolling out more than 1 million rental units across NMHC Top 50 Managers, including Greystar, Pinnacle, Avenue5, Bell Partners, and First Communities.
LeaseLock Zero Deposit 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 $200 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.