Leading multifamily lease insurance provider experiences accelerated growth
LOS ANGELES, Oct. 30, 2023 /PRNewswire/ — LeaseLock, a lease insurance technology provider for the rental housing industry, announced it has exceeded $9 billion in leases insured. The milestone comes just months after topping the $6 billion mark earlier this year. The company is on pace to surpass $10 billion in leases insured by the end of 2023.
LeaseLock, the only insurance-based security deposit replacement for rental housing, has experienced accelerated growth as owners and operators focus on ESG initiatives and preventing NOI loss. LeaseLock’s AI-powered risk platform, LeaseLock Shield™, optimizes coverage for each property using millions of units of underwriting history. LeaseLock properties are eliminating the bad debt created by deposits while offering greater access to housing for renters.
“Traditional security deposits perpetuate an outdated industry model that serves neither the renter nor the owner/operator,” said LeaseLock President Ed Wolff. “LeaseLock’s continually expanding footprint is a testament to its results for all constituents in rental housing, by providing a proven method to prevent avoidable NOI loss while accommodating renter preference and reducing operational burden. $9 billion in leases insured is just the latest benchmark as we deploy smarter risk prevention industrywide.”
LeaseLock broadens the prospective resident pool by paving the way for qualified renters to avoid sizable deposits. Coupled with LeaseLock’s ability to absorb resident account balances with expedited claims, handling bad debt is becoming a thing of the past for LeaseLock clients.
With LeaseLock, claims are automatically initiated through the native operating software at move-out, accelerating claims payouts — most of which are delivered within 48 hours. The industry’s need to offer greater access to housing for renters while offsetting the risk of lost income has contributed to more renters and operators choosing LeaseLock Zero Deposit.
“Deposits have cost the industry billions of dollars in preventable NOI loss,” explained LeaseLock CEO Janine Steiner Jovanovic. “They are an impediment to leasing, a failed method for offsetting bad debt, and result in damaging lawsuits and settlements. Providing greater access to housing and preserving NOI are the industry’s top priorities and LeaseLock is the answer. LeaseLock is the only program available for rental housing that can deliver these essential benefits for both renters and investors.”
NMHC 50 Largest Operator LeaseLock clients include Greystar, Cushman & Wakefield, Avenue5 Residential, Harbor Group International, Pegasus Residential, and RKW Residential. Other industry leading partnerships include Quarterra, Goodman Real Estate, Highmark Residential, Rangewater Real Estate, ColRich, Western Wealth Communities, and Woodfield.
About LeaseLock:
LeaseLock is leading the next evolution in rental real estate, empowering owners and operators with a new generation of financial tools to prevent NOI loss and optimize asset performance.
By replacing security deposits with lease insurance, LeaseLock properly offsets the risk of bad debt and excessive damage. Powered by its ledger data and AI risk platform, LeaseLock Shield™ predicts risk and optimizes coverage by property–protecting profits, streamlining leasing, and minimizing regulatory risk.
Since 2016, LeaseLock insurance technology has eliminated security deposits and now sets the standard for AI-powered asset optimization. The company has insured over $9 billion in leases backed by insurance rated A (Excellent) by A.M. Best, with clients representing the top property management companies and ownership groups in the country.
Our global investors include SoftBank Ventures Asia, Wildcat Ventures, Westerly Winds, Vertex Ventures US, Liberty Mutual Strategic Ventures, American Family Ventures, Mucker Capital, and Hivers & Strivers Investment Fund. As a GRESB accredited partner, LeaseLock improves housing accessibility by removing financial barriers for renters. Learn more at www.leaselock.com.
Media Contact: LinnellTaylor Marketing
Marlena DeFalco
VP of Accounts
(303) 682-3943
marlena@linnelltaylor.com
SOURCE LeaseLock
