Rapid growth demonstrates category leadership as enterprise rental housing market moves away from security deposits
MARINA DEL REY, Calif.–(BUSINESS WIRE)–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 it has insured leases totaling more than $300 million in value. LeaseLock is backed by Liberty Mutual Strategic Ventures.
LeaseLock continues to strengthen its deposit replacement leadership position by securing preferred national vendor contracts with the industry’s largest apartment portfolios. Leading NMHC Top 50 operators who have replaced deposits with LeaseLock include Greystar, Pinnacle, FPI, Avenue5 Residential, Bell Partners, Harbor Group, The Bainbridge Companies, and LMC, along with premier ownership groups such as ColRich, UBS, TruAmerica, PGIM, White Oak Partners, Eaton Vance, Goodman Real Estate, Priderock Capital, Compass Acquisitions, Olive Tree Holdings, Strategic Capital and more.
LeaseLock Zero Deposit unit count has experienced 100% quarter-over-quarter growth over the past four sequential quarters—ending Q2 with more than 130,000 apartment units. LeaseLock clients control over 2 million units nationwide with large blocks of units scheduled for rollout in Q3.
The acceleration of portfolio rollouts signals a tipping point occurring within enterprise multifamily as operators future-proof their communities in the face of rapidly changing market conditions. Operators are seeking to make move-ins more affordable for residents while gaining enhanced loss protection and staying clear of fast-approaching deposit regulations.
LeaseLock is creating market separation from surety bond providers by delivering 95% lease conversion rates versus fractional conversion that bonds deliver. Leading client operators have validated lease conversion performance results through split market trials.
“LeaseLock is doing something very different. We’ve been deliberate in our approach to design our insurtech product around the native enterprise leasing experience which runs straight through software systems,” said Derek Merrill, Founder and CEO of LeaseLock. “We know what works and our multi-year engineering investment is now paying dividends. We are not here to be another partially-adopted surety bond—out of systems and out of workflow. We are here to rid the world of deposits once and for all.”
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.
LeaseLock integrates with all major property management systems, including Yardi, RealPage and Entrata. The lease experience is seamless and completely native—requiring no out-of-workflow processing while also automating claims for onsite teams.
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.