Rapid growth extends category leadership as the pandemic accelerates deposit replacement across rental housing
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 $500 million in value.
The milestone comes on the heels of several months of explosive growth for the insurtech company, achieving $300 million in leases insured only two months ago. Since the start of 2020, LeaseLock has experienced 4x growth in launched apartment homes—beginning the year with 40,000 units and surpassing 160,000 units as of Q3. LeaseLock clients collectively own or manage over 2 million units, with blocks of additional units scheduled for launch through the remainder of 2020.
Unlike surety bond providers who offer deposit alternatives, LeaseLock is the only solution that enables true deposit replacement. With LeaseLock, communities are able to market themselves as Zero Deposit™ driving more inbound leads. Through seamless integration within native online leasing checkouts, properties gain $5,000 in coverage on 95 percent of new leases compared to fractional conversion rates of surety bond providers.
“The leading operators are using this moment to future-proof their communities and exit the deposit business altogether,” said Derek Merrill, Founder and CEO of LeaseLock. “Powered by insurance, data science, and years of technical system integrations—we have a solution that finally allows operators to eliminate deposits once and for all—not yet another deposit alternative with meager adoption at the site-level.”
LeaseLock has emerged the category leader in deposit replacement by securing preferred national vendor contracts with the industry’s largest apartment operators. NMHC Top 50 operator clients include Greystar, Pinnacle, Alliance, FPI, Avenue5, Bell Partners, Harbor Group, The Bainbridge Companies and LMC. Top ownership clients include UBS, Goldman Sachs, Blackrock, ColRich, Olive Tree, PGIM, TruAmerica, Eaton Vance, and Goodman Real Estate.
LeaseLock powers a modern lease experience. Instead of paying a deposit, renters pay a small monthly deposit waiver fee and the property receives $5,000 in rent loss and damage coverage. Renters save thousands of dollars at move-in, while apartment communities drive more traffic, convert more leases, significantly reduce bad debt and eliminate deposit administration and liability.
LeaseLock integrates with all major property management systems, including Yardi, RealPage, Entrata and MRI. 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 fully eliminates deposits to deliver a modern lease experience in rental housing—faster, simpler, and more affordable.
Headquartered in Marina Del Rey, Calif., LeaseLock has insured over $500 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.