Leading multifamily lease insurance provider experiences
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
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
"Traditional security deposits perpetuate an outdated industry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.
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
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
VP of Accounts
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