LeaseLock, an insurtech that provides totally eliminates security deposits, surety bonds and guarantors in rental housing, recently announced it has insured leases totaling more than $300 million in value.
As previously reported, LeaseLock’s Zero Deposit allows renters to pay a lower monthly fee starting at $19 that insures the property for six times the rent. The company claims that renters save thousands of dollars at move-in, which properties convert more leases with what LeaseLock aims to be better protection.
“Our mission is to help the world find ‘home.’ Powered by insurance and technology, we’re reinventing the way renters and properties transact—making it faster, simpler, and more cost-effective.”
LeaseLock further reported that the 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.
“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.”
Derek Merrill, Founder and CEO of LeaseLock, went on to add:
“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.”