Nobody likes security deposits: They’re expensive upfront and a pain to get back when tenants move out. Enter LA-based LeaseLock, which replaces deposits with lease insurance.
The company’s risk assessment system analyzes applicants’ full financial profiles and many indicators beyond credit scores to predict rent-payment defaults and damage losses. Property management companies enrolling residents pay a small monthly fee for coverage that eliminates deposits.
Our flagship lease insurance product offers the seamless, affordable move-in experience that modern renters expect. It eliminates friction at the leasing office: expensive security deposits, drawn-out bond approvals and confusing guarantee programs. It costs the property nothing and typically generates a much higher coverage amount than deposit alternatives (up to 6x the monthly rent) and is always sold within the native checkout process, delivering industry-leading adoption rates.
LeaseLock turns unpredictable rental loss and damage after move-out into a predictable net operating income and better asset performance. It replaces security deposits and deposit alternatives with a small monthly fee for the resident that covers up to six times the monthly rent, plus damages. LeaseLock also eliminates deposit administration and liability, and is supported by a best-in-class claims process.
With deep property software system integration, LeaseLock is the only deposit alternative specifically designed to adequately protect the management company and asset owner – it’s not structured like a bond or pooled risk product. As a result, LeaseLock typically delivers 92% adoption rates vs the fractional adoption of deposit alternatives that sell through out-of-the-native workflow application processes.
Less Bad Debt
Aside from the credit score, LeaseLock uses 40 different parameters to assess a renter’s ability to pay, which helps them avoid bad debt and other financial issues. This translates to less hassle and more revenue for properties.
Unlike other security deposit alternatives that are sold by leasing staff and require extra onsite work, LeaseLock’s pure insurance product fits into a property’s native leasing workflow with no additional applications or processes required. This allows for better adoption and more reliable coverage levels than traditional deposits and guarantors offer.
The company is backed by a number of investors including American Family Ventures, Liberty Mutual Strategic Ventures, Moderne Ventures and Wildcat Venture Partners. It has 82 total employees and is located in Marina del Rey, CA. LeaseLock offers a competitive benefits package including healthcare, PTO and vacation. Employees say the best part of working at LeaseLock is their culture. It scores 74/100 on Comparably’s diversity score.
Web leaselock offers residents a seamless zero deposit leasing experience. Residents pay a monthly fee that covers their security deposit and rent. LeaseLock uses artificial intelligence to predict risk by analyzing the applicant’s full financial history, past rental-payment behavior and more. LeaseLock is also deeply embedded with multifamily property management systems for rapid, scalable deployment and seamless integration into existing leasing and rent-collection workflows.
With $3 billion in insured leases and a 92% resident adoption rate across measured communities, the platform is rapidly replacing traditional deposits and deposit alternatives at scale and driving better asset performance. By leveraging predictive risk monitoring, data analytics and AI-enhanced insurance technology, LeaseLock’s solution delivers stronger loss protection strategies that optimize revenue and reduce risk-prone operational inefficiencies.
Employees at LeaseLock rate the company highly in Perks And Benefits, Office Culture and Compensation categories on Comparably. They report feeling somewhat prepared on their first day at work and know their department’s KPIs and OKRs well.
Automated Claims Process
The leaselock benefits system eliminates security deposits, cosigners and guarantors in rental housing by partnering with A-rated carriers to offer nationwide protection for rentors. By replacing traditional deposit alternatives, leasing teams are able to put more residents in homes faster with a more resident-friendly move-in experience. The program also allows apartment communities to drive traffic, convert more leases and reduce bad debt, while significantly minimizing deposit administration and risk.
In Q2 2020, LeaseLock saw 100% growth in new leases launched and is the clear category leader in deposit replacement. Its clients include NMHC Top 50 operators Greystar, Pinnacle, Avenue5 Residential, FPI, Harbor Group and LMC as well as ownership groups including ColRich, UBS TruAmerica and Eaton Vance. LeaseLock’s insurance solution integrates seamlessly into property management systems like Yardi, RealPage and Entrata.
LeaseLock employees rank the company highly for Perks and Benefits and Office Culture. They also rate the company well for Diversity and Inclusion, scoring it 74/100 on Comparably’s Diversity score.