The rollout makes renting more affordable as security deposit legislation moves forward
LeaseLock, the first and only nationwide A-rated lease insurance provider that totally eliminates security deposits, surety bonds and guarantors in rental housing, today announces ColRich Multifamily has deployed LeaseLock Zero Deposit™ across its portfolio.
ColRich owns approximately 15,000 apartment homes throughout the western U.S. and uses leading third-party property management companies, including Greystar and Avenue5 Residential. With LeaseLock, ColRich is protected from rent loss and damage with $10 million in coverage to-date, compared to $2.2 million that would have been collected with deposits.
Likewise, ColRich also experienced a seven-day acceleration in move-in time by eliminating costly upfront deposits.
"For the past several years, we’ve closely monitored the impact of deposits on our renters and on our business. It was time to find a better solution," said Michael Roos, Managing Director of Asset Management at ColRich. "As legislation gains momentum nationwide towards affordability, and as the pandemic continues, LeaseLock puts us ahead of the curve. LeaseLock simultaneously makes leasing more affordable while providing our communities with unmatched loss protection."
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.
"We are pleased to partner with ColRich to eliminate security deposits completely," said Ed Wolff, CRO of LeaseLock. "Now, more than ever, it’s essential that apartment communities offer a simple, convenient and affordable lease experience. ColRich recognizes the future of renting looks very different and is leading the industry forward."
LeaseLock is rolling out more than 1 million rental units across NMHC Top 50 Managers, including Greystar, Pinnacle, Avenue5, Bell Partners and First Communities.
LeaseLock integrates with all major property management systems, including Yardi, RealPage and Entrata.
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.