2020 was a year marked by unprecedented change. Even in the face of economic uncertainty and industry disruption, LeaseLock has experienced several major milestones and unprecedented growth. Our sights are set on an even bigger 2021, but we’re taking time to reflect on all we’ve accomplished in partnership with our valued clients.
Check out the infographic highlighting our growth, and read on below to learn more:
From replacing security deposits in more than 1.5 million apartment homes, to insuring $1 billion in leases, to generating more than 5x better coverage compared to traditional deposits, LeaseLock accelerated throughout 2020.
This acceleration is a testament to our category leadership as we separate ourselves from the surety bond and deposit alternative market. We are honored to continue forging the path in eliminating security deposits for good by delivering the first insurtech platform to multifamily.
With preferred national vendor contracts with NMHC Top 50 operators including Greystar, Pinnacle, Alliance, FPI, Avenue5, Harbor Group, The Bainbridge Companies, and LMC, we look forward to empowering more and more multifamily operators to future-proof their communities, especially during these challenging times.
In 2021, LeaseLock aims to displace $50 billion in deposits in the U.S. As the leading insurtech software platform for enterprise multifamily and the only full deposit replacement solution, we take honor in offering residents more affordable move-ins. We are deeply committed to helping the world find home, and looking back at 2020 further solidifies that core mission.
LeaseLock secured master enterprise agreements totaling more than 1.5 million apartment homes in the last year while insuring $1 billion in leases. In addition, we experienced 100% quarterly growth in homes on the platform and a 310% increase in Zero Deposit launches over the course of 2020.
LeaseLock works with NMHC Top 50 operator clients including Greystar, Pinnacle, Alliance, Avenue5, The Bainbridge Companies, LMC and RKW, as well as top ownership clients including Goldman Sachs, ColRich, GoldCor, Olive Tree, TruAmerica, White Oak, Trinsic, and Goodman Real Estate.
Through the tremendous growth we’ve experienced, LeaseLock has created a product deeply integrated into multifamily software systems — making the lease experience seamless for residents, effortless for onsite teams, and native to enterprise back-office workflows. Our software platform also provides on-demand access to asset performance metrics to quantify true impact, including bad debt reduction and NOI lift.
Our clients see an industry-leading resident adoption rate of 92% per property on average — much higher than deposit alternatives — due to being embedded automatically in every online lease checkout. We provide 5.2x better protection for properties compared to traditional security deposits, which significantly reduces bad debt and increases NOI.
Across the country, lawmakers are passing, proposing, or pledging support for deposit replacement legislation. We’re replacing security deposits in all 50 states and are excited to continue supporting multifamily in their move away from deposits and surety bonds entirely. While other firms deploy legacy B2C deposit alternatives, we will be hard-at-work engineering the first B2B insurance platform designed for enterprise multifamily.