As the year comes to a close, LeaseLock would like to reflect on the significant growth we’ve achieved alongside our clients, partners, advisors, supporters, and colleagues. In 2023, LeaseLock remains committed to focusing on the core to drive performance for our clients’ portfolios. Let’s look back at the many highlights from 2022!
In a perfect world, every lease would end with zero balance. Yet nearly half a month’s rent per unit is written off as loss. With LeaseLock’s AI-powered financial technology minimizing financial risk of loss and absorbing outstanding balances typically written off as bad debt, operators are put on the path to final balance zero. Driving NOI is one of the many benefits our clients experience.
By turning unpredictable rent loss and damage after move-out into more dependable net operating income, LeaseLock has helped our clients generate greater asset value—$1.5 billion to be exact.
After surpassing $2 billion in leases insured toward the end of 2021, we promptly hit the $3 billion mark at the start of 2022. As more and more operators ditched deposits for lease insurance throughout the year, we reached another milestone of $4 billion in insured lease value.
Our clients have improved realized revenue by double–digit percentages. With projected annual net income lift at each property based on annual per unit reductions in final account balance and vacancy loss, typical clients generate $200 NOI lift per unit and tens of millions in asset value lift. Don’t just take our word for it — see how clients like Avenue5 Residential, Pegasus Residential, and E&S Ring unlock hundreds in net income with LeaseLock’s financial technology platform.
We’re proud to partner with the most forward-thinking and innovative teams in the multifamily industry, and we’re even more thrilled to congratulate those who were named on the NMHC Top 50 lists this year. With their support and partnership, we’re revolutionizing the rental housing industry nationwide.
Year-over-year, LeaseLock experienced a 40% increase in Zero Deposit launches, with new enterprise PMC and ownership group additions including Pegasus Residential, Madera Residential, S2 Residential, and CAF Management. This builds on our existing list of NMHC Top 50 operator clients including Greystar, Cushman & Wakefield, Avenue5 Residential, Bozzuto, RKW, and Harbor Group Management Co., as well as top ownership clients including Goldman Sachs, ColRich, GoldCor, Olive Tree, TruAmerica, White Oak, Trinsic, and Goodman Real Estate.
Data compiled through property management software shows the actual dollar amount in security deposits that LeaseLock has eliminated nationwide. Year-over-year, LeaseLock removed more than double the deposit amount in both Texas ($70.9 million) and Florida ($39.7 million), while renters in California ($18.8 million), Colorado ($15.9 million), and New York ($9 million) also saved millions in 2022.
With LeaseLock automatically embedded in every online lease checkout, properties see adoption rates of 90% on average*, enabling operators to control the customer experience throughout the entire leasing process. In addition, high adoption increases coverage and lowers bad debt across the entire portfolio.
*Clients see an average 90% resident adoption rate when LeaseLock is implemented correctly.
101 Top California Real Estate Startups & Companies – LeaseLock was selected as one of the most innovative California-based real estate startups by Estate Innovation. The list features 101 real estate companies who have propelled the industry forward through their commitment to innovation and cutting edge technology.
26 Hottest Los Angeles Startups – We are honored to be recognized alongside more than two dozen venture-backed companies in the Southern California region on dot.LA’s list of 26 hottest startups that VCs have their eyes on in 2022.
10 Best Tech Startups in Marina Del Rey, CA – Based on revenue potential, readership team, brand/product traction, and competitive landscape, the Tech Tribune listed LeaseLock #3 out of the 10 very best private tech companies in the California tech region.
Top 6 Startups Founded in Marina Del Rey, CA – Through our ongoing commitment to build the next wave of financial technology, Failory tabbed us as one of the top startups in Silicon Beach’s hottest tech hubs, Marina Del Rey.
With a roster of industry thought leaders and subject matter experts, LeaseLock is proud of our team for lending their voice in various formats including articles in top publications, podcast interviews, event speaker presentations, panel sessions, and educational webinars:
Founder & Board Chairman, Reichen Kuhl
President, Ed Wolff
CTO, Sudip Shekhawat
Advisory Board Member, Jeremy Thomason of CAF Companies
Advisory Board Members, Jennifer Staciokas of Western Wealth Capital and Marcie Williams of RKW Residential
Senior Vice President of Enterprise Sales, Chris Hazlett
Manoj Sigdel, Head of Data Analytics
Breanne Arase, Senior Data Analyst
Tim Ng, Lead Engineer
Amir Katoozian, Data Analytics & Engineering Manager