Coming off a strong first quarter, LeaseLock is eager to build on growing momentum. From reaching $3 billion in leases insured, to eliminating millions of dollars in security deposits, to partnering with several new enterprise clients, we continue to take great pride in leading the industry away from security deposits toward safer and more modern leasing solutions.
Data-driven AI technology is at our core, and it’s taking us and the multifamily industry to new heights.
We reached our first milestone of $1 billion in leases insured in March 2021, and then surpassed the $2 billion mark six months later. Just five months after that, we hit the $3 billion mark. Signaling accelerated industry adoption of our deposit replacement solution, the achievements are proof of the scale at which LeaseLock is empowering more and more operators to replace security deposits with AI-powered lease insurance.
With access to millions of historical ledger records, we are able analyze over a billion risk data points to better predict future rent loss for our clients. This translates into unmatched, customized coverage by asset, which is optimized against changing risk. Put simply, our AI adapts insurance coverage so our clients can rely on optimal revenue protection across their entire portfolio.
Data compiled through property management software reveals the actual dollar amount in security deposits LeaseLock has eliminated. In Texas, we have removed $44.3 million in deposits. In Florida, we have helped renters avoid $22.3 million in deposits, while renters in Georgia ($16.6 million), California ($13.2 million), North Carolina ($11.6 million), Colorado ($10.3 million), and New York ($6.4 million) have also saved millions.
What does this mean for apartment communities? It means properties gain stronger performance, smoother operations, and happier residents.
In 2021, we experienced a 55% increase in Zero Deposit launches from the previous year. In the first few months of 2022, we’ve seen 56% annualized growth in apartment homes implementing Zero Deposit, bolstered by a dramatic shift in rental housing consumer preference away from deposits.
We’ve added a handful of new multifamily portfolios to our growing roster, including NMHC Top 50 Manager Pegasus Residential.
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 and bringing the future of leasing to renters nationwide.
The Tech Tribune compiled a list of the best tech startups in Marina Del Rey, CA, and we are honored to be recognized alongside some of the fastest growing startups in the Southern California region.
We’ve had the good fortune of adding over 20 new LeaseLock team members so far, and we’re not stopping! Below are a few of our notable new hires:
Sudip Shekhawat – Senior Vice President of Engineering
With 15 years of SaaS experience in real estate, Sudip’s software engineering expertise is helping propel LeaseLock into our next growth phase. In his previous role at RealPage, he oversaw a global technology team and led the design, development, and growth of several core business lines, demonstrating his ability to scale our own technology platform.
“Sudip is a real estate technology pioneer, and he wants to build the next generation of financial technology products with us. His ability to build and lead a global engineering team will be critical to our success.” – CEO Derek Merrill
Forrest Kitlas – Vice President of People
Forrest has over 10 years of experience in people strategy and recruiting in the tech industry, with previous roles at Twilio and other unicorn companies. At LeaseLock, he is spearheading our people initiatives to help scale our team and cultivate a top-notch company culture.
Nick Seeley – Vice President of Enterprise Sales, West
Nick brings over a decade of multifamily technology industry experience and a strong understanding of the pain points associated with security deposits. He will be instrumental in helping more operators ditch deposits for good and educating operators about new NOI improvement strategies.
Megan Dyk – Regional Sales Executive, Mountain
Megan comes to us with a strong multifamily network and enthusiasm about the value of technology driven by data, which will help her empower more operators to manage risk and maximize asset performance with lease insurance.
Interested in joining our growing team? We’re always looking for new team members — check out our job openings.
In order to spread the word about the benefits of getting rid of deposits with our deposit replacement solution, we’ve making our way around the map to attend a series of industry events, including:
In order to have a successful leasing season, operators can leverage four technology solutions that improve lead-to-lease conversion while also boosting NOI. Read the full white paper to learn how these tech hacks can make a real impact on the customer experience and deliver a competitive advantage to drive more lease signings—all without sacrificing the bottom line.
We explore why the industry needs to remove one particular risky financial instrument (security deposits) and replace it with an optimally secure solution (lease insurance). We also outline the drawbacks when operators turn to “deposit alternative” products, and how these seemingly “easy” fixes often only exacerbate the problem — download the white paper.
LeaseLock is a proud sponsor of the 2022 edition of 20for20, the industry’s leading survey of operations and technology. In this overview, you’ll get exclusive access to 20 conversations with senior multifamily executives, plus a unique perspective on innovative insurance technology solutions in 2022. Access the entire research report.
Our Data Science team employs statistical and machine learning models to develop AI actuarial algorithms that enable data-driven decisions. They have developed a variety of algorithms for risk underwriting, risk monitoring, revenue forecasting, financial analysis, and more, which you can read about on their Medium blog.
In this year’s first peek under the hood of our risk engine, one of our data scientists shows how we treat unknown/missing data issues by developing statistical models to predict the probability of an event happening that has not been observed before.
In the second post, our lead software engineer chronicles the LeaseLock Engineering team’s efforts in preventing too large of a buildup of technical debt and migrating to a fully automated cloud infrastructure defined in code to power the entire business.
Our senior data analyst was also interviewed by Built In LA on some of the ways we are innovating and experimenting with data science to build our AI software platform.