MARINA DEL REY, Calif. (BUSINESS WIRE) LeaseLock, the first and only nationwide A-rated lease insurance provider that totally eliminates security deposits, surety bonds, and guarantors in rental housing, today announced Avenue5 Residential has selected LeaseLock as its exclusive national vendor for security deposit replacement. LeaseLock is backed by Liberty Mutual Strategic Ventures.
Avenue5 Residential is the fastest-growing enterprise multifamily operator with more than 70,000 apartment homes nationwide. Avenue5 Residential is now ranked No. 15 on the National Multifamily Housing Council (NMHC) Top 50 Managers list, moving up five spots from 2019.
LeaseLock powers a modern lease experience with insurance technology. Renters pay a small monthly fee that generates over $5,000 in coverage for the property on every lease. Renters save thousands of dollars at move-in, while communities drive more traffic, convert more leases, significantly reduce bad debt, and fully eliminate deposit administration and liability.
LeaseLock has insured $10 million in leases for Avenue5 Residential across premier ownership clients including ColRich, Trinsic, and Compass Acquisition Partners, resulting in 5x greater protection against rent loss and damage compared to security deposits.
“Security deposits are a thing of the past. Financially, deposits–along with surety bonds–do not make a lot of sense,” said Mark Stringer, Executive Vice President at Avenue5 Residential. “Deposits are too expensive and surety bonds provide inadequate coverage, putting property owners at financial risk. LeaseLock solves these problems.”
LeaseLock, the category leader in deposit replacement, has insured over $300 million in leases across the industry’s largest apartment portfolios with clients currently controlling over 2 million rental units. NMHC Top 50 clients include Greystar, Pinnacle, FPI, Bell Partners, Harbor Group, and LMC, and ownership groups such as UBS, TruAmerica, Eaton Vance and Goodman Real Estate.
“LeaseLock is modernizing the rental housing transaction to meet the demands of future residents,” said Derek Merrill, CEO and Co-founder of LeaseLock. “Avenue5 Residential is deploying cutting-edge real estate technology to power incredible growth. These technologies provide their clients a competitive edge in the marketplace.”
LeaseLock Zero Deposit integrates with all major property management systems, including Yardi, RealPage, and Entrata.