ColRich Multifamily owns more than 16,000 apartment homes located in strategic west coast markets, and uses leading third-party property management companies, including Greystar and Avenue5 Residential.
After monitoring the impact of deposits on their residents and business, especially during the pandemic, ColRich set out to find a better solution to address housing affordability, deposit legislation, and loss protection.
The owner was looking for a solution that would increase their protection and enable them to replace deposits entirely, rather than layer in a deposit alternative on top of the administrative hassle of deposits.
ColRich deployed LeaseLock Zero Deposit™ Platform across its portfolio to eliminate security deposits completely.
In turn, the apartment owner gained significantly stronger protection from rent loss and damage—approximately 4.6x more coverage compared to security deposits—which resulted in a massive reduction in bad debt exposure.
Once they replaced deposits with an affordable Zero Deposit move-in, ColRich also saw a seven-day acceleration in move-in time, in part because residents didn’t need to save up for a security deposit.
As an increasing number of deposit laws crop up across the country, ColRich has insulated themselves from affordability issues and legal challenges down the line.
“As legislation gains momentum nationwide towards affordability, and as the pandemic continues, LeaseLock puts us ahead of the curve,” said Michael Roos, Managing Director of Asset Management at ColRich.
“LeaseLock simultaneously makes leasing more affordable while providing our communities with unmatched loss protection.”
To learn more about how the seamless system integration of LeaseLock Zero Deposit Platform improved the owner’s leasing metrics, download the ColRich NOI Performance Analysis by filling out the form below: