Elevation Real Estate and Management has a portfolio of properties located in northwest Arkansas. Elevation implemented LeaseLock Zero Deposit™ lease insurance across its properties to replace security deposits and offer more affordable housing for single-family residents.
Especially during economic uncertainty, security deposits and deposit alternatives like surety bonds pose a financial burden for renters. For onsite teams, they create administrative headaches and an out-of-workflow leasing process. Deposits also expose operators to bad debt, causing a reduction in NOI.
To offer more affordable apartment housing, streamline leasing operations, and mitigate risk, Elevation launched LeaseLock Zero Deposit. The insurtech software platform is natively integrated into multifamily software systems from move-in to move-out.
After implementation, Elevation significantly reduced cost barriers for single-family renters while gaining nearly 6x more coverage against missed rent and damage compared to traditional security deposits. Through LeaseLock’s automated lease insurance technology, the operator also saw a 98% program adoption rate.
“LeaseLock provides us with a much greater degree of protection than security deposits, and far fewer administrative headaches,” said Kendra Butterfield, Director of Operations at Elevation Real Estate and Management.
For a more comprehensive analysis of Elevation’s performance metrics and NOI performance of single family properties, fill out the form below: