Olive Tree Holdings is a private real estate investment firm focused on the acquisition, reposition, and management of multifamily communities. Shortly after the onset of the pandemic, the owner and operator launched LeaseLock Zero Deposit™ across its entire portfolio to create a more affordable move-in experience for renters.
With residents experiencing financial strain during the pandemic, as well as security deposit replacement legislation accelerating nationwide, Olive Tree aimed to address housing affordability while also bolstering its protection against potential rent loss.
The operator realized that deposit alternatives like surety bonds fail to offer sustainable solutions to this problem, so the decision to select LeaseLock proved simple. With LeaseLock, Olive Tree would mitigate financial risk and offer a less expensive move-in experience for renters.
“With COVID-19’s impact on the rental housing industry, it’s more important than ever that operators offer an affordable move-in experience for residents while also protecting themselves from potential rent loss,” said Ian Bel, Managing Partner for Olive Tree. “LeaseLock enables us to do exactly that.”
After selecting LeaseLock, Olive Tree implemented Zero Deposit™ to replace security deposits portfolio-wide. This resulted in coverage across 6,000 apartment homes, with an average of 7.5x more protection against rent loss and damage compared to security deposits.
“It’s clear LeaseLock has a stronger, more sustainable lease insurance product relative to surety bonds—many of which were turned off in this environment,” added Bel. “Their software integrates easily with our operations and their service team has been top notch. With LeaseLock we are able to fully remove ourselves from the deposit equation while providing our tenants with peace of mind at a very reasonable cost.”
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