MARINA DEL REY, Calif. (PRNewswire) — LeaseLock, the only provider of a nationwide A-rated lease insurance program that totally eliminates security deposits in rental housing, today announced a recent analysis of three of its clients, two ranked as National Multifamily Housing Council (NMHC) Top 50 Operators, showing a significant improvement in lease conversion rates and accelerated move-in times after implementing LeaseLock Zero Deposit™. The analysis represents more than 21,790 apartment homes nationwide.
ROCO Real Estate experienced an 18.8 percent increase in its application-to-lease closing ratio after implementing Zero Deposit. Meanwhile, First Communities saw an improvement in its average lead-to-move-in time of 9.4 days (31 percent faster) and an improvement in its average lead-to-lease timeframe of 3.2 days (37 percent faster) with LeaseLock in place. Furthermore, CORE Realty experienced an acceleration in its average lead-to-move-in timeframe of 12 days (35 percent faster).
“This is a huge win-win for apartment residents and properties,” said Derek Merrill, founder and COO of LeaseLock. “By building a better transaction process by totally eliminating deposits, apartment operators are seeing significant improvements in closing ratios and accelerated leasing. This further indicates that the modern renter wants simplicity, speed and affordability. With LeaseLock, forward-thinking operators are able to exceed these high expectations.”
With LeaseLock, apartment operators eliminate all security deposits, surety bonds, cosigners and guarantor services on every new lease. The leasing process is significantly streamlined, enhancing the ability for any property to convert prospects into residents. Renters simply pay a flat monthly fee instead of having to pay a large upfront security deposit or obtain a cosigner. Properties are then insured for over $5,000 toward damage and rent on every lease—up to 10 times better protection than cash deposits.
LeaseLock is the first nationwide Lease Insurance program, launching across more than 1 million rental units across the NMHC Top 50. Leading operators who have replaced security deposits with LeaseLock include Avenue5 Residential, LMC, ROCO Real Estate, CORE Realty and The Bainbridge Companies.