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 Trinsic Residential Group (Trinsic) has implemented LeaseLock Zero Deposit™.
Trinsic develops, acquires and operates suburban, garden-style apartment communities and high-density, urban properties across Arizona, Florida, Oregon, Texas and Washington state.
“We pride ourselves on being an innovative apartment company that provides the highest level of convenience for our residents,” said Sheri Thomas, Managing Director of Asset Management at Trinsic. “Affordability is top of mind for renters. Replacing the security deposit cost barrier with lease insurance delivers a frictionless and automated leasing process. LeaseLock offers the win-win of renter affordability and superior financial coverage.”
LeaseLock powers a modern lease experience with insurance technology. Instead of paying a deposit, renters pay a small monthly deposit waiver fee and the property receives over $5,000 in rent loss and damage coverage on every lease. Renters save thousands of dollars at move-in, while apartment communities drive more traffic, convert more leases, significantly reduce bad debt and eliminate deposit administration and liability. LeaseLock typically sees an average conversion of 95% or more, even though residents may opt-out of LeaseLock and pay the standard deposit.
“We’re excited and honored to partner with Trinsic,” said Ed Wolff, Chief Revenue Officer of LeaseLock. “The multifamily industry has long understood all of the unnecessary barriers of security deposits, and it’s encouraging to see Trinsic join the growing wave of owners and operators replacing deposits entirely and embracing the financial and leasing benefits of lease insurance.”
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, ColRich, Pinnacle, FPI, Bell Partners, Harbor Group, and LMC, and ownership groups such as UBS, TruAmerica, Eaton Vance and Goodman Real Estate.
LeaseLock integrates with all major property management systems, including Yardi, RealPage and Entrata.