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 announces Goodman Real Estate Inc. (GRE) is implementing LeaseLock Zero Deposit™ across its portfolio. GRE owns and operates 15,000 apartment homes, primarily in the Pacific Northwest.
“The apartment industry is in transition. Operators have grown more frustrated with security deposit restrictions while residents are demanding more affordability,” said Kelli Jo Norris, President of GRE. “The pandemic is accelerating state and local deposit legislation compounding administrative burdens and liability while reducing loss protection for asset owners. LeaseLock allows us to move away from deposits entirely while gaining enhanced protection through its first-to-market lease insurance.”
LeaseLock powers a modern lease experience with insurance technology. Instead of paying a deposit, renters pay a small monthly deposit waiver fee that generates over $5,000 in rent loss and damage coverage for the property on every lease.
“GRE is a best-in-class company dedicated to creating a great resident experience while simultaneously maximizing asset value for its investors. We’re honored to have GRE in the family,” said Ed Wolff, CRO of LeaseLock. “As many surety bonds are paused by reinsurers during the crisis, we remain open for business and committed to serving our customers through this challenging time. We’re here to support the industry transition away from deposits completely.”
LeaseLock is rolling out more than 1 million rental units across NMHC Top 50 Managers including Greystar, Bell Partners, Pinnacle, Avenue5 Residential and First Communities.
LeaseLock integrates with all major property management systems, including Yardi, RealPage and Entrata.