NAA Apartmentalize 2022 Recap: Top 3 Highlights and Takeaways for Multifamily Innovators

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We’re still buzzing with excitement from all the amazing events that unfolded at last week’s NAA Apartmentalize 2022. With over 11,000 vendors and attendees, our team was delighted to welcome a constant stream of visitors to our booth and happy to reconnect with industry peers at our hosted events.

While the event was back to pre-pandemic activity, the industry is not returning to its old ways of doing business. Emerging technologies took center stage both during the education sessions and on the trade show floor, proving that technology innovations adopted during the pandemic are here to stay and evolve.

If you missed out on Apartmentalize this year or you just want to relive it, here’s our recap of the top highlights and takeaways from the industry’s premier annual gathering.

1. Modern Renter Demands: The Subscription Economy’s Impact on Rental Housing

The subscription business model has been accelerated by the pandemic and is only becoming more prevalent across various industries. The shift in buying behavior extends across all aspects of life, like entertainment, financial services, food, and housing. In multifamily, renters are avoiding high upfront costs in favor of more flexibility and freedom.

With rent being just a monthly subscription fee paid for an apartment, other elements such as security deposits, move-in costs, and payment options can also benefit from adopting the subscription model.

In our education session, Understanding the Renter’s Economic Mind, our Senior Vice President of Enterprise Sales Ian McIntosh, along with industry experts Jeremy Thomason of CAF Companies and Hugh Cobb of Asset Living, explored the economic drivers of today’s renter and revealed best practices for the implementation of subscription-based amenities.

Here are the key highlights from their discussion:

  1. Subscription services and fee installments have emerged as the preferred payment method for renters.
  2. Operators are revisiting and restructuring their paradigms for security deposits, rent payments, amenity fees, and move-in costs to appeal to the economic mind of today’s renters.
  3. Companies are embracing bundling expenses to streamline the resident experience.

Be on the lookout for our comprehensive recap highlighting the session’s best practices for implementing subscription-based systems, as well as data-centric insights into the modern renter profile.

2. An Epic Multifamily Reunion: Connecting With Old and New Partners

This year’s Apartmentalize was an opportunity for the industry to reconnect, mingle, and forge new relationships. We were as excited as ever to jump right back into the action and have some fun in the sun with old and new partners in San Diego.

As a pre-celebration on Wednesday, LeaseLock hosted a cozy gathering with fifty guests on the beach at Hotel Del Coronado to roast s’mores over the bonfire and enjoy good conversation. Multifamily leaders and long-time LeaseLock partners Doug Bibby and Debbie Phillips stayed late into the night catching up on lost time with our CEO Derek Merrill and CRO Ed Wolff.

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Kicking off the official celebrations on Thursday, we rubbed shoulders with 300 industry movers and shakers at our co-hosted happy hour with Friends of NAA. Overlooking the Gaslpamp Quarter and views of the San Diego Bay, we toasted to continued partnerships and success.

But the fun didn’t stop there—at our intimate dinner at the waterfront Sheerwater bistro we were joined by thirty industry titans, including Doug Bibby – President of NMHC, Bob Pinnegar – President of NAA, Hugh Cobb – President of TAA, and Ian Mattingly – President of AAGD, along with some of our amazing board members. As always, we’re grateful for their support and honored that they chose to spend their evening with our team.

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3. Trade Show Buzz: New Proptech Propelling the Industry Forward

Attendees brought infectious energy to the exposition floor on Thursday and Friday as innovators came together to share ideas and solutions. The LeaseLock booth and team were met with enthusiastic customers and property operators as we offered a peek under the hood of our data-driven risk engine and AI-powered lease insurance platform.

LeaseLock has been hard at work building our lease insurance technology solution to bring greater predictability to rent. Our team was excited to demonstrate how our technology analyzes risk to optimize coverage so our clients can rely on optimal revenue protection across their entire portfolio.

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Our expert advice on loss protection in today’s economic climate proved to be an especially hot commodity among thought leaders, trendsetters, and innovators visiting our booth. We loved the spirited exchange of ideas on how to refine risk management practices and drive property performance, and we left San Diego feeling as committed as ever to revolutionizing the rental housing industry.

The Best One Yet?

Whether it was the warm and sunny weather in San Diego, or the opportunity to finally reconnect with industry peers at the first full return to pre-pandemic activity, the word on the street is this year’s Apartmentalize was the best one yet. Our team couldn’t agree more—we had a blast celebrating and connecting with industry friends, and feel re-energized to get back to work on bringing the future of leasing to renters nationwide.

Thank you to our team, partners, booth visitors, event attendees, multifamily friends, and NAA for making Apartmentalize 2022 one to remember—we can’t wait to see you again at next year’s Apartmentalize 2023!

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3 Tips to Make the Most of Your Time at NAA Apartmentalize 2022

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Apartmentalize 2022 is the biggest event in rental housing and if you don’t have a solid plan in place it can be overwhelming to navigate, but not to worry—we’ve got you covered!

As a California based company and a team who’s attended the event several years in a row, we know a thing or two about navigating the exposition floor, maximizing connections, and having fun like a local. With nearly 400 exhibitors, dozens of educational sessions, endless networking opportunities, and plenty of entertainment options, here’s three ways to get the most out of your time at Apartmentalize:

1. Attend Education Sessions to Stay on Top of Industry Trends

In the ever-changing landscape of emerging technologies, legislation, and trends, every rental housing professional needs to stay informed. With over 80 educational sessions (some of which take place at the same time), attendees should plan ahead and pick the most relevant ones.

Take a look at the full list of education sessions and utilize your NAA Planner to add the sessions to your calendar and stay on top of your schedule during the event.

A Session You Don’t Want to Miss: Understanding The Renter’s Economic Mind

Don’t miss the opportunity to hear from multifamily veterans Hugh Cobb, Dave Marcinkowski, and Jeremy Thomason. Our SVP of Enterprise Sales, Ian McIntosh, will be moderating a lively discussion on the economic drivers of modern renters and best practices for implementing subscription-based amenities. This session will uncover how, when and where renters prefer to spend their money. Leave empowered to appeal to your renters’ new preferences.

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2. Plan Your Visits With Exhibitors

With your education sessions planned, make sure to give yourself enough time for booth visits, appointments, and networking on the expo floor. Decide which exhibitor booths to visit ahead of time. Use the interactive Floor Plan tool to search by exhibitor, booth number, or product category. Your NAAPlanner will allow you to save exhibitors to your custom show agenda.

As the days on the exposition floor can be hectic, we also recommend finding time for deeper one-on-one conversations by scheduling appointments with your vendors of choice in advance.

Connect With LeaseLock at Booth 1613

Attending Apartmentalize is a wonderful opportunity to learn more about the latest industry trends and technologies that are transforming the rental housing industry.

Our deposit replacement technology is doing just that—by taking deposits out of leasing, we’re fundamentally changing the way multifamily operators manage risk. Our AI analyzes billions of risk data points to better predict future rent loss and generate revenue protection across entire portfolios. This translates into customized coverage by asset, which is optimized against changing risk.

If dropkicking deposits sounds like a stress reliever for you, come meet us at Booth 1613. We’ve got plenty to share, from stress-free solutions, to swag, and exciting giveaways. Our team is eager to share bright ideas, make brilliant connections, and have fun in the sun in San Diego, so schedule some time with us below.

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3. Fun Events to Attend at Apartmentalize 2022

Don’t forget to fit in fun activities during the event to unwind and connect with industry peers and partners. Consider attending these special evening events:

S’mores On The Beach at Hotel Del Coronado

Your trip to San Diego won’t be complete without a stop at the beach to dip your toes in the ocean—that’s why we’re hosting a fun hang out on a private beach at the iconic Hotel Del Coronado on Wednesday, June 22. Join us for a gathering with fellow peers, fun conversations, and roasted marshmallows as the sun sets. RSVP below.

[Jun 15, 2022 Update]: All the available spots for our S’Mores on the Beach event have been filled. If you still want to meet with our team during the event, schedule some time with us here.

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Rooftop Happy Hour at HardRock Hotel – Limited Capacity

Stop by the jointly hosted happy hour by Friends of NAA at FLOAT Rooftop Lounge. Meet us for welcome cocktails, hors d’oeuvres, and the best views of the city to kick off the event. Be sure to RSVP below as spots are limited and filling up quickly.

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Friday Night Farewell Party

Close out the conference with a bang at the San Diego’s historic Gaslamp Quarter. The National Apartment Association is hosting a block party in two full blocks dedicated for Apartmentalize attendees. It will feature 13 restaurants, musical acts, photo opportunities, games, and activity stations. Find the event’s full details here.

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Quarterly Checkpoint: LeaseLock Momentum by the Numbers

Coming off a strong first quarter, LeaseLock is eager to build on growing momentum. From reaching $3 billion in leases insured, to eliminating millions of dollars in security deposits, to partnering with several new enterprise clients, we continue to take great pride in leading the industry away from security deposits toward safer and more modern leasing solutions.

Data-driven AI technology is at our core, and it’s taking us and the multifamily industry to new heights.

A Rent Revenue Revolution: $3 Billion in Leases Insured

We reached our first milestone of $1 billion in leases insured in March 2021, and then surpassed the $2 billion mark six months later. Just five months after that, we hit the $3 billion mark. Signaling accelerated industry adoption of our deposit replacement solution, the achievements are proof of the scale at which LeaseLock is empowering more and more operators to replace security deposits with AI-powered lease insurance.

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Coverage Based on Real Data, Not Tradition: Over 1 Billion Risk Data Points Analyzed Daily

With access to millions of historical ledger records, we are able analyze over a billion risk data points to better predict future rent loss for our clients. This translates into unmatched, customized coverage by asset, which is optimized against changing risk. Put simply, our AI adapts insurance coverage so our clients can rely on optimal revenue protection across their entire portfolio.

Multifamily Is Done With Deposits: Hundreds of Millions of Dollars in Security Deposits Eliminated

Data compiled through property management software reveals the actual dollar amount in security deposits LeaseLock has eliminated. In Texas, we have removed $44.3 million in deposits. In Florida, we have helped renters avoid $22.3 million in deposits, while renters in Georgia ($16.6 million), California ($13.2 million), North Carolina ($11.6 million), Colorado ($10.3 million), and New York ($6.4 million) have also saved millions.

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What does this mean for apartment communities? It means properties gain stronger performance, smoother operations, and happier residents.

Residents Are Ready for Zero Deposit: 56% Growth in LeaseLock Communities

In 2021, we experienced a 55% increase in Zero Deposit launches from the previous year. In the first few months of 2022, we’ve seen 56% annualized growth in apartment homes implementing Zero Deposit, bolstered by a dramatic shift in rental housing consumer preference away from deposits.

From the Carolinas to California: More Multifamily Owners & Operators Switch to LeaseLock

We’ve added a handful of new multifamily portfolios to our growing roster, including NMHC Top 50 Manager Pegasus Residential.

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A Better Way to Lease: Over 10 NMHC Top 50 Clients

We’re proud to partner with the most forward-thinking and innovative teams in the multifamily industry, and we’re even more thrilled to congratulate those who were named on the NMHC Top 50 lists this year. With their support and partnership, we’re revolutionizing the rental housing industry and bringing the future of leasing to renters nationwide.

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Heating Up in SoCal: Top 26 Los Angeles Hottest Startups

The Tech Tribune compiled a list of the best tech startups in Marina Del Rey, CA, and we are honored to be recognized alongside some of the fastest growing startups in the Southern California region.

Top Talent Takeover: 25 New Team Members

We’ve had the good fortune of adding over 20 new LeaseLock team members so far, and we’re not stopping! Below are a few of our notable new hires:

Sudip Shekhawat – Senior Vice President of Engineering
With 15 years of SaaS experience in real estate, Sudip’s software engineering expertise is helping propel LeaseLock into our next growth phase. In his previous role at RealPage, he oversaw a global technology team and led the design, development, and growth of several core business lines, demonstrating his ability to scale our own technology platform.

“Sudip is a real estate technology pioneer, and he wants to build the next generation of financial technology products with us. His ability to build and lead a global engineering team will be critical to our success.” – CEO Derek Merrill

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Forrest Kitlas – Vice President of People
Forrest has over 10 years of experience in people strategy and recruiting in the tech industry, with previous roles at Twilio and other unicorn companies. At LeaseLock, he is spearheading our people initiatives to help scale our team and cultivate a top-notch company culture.

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Nick Seeley – Vice President of Enterprise Sales, West
Nick brings over a decade of multifamily technology industry experience and a strong understanding of the pain points associated with security deposits. He will be instrumental in helping more operators ditch deposits for good and educating operators about new NOI improvement strategies.

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Megan Dyk – Regional Sales Executive, Mountain
Megan comes to us with a strong multifamily network and enthusiasm about the value of technology driven by data, which will help her empower more operators to manage risk and maximize asset performance with lease insurance.

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Interested in joining our growing team? We’re always looking for new team members — check out our job openings.

Putting Lease Insurance on the Map: 5 Industry Conferences & Trade Shows

In order to spread the word about the benefits of getting rid of deposits with our deposit replacement solution, we’ve making our way around the map to attend a series of industry events, including:

  • NMHC Annual Meeting – January 18-20 – Orlando, Florida
  • NAA Advocate – March 8-9 – Washington, D.C.
  • AAGD Annual Trade Show – March 29 – Dallas, Texas
  • PAA Trade Show and Education Conference APARTogether – April 5 – King of Prussia, Pennsylvania
  • AMA Tucson Education Conference & Trade Show – April 14 – Tucson, Arizona
  • CBRE 2022 Multifamily Summit – April 19-20 – Nashville, Tennessee

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Tools of the Trade: 4 Leasing Season Tech Hacks

In order to have a successful leasing season, operators can leverage four technology solutions that improve lead-to-lease conversion while also boosting NOI. Read the full white paper to learn how these tech hacks can make a real impact on the customer experience and deliver a competitive advantage to drive more lease signings—all without sacrificing the bottom line.

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A Solution for Forward-Thinking Operators: 3 Reasons Deposits Need Replacement, Not Alternatives

We explore why the industry needs to remove one particular risky financial instrument (security deposits) and replace it with an optimally secure solution (lease insurance). We also outline the drawbacks when operators turn to “deposit alternative” products, and how these seemingly “easy” fixes often only exacerbate the problem — download the white paper.

Innovative Insurtech: 20for20 Multifamily Executive Survey

LeaseLock is a proud sponsor of the 2022 edition of 20for20, the industry’s leading survey of operations and technology. In this overview, you’ll get exclusive access to 20 conversations with senior multifamily executives, plus a unique perspective on innovative insurance technology solutions in 2022. Access the entire research report.

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Transformative Technology: 3 Data Deep-Dives

Our Data Science team employs statistical and machine learning models to develop AI actuarial algorithms that enable data-driven decisions. They have developed a variety of algorithms for risk underwriting, risk monitoring, revenue forecasting, financial analysis, and more, which you can read about on their Medium blog.

In this year’s first peek under the hood of our risk engine, one of our data scientists shows how we treat unknown/missing data issues by developing statistical models to predict the probability of an event happening that has not been observed before.

In the second post, our lead software engineer chronicles the LeaseLock Engineering team’s efforts in preventing too large of a buildup of technical debt and migrating to a fully automated cloud infrastructure defined in code to power the entire business.

Our senior data analyst was also interviewed by Built In LA on some of the ways we are innovating and experimenting with data science to build our AI software platform.

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LeaseLock 2021 Highlights by the Numbers

As 2021 comes to a close, LeaseLock would like to reflect on the significant growth we have achieved alongside our clients, partners, advisors, supporters, and colleagues. From raising $52 million in Series B, to surpassing $2 billion in leases insured, to releasing a major platform upgrade, we are one step closer to eliminating deposits for good from the rental housing industry.

In 2022, LeaseLock remains committed to delivering the first and only true deposit replacement product powered by AI. To that end, we will continue to bring revolutionary change to the multifamily industry with integrity and innovation.

Let’s look back at the many highlights from 2021!

2021 Year in Review Growth Highlights

$52M Series B

We started the year off strong by raising $52 million to invest in engineering the only AI-driven insurtech product for housing operators that completely eliminates deposits. Today, the funding continues to help us fulfill our vision of expanding our insurtech platform to meet increasing market demand while furthering our incredible growth.

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$2B Insured Leases

After hitting our first milestone of $1 billion in leases insured in record time in March 2021, we promptly topped that by surpassing the $2 billion mark six months later. The two milestones demonstrate the industry movement away from deposits and deposit alternatives as more operators realize lease insurance is the only way out of the deposit game.

AI-Powered Product Upgrade

It’s our mission to build a better future for multifamily, and our enhanced lease insurance platform is a testament to that commitment. We asked what our clients wanted, so we happily delivered major advancements to our AI-powered risk platform, including:

  • Single limit coverage & exclusion removals
  • Faster claims payouts & more flexible deadlines
  • AI-powered coverage optimization & risk monitoring
  • No resident collections for claims paid
  • All policies backed by QBE with a $40B balance sheet

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With this newly released upgrade, our clients are empowered to elevate asset performance and improve resident experience. Here’s what they have to say:

“The ability to assess the required coverage levels for individual assets and deploy customized protection plans is game-changing.” – Mark Stringer, EVP at Avenue5 Residential

“This model is also much more renter-friendly, eliminating resident collections for claims paid by the carrier to the property, thereby preserving resident satisfaction and reputation scores.” – Marcie Williams, President at RKW Residential

400% Growth in Homes on Platform

In 2020, we saw 100% quarterly growth in homes on platform. Over the course of 2021, more and more operators are realizing the benefits of ditching deposits and surety bonds, resulting in 400% growth in homes on platform year-over-year. LeaseLock also experienced a 55% increase in Zero Deposit launches from the previous year.

20+ New Multifamily Portfolios

In 2021, LeaseLock added many new enterprise PMC and ownership groups including Western Wealth Communities and Rockstar Capital. This builds on our existing list of NMHC Top 50 operator clients including Greystar, Pinnacle, Alliance, Avenue5, The Bainbridge Companies, LMC and RKW, as well as top ownership clients including Goldman Sachs, ColRich, GoldCor, Olive Tree, TruAmerica, White Oak, Trinsic, and Goodman Real Estate.

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90% Average Resident Adoption

Being automatically embedded in every online lease checkout, LeaseLock clients see adoption rates of 90% on average.* This enables operators to control the customer experience throughout the entire leasing process while increasing coverage and lowering bad debt much more effectively than deposits or their alternatives, creating a powerful win-win for both operators and their residents alike.

*Clients see an average 90% resident adoption rate when LeaseLock is implemented correctly.

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6x More Coverage

LeaseLock deploys AI to optimize coverage by asset — an average of nearly $3000 coverage which is 6x the protection of a traditional $500 deposit — resulting in significantly less bad debt and increased NOI.

7 New Advisory Board Members

LeaseLock is honored to have a select group of advisory board members who graciously lend their thought leadership, guidance, and support. This year, we were fortunate to welcome seven industry leaders to our advisory board — below is the full roster:

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We also had a chance to spotlight a couple of multifamily titans — check out the Q&A interview series with Jennifer Staciokas and Marcie Williams for a healthy dose of industry trends and expert advice!

Top 250 Fintech Company

LeaseLock is honored to be named one of the CB Insight Top 250 most promising private fintech companies using technology to transform financial services. The 2021 Fintech 250 cohort was selected from a pool of 17,000+ companies and has raised approximately $73.8B in aggregate funding across nearly 1,200 deals since 2016.

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4 Major Company & Employee Awards

We are proud to be recognized as a leader in both the insurtech and multifamily spaces, as well as in company culture. Two individuals were tabbed leaders in their respective specialties. Here’s a summary of our achievements:

  • Finovate Finalist for Best Insurtech Solution – Given to a fintech, FI, or insurance provider with an excellent new solution in the insurtech space, the Finovate award named LeaseLock one of five finalists.
  • NAA Best Places to Work Finalist – Awarded to member organizations that foster a culture of collaboration, innovation, and hard work, the 2021 NAA Best Places to Work Awards named LeaseLock a finalist after scoring above the cumulative average of all surveys within each contest.
  • NAA Excellence Award Finalist – Recognized for his many accomplishments and unwavering dedication to improving the rental housing industry, our very own Ed Wolff was selected as a finalist for the 2021 NAA Excellence Award in the Supplier Achievement category.
  • Los Angeles Business Journal Leaders in Law Finalist – Our very own in-house legal expert, Max Garrison, was named a finalist for the Leaders in Law Growing Company of the Year for his exceptional legal contributions and role in the success of LeaseLock’s success.

Industry-Leading Research Report

We published our first annual market study, an original survey analysis conducted in partnership with Grace Hill. The 2021 Apartment Visionaries Study surveys nearly 300 multifamily leaders on their primary asset performance issues and uncovers interesting trends around new solutions and priorities for the industry. Get a copy of the report here.

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6 Thought Leadership Webinars

We participated in a total of six industry webinars this year. Most notably, we partnered with NAA and Grace Hill to reveal key findings from our Apartment Visionaries Study and share insights on the top 3 multifamily challenges. We also hosted four educational webinars covering topics ranging from deposit legislation to budget season. Find the full list of webinar recordings here.

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7 Industry Podcasts

Our team of executive leaders lent their voice to several podcasts:

  • Alejandra Cremades Podcast – President and founder Reichen Kuhl tells the story of his journey into entrepreneurship, from participating in the Amazing Race to getting denied for an apartment.
  • Multifamily Review Podcast – CEO and founder Derek Merrill talks with Michael Avent about how LeaseLock is powering the only insurtech platform for enterprise real estate to help the world find home.
  • Apartment Academy Podcast – CRO Ed Wolff sat down with host Daniel Cunningham to discuss why multifamily is moving toward a Zero Deposit marketplace that uses AI-driven lease insurance.
  • Voice of FinTech Podcast – Derek Merrill joins David Yakobovitch to share how LeaseLock is harnessing the power of data and AI to eliminate security deposits for good.
  • The Insurance Podcast Show – Derek Merrill speaks with Peter Tessier and Curt Wyatt about startup lessons, finding your niche, and our data-centric approach to insurtech innovation.
  • FNO InsureTech Podcast – Derek Merrill tells host Lee Boyd how LeaseLock utilizes an AI-powered solution to power a faster, simpler, more affordable rental transaction.
  • Apartment Rebels Podcast – Ed Wolff chats with Jude Chiy about pursuing his passion for technology, his multifamily expertise, and why security deposits are going extinct.

SOC 2 Type 2 Certification

At LeaseLock, we take data and privacy matters very seriously. By earning our SOC 2 compliance certification, we reaffirmed our integrity and commitment to security, meaning our clients mitigate the risk for their properties by choosing to work with us.

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What’s New With LeaseLock? A Major Product Upgrade

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As 2021 comes to a close, multifamily operators are gearing up for what’s ahead in 2022. It’s also a time for us to reflect on all we’ve accomplished as an industry, from the opportunities identified to the challenges overcome.

This past year has been full of exciting changes for us at LeaseLock, including a major product advancement. With our latest platform upgrade, we’ve directly addressed client feedback to improve the product experience for our valued customers and ultimately empower more and more operators to eliminate deposits for good — all in the name of elevating asset performance and improving resident experience.

New LeaseLock Product Features

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It’s our mission to revolutionize the insurance and multifamily industries by building the world’s leading insurtech platform for real estate. Powered by insurance technology, LeaseLock is the only true deposit replacement solution on the market that gets operators out of the deposit business altogether. We’re doing that by constantly innovating and engineering our AI-powered lease insurance platform, and our latest product advancement is a testament to that commitment.

Here’s a preview of the major innovations we’ve been working on, as well as insights from our clients:

Single Limit Coverage & Exclusion Removals

In addition to rent and damage, LeaseLock now covers partial rent payments, pet damage, utility fees, eviction costs, termination fees, and late fees. The comprehensive protections consolidate coverage under a combined single limit, removing sub limits for damage and aligning with standard operating procedures for move-outs to improve debt recovery.

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Faster Claims Payouts & More Flexible Deadlines

Through this upgrade, we’ve drastically improved the claims experience with more flexible deadlines and expedited processing. By taking claims completely in-house, we now deliver claims payouts in as fast as 48 business hours. In addition, all insurance policies are covered by QBE, our trusted global insurance carrier, establishing strength and trust for LeaseLock clients to expand.

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AI-Powered Coverage Optimization & Risk Monitoring

We’ve developed a new AI-powered risk platform that optimizes coverage for each asset by analyzing historical financial performance data and continually monitors ongoing risk to adapt coverage. This flexible, customized coverage results in an average of 6x more protection compared to the average deposit or bond, thus reducing bad debt.

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No Resident Collections

To top it off, all our new updates come in a resident-friendly format. LeaseLock does not run collections against residents for claims paid to properties — unlike deposit alternatives which do collect against residents for claims paid. With LeaseLock, properties don’t have to worry about unhappy residents writing negative online reviews due to surprise collection attempts.

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What Are the LeaseLock Benefits for Multifamily Operators?

Now that we’ve introduced the upgrades to our core lease insurance platform, what key benefits do rental housing operators get with LeaseLock? Due to our industry-leading adoption rate of 92%, clients see the following 3 key benefits:

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  1. Unmatched Coverage, Less Bad Debt – Provides significantly more protection, reduces bad debt, and improves NOI.
  2. Reduced Deposit Administration & Risk – Drastically minimizes deposit administration while providing greater risk mitigation.
  3. Better Resident Experience – Delivers a simpler, more affordable move-in experience for residents while protecting your online reputation.

How Does LeaseLock Lease Insurance Work?

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Powered by AI, our insurance technology increases coverage and removes uncertainty by replacing security deposits and deposit alternatives with lease insurance. Operators receive $3,000 in rent loss and damage coverage for each new lease with the preferred plan. LeaseLock deploys within the native online leasing checkout, which puts the operator in charge of the transaction and creates a seamless experience — resulting in industry-leading conversion rates.

Claims are simple, with an expedited claims process that is as straightforward as handling cash — without the administrative headaches of cash deposits.

By replacing security deposits with insurance, owners and operators increase coverage levels while cutting risk and making housing more affordable. That’s a powerful win-win for the whole industry, and the reason top operators choose LeaseLock.

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Interested in learning more about our latest product upgrade or what LeaseLock can do for you? Request a demo – click here.

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Original Research: The 2021 Apartment Visionaries Survey Report by Grace Hill & LeaseLock

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After conducting a joint industry study, LeaseLock and Grace Hill are excited to release the official survey analysis. The 2021 Apartment Visionaries Research Report surveys nearly 300 multifamily operators on their primary asset performance issues, as well as the success of the technology solutions they implemented across the five stages of the apartment leasing process.

While rental housing owners have increasingly deployed technology to bolster and streamline operations, the study shows that the solutions which best resolve common pain points haven’t necessarily received the corresponding resources required to realize their full benefit. That said, the industry’s unprecedented embrace of technology solutions should serve it well as it evolves to meet the needs and demands of the modern renter.

Overall, study revealed several under-explored avenues to help drive leads, lead-to-lease conversions, bad debt recovery, resident experience, and renewals, which we highlight below.

Key Findings From the 2021 Apartment Visionaries Survey

With the completion of the data analysis, we’ve highlighted the major findings so that you — an industry visionary — can walk away with actionable insights for your firm heading into 2022.

Biggest Operator Challenges in 2021

Operators cite hiring / retaining talent, delinquent rent / bad debt, and new / changing legislation as the main challenges in 2021.

Top NOI Opportunities in 2022

Corporate level respondents cite ancillary income, technology / automation, and talent retention represent key areas of opportunity for maximizing NOI growth next year. Among those who cited “hiring / talent retention” as a top challenge, a plurality (39%) indicated that technology could be used to address this talent issue. Below is a sampling of the core themes across responses:

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Leading Apartment Tour Type

Most apartment tours were conducted in-person with a leasing agent. In fact, 67% of respondents report that in-person agent-guided tours accounted for more than half of total tours in 2021. Nearly 80% say this tour method also produced the best closing ratios.

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Most Powerful Leasing Strategies

While free incentives have negative implications for economic occupancy, operators tend to lean on free incentives to drive lease signings. Nearly 60% of property-level respondents said that offering free incentives improved the likelihood of lease signing the most, followed by 41% who cited reducing monthly rent.

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Among corporate leadership though, 69% cite this lease concession as hurting economic occupancy the most. On the other hand, only 3% indicated that eliminating deposits hurts economic occupancy.

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Rent Loss & Bad Debt Prevention Solutions

Properties need to look into risk mitigation strategies and tech solutions that double as an incentive for renters while also protecting against bad debt. Of those who reported more expenses tied to unit damage, 65% said that those expenses exceeded the security deposit amount.

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Rent Assistance & Resident Experience Improvements

Of the 58% who said they applied for and received ERAP, 40% said that those funds are not sufficient in covering rent loss. This means operators should continue to support the industry’s efforts to ensure rent assistance is distributed efficiently and effectively, while investing in solutions that protect their organization against rent loss and negative online reviews, all while improving the resident experience.

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Advisory Board Spotlight Q&A: RKW Residential’s Marcie Williams

In line with our mission to provide valuable thought leadership for the rental housing industry, we’re featuring multifamily experts whom we’ve had the honor of welcoming to our advisory board.

In this month’s edition of LeaseLock Advisory Board Q&A Spotlight, we are excited to highlight a highly-esteemed multifamily influencer — Marcie Williams, CEO of Rivergate KW Residential (RKW). Bringing over 20 years of industry experience in the Southeast, Marcie is the overall leader of all aspects of multifamily property management operations, new business development, and strategy. Next month, she will serve as Co-Chair at NMHC OPTECH 2021. Perhaps most notably, Marcie has built RKW to become one of the nation’s fastest growing multifamily management companies.

Marcie Williams - CEO at RKW

As an active thought leader in the community, Marcie was recently named one of the Most Admired CEO’s in Charlotte and also earned the 25 Most Influential Women in Business Designation by the Charlotte Business Journal. GlobeSt also listed Marcie as a Multifamily Influencer in 2020. Additionally, she is an active member of the Greater Charlotte Apartment Association and is the recipient of several industry awards including Manager of the Year, Volunteer of the Year, Instructor of the Year and The Lex Marsh Award for Lifetime Achievement. Most recently, Marcie was inducted into the 2021 Apartment Association of North Carolina Hall of Fame for her various contributions, accomplishments, and service to the multifamily industry.

We interviewed Marcie to learn about her take on the latest trends, challenges, and strategies, as well as forward-looking operations — read on below:

Q&A With LeaseLock Advisory Board Member, Marcie Williams

LeaseLock: While the federal eviction moratorium has been lifted, the rental housing industry continues to feel the strain of accessing rent assistance. How can operators work with legislators to more efficiently and effectively distribute rental assistance to residents most in need?

Marcie Williams: We have been successful in utilizing the local apartment associations’ resources to unite as an industry and make a larger impact with our legislators to help our residents. With many companies coming together, we can aggregate our needs to help our residents holistically.

Affordable housing is in short supply — what strategies can the apartment housing industry employ to address affordability challenges for renters in today’s economic climate?

MW: With rental rate growth for both new leases and renewals in the double digits, it can put an additional burden on the resident to lease the apartment of their choice. The cost of moving is still a strain as well, and that’s where lease insurance can really help. Offering lease insurance rather than requiring the resident to pay a large deposit at move-in can ease the dollars needed to move, helping the resident and the property owner.

We’ve observed several new renter behaviors take shape since the start of the pandemic including signing for longer lease terms, using flexible rent payment solutions, shifting to remote work, relocating to more affordable markets, among others. What are your thoughts on the modern renter’s profile, and how is your organization meeting new renter demands?

MW: Our company has always been flexible and nimble, but now it is a necessity versus a luxury. Renters’ needs will continue to evolve and we are always planning for the future. But at the same time, renters have always wanted a blend of convenience and personal attention, which hasn’t changed. They want the convenience of self-serve, such as on-the-go amenities that are available 24/7 and the ability to be able to speak with someone immediately when there is a need or problem. We can be flexible and adjust to the renters’ evolving needs and wants.

As a firm that delivers expertise in multifamily management through its technology, marketing and customer experience platforms, what are RKW’s criteria for implementing effective property management technology solutions that both elevate its brand values and its resident’s experience?

MW: At RKW, we are always testing new technology and innovative platforms that will advance the service levels of our teams for our residents and clients. We test these solutions by implementing at a small sampling of our communities to ensure the effectiveness and viability before we roll anything out company wide. The technology should increase the value of the community by saving our teams’ time, allowing them to serve the needs of our residents in a better way.

Hiring and retaining talent is one of the top challenges for firms — as the nation’s second-fastest growing multifamily management company in 2020, how is RKW able to hire and retain top talent?

MW: Despite RKW being a younger company (founded in 2014), we do have many employees who have been with us for five or six years. We prioritize their long-term career goals and put professional development programs in place so those objectives can be realized. Multifamily firms may be able to compete for talent dollar for dollar in some instances, but they must find non-monetary ways to foster loyalty in today’s competitive environment.

What NOI improvement strategies has your organization leaned into this year? And why are they so important?

MW: We have implemented new ideas from an income stream, such as additional revenue sources that the residents can benefit from, as well as package locker systems to smart home technologies. On the expense side, we are fortunate to have innovative and creative vendor partners that help streamline our processes and add new products that will increase the bottom line.

What do you think is the biggest challenge for apartment housing operators as we near the end of 2021?

MW: Finding the right people for our communities and corporate support staff has been a big challenge for our industry. As the multifamily industry grows and more apartments are developed, we need more talent to staff the communities and corporate team members to support them. Successfully recruiting the necessary talent comes down to a combination of competitive salaries, strong benefits, emphasizing work-life balance and clearly articulating the long-term growth potential your firm offers.

Looking beyond 2021, what is your perspective on multifamily opportunities?

MW: The multifamily industry remains strong and continues to perform during the pandemic. Smart multifamily operations will continue to keep this industry moving forward to benefit our residents and owners.

Why did you select LeaseLock to offer your time, talent, and expertise as an advisory board member?

MW: I appreciate vendor partners that offer creative and helpful solutions for our residents. The team behind LeaseLock has been incredibly supportive to the needs of our organization and our people.

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Advisory Board Spotlight Q&A: Western Wealth’s Jennifer Staciokas

LeaseLock is honored to have a select group of advisory board members who graciously lend their thought leadership, guidance and support in an effort to further our mission of eliminating security deposits for good. But their insights go far beyond helping us educate the industry about lease insurance, and we want to highlight these prominent multifamily experts. So, please be on the lookout for our upcoming series of Advisory Board Q&A spotlights where we tap into their stellar minds on the latest industry trends and how they are impacting operations today and in years to come.

First up, we have the distinct honor of welcoming multifamily titan, Jennifer Staciokas, to the LeaseLock advisory board. Jennifer brings more than 30 years of industry experience and an extensive list of operational accomplishments to the board. Perhaps most notable, was her role in the launch of property management company, Western Wealth Communities (WWCo), a division of Western Wealth Capital (WWC). While this was a feat in and of itself, she did it in under 30 days and during the thick of the global COVID-19 pandemic.

jennifer staciokas president western wealth communities leaselock advisory board spotlight

As President of Western Wealth Communities and Vice President, People and Technology of Western Wealth Capital, Ms. Staciokas oversees strategic operations, marketing, training, revenue management, technology, human resources, and maintenance. Previously, she has served several roles at two of the nation’s largest property management firms leading digital marketing strategies, employee development, corporate communications, revenue enhancement, and client relations. In addition, she is an active participant in NAA, NMHC, the Zillow Rental Advisory Board, the Knock Advisory Board, and the Multifamily Social Media Summit Advisory Board. In 2022, she was a recipient of the AMA Tributes Executive of the Year Award in 2022, and most recently was named one of the 2023 AZ Big Media Women Leaders.

To get to know Jennifer a bit more, we sat down with her to learn some of the challenges and opportunities for multifamily, get her thoughts on new trends, and gather her advice on NOI improvement strategies:

Q&A With LeaseLock Advisory Board Member, Jennifer Staciokas

1. The federal eviction moratorium is nearing expiration and the rental housing industry continues to feel overwhelmed with rent relief access and distribution — both issues impacting the multifamily industry. How can operators mitigate the risk of evictions and also direct their residents to rental assistance?

Jennifer Staciokas: It is important to actively work with your residents to research all avenues where they can gain assistance and be part of the application process to provide residents the information they need to submit and get approval. Our teams at Western Wealth Communities were proactive in researching all avenues to find rental assistance to keep our residents in their homes throughout this difficult period of time. We invited residents into the office to complete the paperwork together and ensure they could receive the funding they so desperately needed.

2. We’ve observed several new renter behaviors take shape since the start of the pandemic including signing for longer lease terms, using flexible rent payment solutions, shifting to remote work, relocating to more affordable markets, among others. What are your thoughts on the modern renter’s profile, and what are some ways your organization is addressing new renter preferences?

JS: We are definitely seeing a shift in what it means to be a renter. The markets where we operate (Phoenix, Dallas, Houston & Las Vegas) have been the beneficiaries of renters moving in search of a better quality of life including more reasonable rents. We have implemented a flexible rent payment solution for our residents that need to pay their rent in segments and in different patterns than our leases require. This has been a great selling feature in our portfolio that serves workforce housing in our industry.

3. Western Wealth Communities has grown significantly since its launch. What technology solutions did you prioritize to help accelerate growth and ease the change management process for your teams?

JS: We launched Western Wealth Communities in 2020 and already have nearly 11,000 units under management, so we have been in high growth mode since inception. Upon launch we rolled out mission critical technology to operate our business and have been steadily adding on to our tech stack ever since. We developed a list of all solutions we wanted (and still need) to launch and prioritized based on what critical problems needed to be solved to operate our portfolio efficiently and effectively.

4. Do you believe in pilot programs? If so, how do you ensure you make an informed decision on the best tech for your organization?

JS: I am a firm believer in pilot programs. When a new product comes to market you need to prove out its viability for your portfolio before jumping all in. It is important to roll out tech that solves a problem for your company or properties and understand what metrics you want to track and achieve at the end of the pilot to measure success.

5. What NOI improvement strategies has your organization leaned into this year?

JS: We are constantly looking at ways to increase ancillary income by collecting fees for valet trash, credit reporting, parking, package lockers as well as community maintenance. We also innovate in our amenity offerings to see where we can add value to our communities by offering a product or service that our residents would find value in.

6. In building Western Wealth Communities from the ground up during the middle of a global pandemic, what single learning do you feel has stood out the most for you and your organization?

JS: It is all about people. If you have the right people in the right seats and give them a clear vision of what you are looking to accomplish, you will have success. It doesn’t matter what technology you put on a property if you don’t have the right people in place to buy in and champion it to success.

7. What do you think is the biggest challenge for apartment housing operators in the second half of 2021?

JS: Recruiting and retaining talent remains a challenge in our industry as well as the service industry as a whole. We are hopeful we’ll see more people get back to work in the second half of 2021 to fill the open positions we currently have in maintenance. We are constantly looking at new ways to attract talent and adjust our benefits to entice candidates to choose multifamily housing as their next career.

8. Why did you select LeaseLock to offer your time, talent, and expertise as an advisory board member?

JS: It was an honor to be asked to serve on LeaseLock’s Advisory Board. I chose to offer my time to LeaseLock because their product is definitely ahead of the curve on eliminating security deposits and providing an edge to our leasing and operations efforts. They are a forward thinking company with strong backing and leadership and I look forward to providing my insights as it relates to the onsite impacts and challenges to solve for.

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LeaseLock 2020 Year In Review [Infographic]

2020 was a year marked by unprecedented change. Even in the face of economic uncertainty and industry disruption, LeaseLock has experienced several major milestones and unprecedented growth. Our sights are set on an even bigger 2021, but we’re taking time to reflect on all we’ve accomplished in partnership with our valued clients.

Check out the infographic highlighting our growth, and read on below to learn more:

LeaseLock 2020 Year in Review Infographic

LeaseLock Zero Deposit: The First Insurtech Platform for Enterprise Multifamily

From replacing security deposits in more than 1.5 million apartment homes, to insuring $1 billion in leases, to generating more than 5x better coverage compared to traditional deposits, LeaseLock accelerated throughout 2020.

This acceleration is a testament to our category leadership as we separate ourselves from the surety bond and deposit alternative market. We are honored to continue forging the path in eliminating security deposits for good by delivering the first insurtech platform to multifamily.

With preferred national vendor contracts with NMHC Top 50 operators including Greystar, Pinnacle, Alliance, FPI, Avenue5, Harbor Group, The Bainbridge Companies, and LMC, we look forward to empowering more and more multifamily operators to future-proof their communities, especially during these challenging times.

In 2021, LeaseLock aims to displace $50 billion in deposits in the U.S. As the leading insurtech software platform for enterprise multifamily and the only full deposit replacement solution, we take honor in offering residents more affordable move-ins. We are deeply committed to helping the world find home, and looking back at 2020 further solidifies that core mission.

A Snapshot of LeaseLock’s Growth in 2020

LeaseLock secured master enterprise agreements totaling more than 1.5 million apartment homes in the last year while insuring $1 billion in leases. In addition, we experienced 100% quarterly growth in homes on the platform and a 310% increase in Zero Deposit launches over the course of 2020.

How We Propelled Our Clients’ Success

LeaseLock works with NMHC Top 50 operator clients including Greystar, Pinnacle, Alliance, Avenue5, The Bainbridge Companies, LMC and RKW, as well as top ownership clients including Goldman Sachs, ColRich, GoldCor, Olive Tree, TruAmerica, White Oak, Trinsic, and Goodman Real Estate.

Through the tremendous growth we’ve experienced, LeaseLock has created a product deeply integrated into multifamily software systems — making the lease experience seamless for residents, effortless for onsite teams, and native to enterprise back-office workflows. Our software platform also provides on-demand access to asset performance metrics to quantify true impact, including bad debt reduction and NOI lift.

Our clients see an industry-leading resident adoption rate of 92% per property on average — much higher than deposit alternatives — due to being embedded automatically in every online lease checkout. We provide 5.2x better protection for properties compared to traditional security deposits, which significantly reduces bad debt and increases NOI.

Where Are We Headed In 2021?

Across the country, lawmakers are passing, proposing, or pledging support for deposit replacement legislation. We’re replacing security deposits in all 50 states and are excited to continue supporting multifamily in their move away from deposits and surety bonds entirely. While other firms deploy legacy B2C deposit alternatives, we will be hard-at-work engineering the first B2B insurance platform designed for enterprise multifamily.

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