Multifamily historically has been slow to embrace technology, but the industry countered that notion with its recent tech renaissance during the pandemic. Almost overnight, tech solutions went from last resort options to first-strike weapons in the industry’s effort to solve emerging issues. These technologies may have been a long time coming, but their fast-tracked implementation demonstrates multifamily can move with agility when need be.

A Growing Multifamily Trend: Avoid, Transfer, & Mitigate Risk With Insurance Technology

Spurred by today’s economic uncertainty, there is another dramatic shift taking place in multifamily – the trend towards insurance technology to manage risk and protect against financial loss. Between resident screening, renters insurance, and lease insurance, savvy operators now leap at the opportunity to engage different risk management tools to avoid, transfer, and mitigate risk throughout the lease lifecycle.

Resident screening helps avoid risk by identifying fraudulent applications and risky renters, and renters insurance programs enable operators to transfer risk to resident policies—both integral to operators’ risk management strategy. Now, more and more are looking to mitigate risk by implementing lease insurance to solve the long-standing failures of security deposits. With lease insurance, operators reduce their exposure to potential loss caused by residents and improve property performance.

In particular, there are three use cases driving operators to replace traditional security deposits with lease insurance as a better loss protection strategy:

1. Move-In Affordability for Residents
2. Modern Risk Mitigation Solutions for Apartment Communities
3. Maximized Revenue & Smarter Risk Assessment for Operators

3 Reasons Multifamily Is Moving Away from Traditional Security Deposits & Surety Bonds Towards Lease Insurance

1. Move-In Affordability for Residents

Economic uncertainty and housing supply shortage accelerated the housing affordability issue for apartment renters nationwide. With 58% of Americans living paycheck to paycheck, a majority of Americans lack the funds to cover an unexpected $1,000 expense. In addition, full-time minimum wage workers can’t afford rent in 93% of U.S. counties, while over half of all US apartment households spend nearly a third of their income on rent.

Record-breaking rent growth has made renting an apartment particularly expensive, especially security deposit costs. This creates a large financial burden for renters but also puts operators in a bind—either they charge deposits to protect against loss and suffer low lease conversion rates or offer lease concessions to attract residents but sacrifice proper protection in the process.

And while surety bonds offer move-in affordability for renters with low-cost monthly payments, these deposit alternatives are a crude form of insurance that offer insufficient protection against rent loss and damage that have poor resident adoption. In this case, operators sacrifice long-term revenue to maintain physical occupancy levels in the short-term.

On the other hand, lease insurance removes the upfront cost posed by security deposits and adequately protects operators against rent loss and damages, all in a resident-friendly format. Instead of using a blanket security deposit amount or a low-cost, high-risk surety bond program, operators can seamlessly deploy lease insurance to both create more affordable move-ins and unlock smarter risk prediction and historical data at the property level to determine optimal insurance coverage. This leads to a better resident experience, higher lease conversion, and increased economic occupancy.

“It’s more important than ever that operators offer an affordable move-in experience for residents while also protecting themselves from potential rent loss. [Lease insurance] enables us to do exactly that [which is] a stronger, more sustainable insurance product relative to surety bonds.” – Ian Bel, managing partner at Olive Tree Holdings

2. Modern Risk Mitigation Solutions for Apartment Communities

Surety bonds and other deposit alternatives have sought to replace outdated, traditional deposits, but even as security deposit legislation spreads nationwide, it’s becoming more apparent how these partial solutions actually introduce new types of risk that create financial, administrative, and regulatory burdens for operators as well as negative leasing experiences for residents.

For example, surety bonds leverage off-system application processes and manual claims forms, creating more administrative work for onsite teams and a clunky process for residents, thus leading to less than 50% resident adoption rates. New deposit laws also present new restrictions and increased deposit administration, adding unnecessary complexity to regulatory compliance. In addition, deposit alternatives leave residents fully liable for claims paid to their property, resulting in displeased renters, negative online reviews, and potential move-out disputes.

“If a prospective resident doesn’t have to go in and deal with their surety depositor to set up their bonds, that helps. Having that lease insurance process integrated into the property management system creates a simple, streamlined process, and has the ability to improve conversion rates.” – Andrew Gordon, Chief Operating Officer at Strata Equity Group

Lease insurance, however, is a modern loss protection solution that replaces traditional deposits and alternatives integrating within the native workflow from the point of application all the way through the move-out claims process. This means property teams are relieved of administrative strain and expedite claims in the leasing office, residents get a hassle-free lease experience with no out-of-workflow applications or surprise deposit deductions, and owners reduce bad debt and increase asset value and NOI.

“[Lease insurance] has proven to be the long-term solution to remove deposits [by delivering] a seamless, accessible, and affordable move-in experience, greater risk mitigation, higher bad debt recovery, and stronger NOI – all things any property management company needs to get right from the beginning.” – Jennifer Staciokas, Executive Managing Director of Property Management for Western Wealth Capital

3. Maximized Revenue & Smarter Risk Assessment for Operators

Balancing the need to maximize NOI with heightened renter affordability concerns along with strong multifamily occupancy rates has prompted many apartment operators to offer concessions (i.e., deposit-free move-ins) to remain competitive.

However, this scenario has negative implications, including insufficient protection when a resident doesn’t pay rent or causes substantial damage to their apartment home. With no way to assess risk and subsequently cover losses, an operator’s economic occupancy diminishes.

“Residents want what they want when they want it and how they want it. We want to incorporate [giving our residents more options] into the way we operate, but we have to mitigate the risk upfront rather than being too proud of 100% occupancy. We’re using screening verifications up front, and [lease insurance] has been a tremendous value on the back end.” – Marcie Williams, CEO at RKW Residential

While some operators opt to utilize surety bonds as a deposit alternative, the risk of economic loss persists. Consider the loss ratio formula of surety bonds: a surety bond program contributes on average $50 in premium to the denominator of the loss ratio equation. This amount is insufficient compared to the average amounts that must be paid out in claims. In this case, the surety bond carrier loses money while the bonding company continues to take on new risk.

Following the pandemic, the industry is likely to experience an influx of claims outflows for months, or even years, to come. As a result, surety bond pools will deplete, leaving operators exposed to a high level of risk and account balances (i.e., bad debt). For this reason, operators need a risk mitigation solution like lease insurance that effectively assesses risk and absorbs account balances to maximize revenue.

“Frankly, the security deposit is a thing of the past. Financially, they – along with alternatives like surety bonds – don’t make a lot of sense. They don’t correlate to the amount of damage that could be done to a unit or the potential amount of debt. They’re just not relative to the risk.” – Mark Stringer, Executive Vice President for Avenue5 Residential

Risk Prediction Is the Long-Term Solution for Smarter Loss Protection

In today’s economic climate, savvy operators are looking for better risk mitigation solutions and stronger loss protection strategies that address the use cases outlined above: renter affordability, modern risk mitigation solutions, and risk assessment capabilities. This is why more and more are shifting away from expensive, traditional, risk-prone security deposits and surety bonds to affordable, innovative, and data-driven insurance technology solutions, like lease insurance.

“Surety bonds and other alternatives don’t hold a candle to lease insurance. It makes move-in affordable for our residents and dramatically increases our protection against rent loss. In any economic environment it is important we reduce upfront costs for residents while still mitigating financial risk for our communities.” – John Detore, Director of Asset Management at White Oak Partners

Ultimately, the most promising aspect of lease insurance lies in the value of risk prediction. With predictive risk monitoring at its core, LeaseLock’s lease insurance platform can analyze ledger balance trends and billions of risk data points sourced from PMS and third-party data to project potential resident loss and optimize coverage accordingly.

Rather than relying on an arbitrary security deposit amount or partial solutions (e.g., surety bonds) that add layers of risk to leasing, LeaseLock wields the power of data and AI to adapt insurance coverage so operators can rely on optimal revenue protection across their entire portfolio–far more than what’s provided by traditional deposits and bonds.

Conclusion

Operators today need to better manage loss and drive asset value. While lease insurance programs provide stronger loss protection strategies that optimize asset performance, not every program is created equal—operators need a smarter, more sustainable risk mitigation solution. Only lease insurance steeped in AI and data analytics to effectively predict risk can offer this.

The Covid-19 pandemic is finally fading away, and the ensuing economic recovery and employment growth have fueled unprecedented demand for apartment homes. That demand has led to off-the-charts rent growth.

To optimize this momentum, operators are seeking competitive advantages in their efforts to land prospective residents. Unfortunately, resident preferences are a moving target. They now prioritize customization, convenience and modern technology in the form of flexible rent payments, deposit-free move-ins and remote work accommodations.

During the recent webinar, Tech Hacks That Boost Lead Conversion Without Sacrificing NOI, moderated by LeaseLock Chief Revenue Officer Ed Wolff, industry leaders explored strategies for meeting current renter preferences.

A Balancing Act: Lease Concessions vs. Economic Occupancy

The key, according to webinar panelists, is balancing incentives and concessions with economic occupancy. While upfront lease concessions may help to fill vacancies, they don’t help to protect against bad debt or bolster property level budgets. In fact, short-term promotions often result in long-term liability by attracting high-risk renters and exposing operators to unrecoverable debt.

Short-Term Promotions = Long-Term Liability

Multifamily management companies are increasingly turning to tech solutions to future-proof their operations while also boosting the volume and quality of leasing funnel activity.

“What we are seeing that is different this year is an influx of leads that are coming into our onsite teams,” said Jennifer Staciokas, Executive Managing Director of Property Management at Western Wealth Capital. “You may think of that as being a positive, but at the same time that requires our onsite teams to handle more leads that may be unqualified.”

Staciokas said Western Wealth Capital (WWC) has deployed lease-nurturing solutions and automation tools like chatbots and voicebots to streamline the applicant screening process.

“It’s all about attracting the right residents,” Staciokas said. “You have to be really mindful of the promotions that you’re offering. You don’t want to sacrifice your collections and your economic occupancy for that quick fix on the front end.”

Marcie Williams, CEO at RKW Residential, said mitigating that risk upfront is essential. At RKW, that has meant retracting some of the tech solutions deployed during the pandemic.

“By allowing prospective residents to tour the apartment by themselves and by allowing them to apply online, what’s happening is it’s increasing fraud,” Williams said. “When we only have one or two apartments available, it really becomes detrimental to our business. We have disabled online leasing and we’re inviting qualified applicants to lease rather than letting anyone do it whenever they want.”

Consider the risk security deposits are meant to protect against — 65% of operators in our 2021 survey said unit damage expenses exceeded the security deposit amount. What happens to operators if the resident doesn’t pay rent or moves out, leaving significant damage behind? In the long-term, move-in incentives introduce risk as promotions like gift cards or first-month-free offers may attract an applicant profile characterized by less financial stability and higher damage risk.

Harnessing Greater Risk Predictability During Economic Uncertainty

Both RKW and WWC shifted their approach to prioritize renewals over new leases, and enhanced their screening processes to include AI screening, ID authentication and pay stub verification. They also implemented LeaseLock to replace security deposits and increase protections against property damage and rent loss.

“Lease insurance was a large initiative of ours last year, just to make sure we have more protection than a traditional security deposit,” Staciokas said. “If you have $500 for a security deposit, and we can now get $2,500 coverage (via lease insurance), that is certainly going to reduce bad debt.”

It also increases flexibility for renters, who may struggle to produce the funds for a security deposit. LeaseLock enables residents to pay a monthly fee in place of prohibitive upfront deposits. Coupling LeaseLock with options like flexible rent payments helps operators meet renter demands for customized payment options, which is crucial as more workers become part of a gig economy.

“Residents want what they want when they want it and how they want it. What has fundamentally changed is how we serve our residents to give them more options,” Williams said. “We want to incorporate that into the way we operate, but we have to mitigate the risk upfront rather than being too proud of 100% occupancy. We’re using screening verifications up front, and LeaseLock has been a tremendous value on the back end.”

Integrated Technology That Delivers True NOI Impact

In today’s multifamily environment, integrated technology solutions that enhance one another and create opportunities for new efficiencies deliver the biggest impact on NOI. Solutions that enable centralization of on-site tasks and non-resident-facing positions, while also solving for specific operational pain points, maximize property performance.

“If the technology cannot integrate, we stop the conversation. If it can’t integrate with all the other systems we’re using, it’s not going to work,” Williams said. “It’s not fair to our teams, especially if we want to retain our talent, because it makes their jobs harder. With all of these technologies and all the tech sprawl, integrating into a platform that is easy for the residents to use and easy for the operators to use is the ultimate game-changer. That’s time and money well spent.”

Two years since the start of the pandemic apartment leasing is returning to pre-COVID levels. Data sourced from PMS integrations shows this momentum with a 136% jump in leads and 20% more applications since the same time last year. Google searches for “apartments for rent” have also seen a 22% uptick since the start of 2022.

As a result, multifamily firms are ramping up their efforts to win over prospective residents by adopting new tactics and promotions to attract, convert, and delight renters.

At the same time, however, the industry is facing the ongoing challenge of staff shortages. Leasing success in today’s world also means making day-to-day operations easier for property teams, so adopting leasing technology solutions isn’t a nice to have anymore—it’s a must.

With the wide variety of options available to renters and a market continually saturated with deals and discounts, what should operators deploy to boost lead conversion without sacrificing NOI?

A Balancing Act: How Lease Concessions Hurt Economic Occupancy

Gift cards, deposit waivers, and first-month-free discounts have historically been popular economic incentives operators leverage to drive lease conversion rate. In our 2021 Apartment Visionaries Survey, 60% of property-level respondents said that offering free incentives improved the likelihood of lease signing; but at what cost?

Among corporate leadership, 69% of respondents cited these financial concessions as hurting economic occupancy the most. This disconnect illustrates that while lease concessions may help draw in residents, converting leads should not be the only objective of your firm’s leasing season strategy.

If the majority of lead conversions are driven by economic incentives, yet economic occupancy suffers—it’s time to reconsider your strategy. To really succeed, operators need a strategy that maximizes NOI, reduces bad debt, and protects economic occupancy.

4 Technology Solutions that Boost Economic Occupancy

For multifamily operators, 2021 was another year filled to the brim with technological acceleration and adoption. Equally, renters are getting savvier and their demand for convenience and flexibility is growing.

Not all technology solutions are created equal, and some can often cause more problems than they solve. It’s paramount that operators invest their time and resources in the right tools to achieve peak performance and drive the biggest returns.

To make your job easier, we have shortlisted four technologies that streamline the leasing process, improve lead-to lease conversion, and ultimately drive NOI:

1. Deposit Replacement Insurtech Platform – A data-driven risk platform that replaces security deposits with lease insurance helps convert leads while also sufficiently protecting properties against rent loss and damage.

2. Chatbot Functions – With the help of chatbots, operators can automate engagements with prospective residents and gather more applicant information upfront, producing higher quality leads.

3. Artificial Intelligence Solutions – AI solutions automate leasing operations and gather insights about different touchpoints renters engage in prior to property visits, helping property managers increase their lead-to-lease conversion rate.

4. Self-Guided Tour Technologies – Most multifamily properties have deployed some form of self-guided tour platform, so this technology has now become a must-have in order to stay competitive.

Free White Paper: 4 Leasing Season Tech Hacks That Boost Lead Conversion Without Sacrificing NOI

To learn more about the four technology solutions and how they can make a real impact on your renter experience and deliver a competitive advantage to drive more lease signings, download the white paper:

Ready for Peak Leasing Season?

Identify where your opportunities are this leasing season with a free NOI assessment. Learn custom insights into bad debt reduction, NOI lift, and asset value appreciation to help you build a successful leasing season strategy and better equip your teams to achieve peak performance:

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Multifamily property teams are often overwhelmed by the growing number of administrative tasks. Technology has proven to be a valuable tool to ensure nothing is overlooked throughout the lease lifecycle, including new solutions that streamline routine processes for residents. But a significant pain point still exists post move-out: claims management.

The Evolution of Claims in Multifamily: Removing Security Deposits to Streamline Operations & Debt Recovery

Between deposit refunds and claims, these time-consuming and contentious tasks can quickly over-burden property teams. Whether managing an eviction or debt recovery, and due to the potential for rent loss (especially during and post COVID-19), site teams can’t afford to commit anything less than their full attention to the issue.

Forward-thinking operators are re-envisioning how they handle claims by moving beyond deposits entirely. As a byproduct, property teams can skip administrative headaches and streamline the debt recovery process. Through lease insurance technology, operators can start the claims process earlier and ease the burden of claims management for overstretched teams. As a bonus, these technology solutions boost onsite team productivity and eliminate long-standing pain points for the industry.

3 Benefits of Optimized Claims

Below are three operational and financial benefits of optimizing the claims process to help properties stay on top of post move-out tasks and prevent revenue from slipping through the cracks:

1. Lighter Administrative Workload – Modern claims solutions avoid any out-of-workflow operations for property teams by seamlessly deploying through native property management systems, ensuring property managers don’t have to worry about leaking revenue due to overlooked claims.
2. Faster Claims Returns – With lease insurance, operators no longer have to wait months or years for a collections agency to recover funds from residents, meaning operators won’t incur a substantial reduction in recovered revenue once the collections agency deducts its fee.
3. Stronger Online Reputation – Replacing deposits with lease insurance not only allows operators to reduce administrative burdens and sidestep collections for quicker payouts but also eliminates a key point of resident contention after move-out, thus helping prevent negative online reviews.

To learn how to achieve maximal bad debt recovery and NOI growth by optimizing claims management, read the full article here.

In today’s multifamily market, the issue of bad debt is not always top of mind. Eye-popping year-over-year rent increases and uncomfortably high occupancies create a natural tide of financial optimism. If you asked most operators, they’d tell you, “We don’t have a bad debt problem.”

But consider for a moment what that means. Thinking that you do not have a bad debt problem does not mean that you do not have bad debt; it means that the bad debt is at a level that your organization finds acceptable. It may not be a problem per se, but in the vast majority of cases, bad debt is an opportunity.

Is Bad Debt a Problem or an Opportunity?

The simple example above shows a regular, mid-priced 300 unit multifamily community. A “normal” level of bad debt is typically in the 2% range, or about $80,000 per year for this property. That may be an acceptable level of bad debt, but it’s still a significant amount of money that should be yours, but isn’t realized. It’s a check that an operator could be writing to investors each month but isn’t.

Yet, time and again, operators leave the opportunity untapped because it “Isn’t a big enough problem.” But should that matter if it’s an easy problem to solve?

How Multifamily Manages Bad Debt Today

There are three levers available to multifamily operators to manage bad debt: 1) screening, 2) deposits and bonds, and 3) collections.

1. Screening – Screening is a vital step in the leasing process, and one that goes some way towards reducing the likelihood of bad debt. But there is a limit to how strict your screening criteria can be. Imagine trying to address the $80k/year of bad debt in the illustration above through tighter screening. The community’s criteria would have to be restrictive to the point of not allowing enough signed leases to fill the community.
2. Deposits – Inevitably, there will be instances where a resident will leave owing debt or having done costly damage to their unit. It is for cases such as these that operators have collected deposits since time immemorial. But what happens when the deposit amount does not cover the damage or the lost rent? That is how the $80k in our example accumulates. Even when surety bonds are offered as an alternative to deposits, they only cover the total amount of the security deposit. And low resident adoption of a bond program leaves many of the community’s leases “protected” by what was meant to be replaced in the first place (security deposits).
3. Collections – Collections can sometimes claw back some of the cost of damages and lost rent, but recovery rates greater than 10% are rare in our industry. And when recoveries are made, they have to be shared with the collections agency. So the impact on bad debt is usually minimal.

Replace Security Deposits & Surety Bonds, Recover Bad Debt

Of the three bad debt levers mentioned above, only one offers the opportunity to recover the $80k in our example. It involves a fundamental rethink of the security deposit. The rethink entails seeing deposits (and surety bonds) for what they really are: a crude form of insurance. Operators collect a large and somewhat arbitrary upfront payment from the resident, then must either return the full deposit amount after move-out (oftentimes including accrued interest) or a reduced deposit amount when things go wrong, depending on any outstanding rent or damage against the leased unit. But when they go wrong, they frequently leave the operator with expenses greater than the deposit, which is why properties using deposits still have bad debt.

The deposit is at the same time large enough to be prohibitively expensive for many renters and still insufficient to cover the losses against which it is meant to protect! And even if a bond is raised higher than the deposit amount, it increases the resident’s cost and offsets the affordability intended.

Here is another way to think about it: when you need to insure against a given outcome, you should do so with an insurance product. We all purchase many types of insurance, and they are usually delivered by companies that specialize in quantifying risk, predicting appropriate levels of coverage and making sure that coverage is accessible through competitive premiums. That is how insurance is supposed to work, and that is how operators should handle the problem they are currently using security deposits and surety bonds to address.

The best way to reduce the $80k in bad debt in our example above is to insure as many leases as possible at the time of leasing the apartment. Instead of asking prospects to scrape together a month’s rent upfront to secure the apartment, or selling surety bonds to each prospective resident, the property can instead insure the lease, which greatly increases coverage, which in turn lowers bad debt.

The property can recoup the insurance cost by offering a deposit waiver product for which the resident pays a modest monthly fee. This arrangement achieves the powerful win-win of affordability for the resident and greatly improved coverage for the owner. And when the vast majority of a community’s leases are insured in this way, that bad debt opportunity is converted into dollars that fall straight to the operator’s bottom line.

When former apartment residents look back on their living experiences and assess their satisfaction, their lasting sentiments rest heavily on the final interactions they have with their apartment communities. So, why are so many renter relationships tainted after move-out?

Security Deposit Disputes Create Negative Move-Out Experiences Which Damage Your Online Reputation

Residents’ final impressions are often based on their move-out bills.

Renters who expect their entire security deposit to be refunded, or who incur unanticipated charges upon move-out, are left with a bitter taste in their mouth no matter how legitimate the charges might be. Unfortunately for apartment managers, parting on poor terms often leads to negative reviews from former residents. Even the happiest current renter can become a one-star reviewer after they receive the final billing statement.

In today’s marketplace, online reviews and ratings are an essential component of public relations for apartment managers, and move-out reviews from disgruntled former residents can severely damage a brand’s online reputation. Considering 85% of renters have indicated that online reviews influence their leasing decisions, the impact of negative feedback focused on the move-out experience and disputed charges may be greater than most properties expect.

An Innovative Solution to Prevent Security Deposit Disputes, Boost Renter Satisfaction, & Protect Brand Reputation

To help ensure that happy residents remain satisfied during the move-out process, many operators are removing costly security deposits and surety bonds altogether. After all the hard work that onsite teams put in to meet residents’ needs, those efforts shouldn’t be erased by billing conflicts on the back end. Property managers deserve positive feedback from the residents whose living experiences they cultivated, and renters deserve the opportunity to look back fondly at their leasing experience.

Quite simply, security deposits create an adversarial relationship between managers and residents that culminates at move-out. Residents routinely expect to have their deposits refunded in full at move-out, and they often count on those refund dollars to make the deposit at their next apartment. Management teams rely on those same deposits to cover cleaning costs and damages, and have little other recourse to recoup those costs.

Because a full refund is not always a reality, security deposits and deposit alternatives set managers up for failure from the moment they are collected. When renters are faced with receiving deposit deductions or repaying a bonding company, they take to Yelp, Google, Facebook, ApartmentRatings.com, ILSs, and other sites to vent their grievances.

Thus, in order to avoid move-out disputes and damaged relationships caused by deposits and surety bonds, operators should implement true deposit replacement technology.

Using Deposit Replacements to Eliminate Move-Out Charges

Many operators are turning to an integrated insurtech solution known as Zero Deposit lease insurance that removes security deposits from operating infrastructure. Unlike surety bonds, which merely present deposit alternatives, lease insurance replaces deposits with insurance technology and provides apartment operators enhanced protection on every single lease.

“The multifamily industry is changing,” explains Marcie Williams, president at RKW Residential. “Replacing security deposits with lease insurance enables us to meet the affordability needs of our residents, simplify the leasing process, and protect our assets in an uncertain economy.”

Deposit replacement technology removes a major hurdle in the application process, as well as the inherent conflict at the conclusion of the lease. In addition, lease insurance deploys seamlessly at check-out and provides operators with far more coverage against damage or bad debt than traditional deposits and bonds.

Improve the Move-Out Experience With Zero Deposit

By offering a Zero Deposit move-in, operators avoid administrative and financial hassles related to deposit deductions and move-out charges. In turn, renters are more likely to write positive reviews touting the simplicity and affordability of both the move-in and move-out experience.

Happy residents can become happy reviewers. More importantly, when residents don’t have complaints about move-out fees, damage charges, or cleaning expenses, it means they also don’t have a reason to post negative move-out reviews that can drive down property ratings. Instead, operators can benefit from reviews that positively reflect their apartment communities.

Deposit replacement solutions like lease insurance facilitate a seamless start-to-finish renter experience, which improves resident satisfaction and brand reputation. When prospective residents do their homework on a community, that bolstered brand reputation sets the property apart and ultimately results in more lead-to-lease conversions and increased revenue for your organization.

Instead of continuing to fight the old security deposit battle, operators should look for solutions that empower them to improve renter sentiment at their communities.