Frequently Asked Questions

What is LeaseLock?

LeaseLock powers a modern lease experience that totally eliminates all security deposits, surety bonds, cosigners and guarantors. The property is protected with over $5,000 of coverage on every lease on our standard plan — significantly more than a security deposit or the average bond. We are the only nationwide lease insurance provider of our kind, and work with over half of the top 10 property managers in the United States.

How does LeaseLock work?

LeaseLock deploys lease insurance through its Zero Deposit Platform, a fully-integrated software which eliminates security deposits at apartment communities, with no work for onsite teams. Residents at Zero Deposit communities don’t need to pay a deposit upon move-in — instead, they pay a small monthly deposit waiver fee alongside rent, to the property. Residents may opt out to pay a deposit, however, we measure 95% adoption at Zero Deposit communities given the convenience and affordability.

With deep property software system integration, the LeaseLock Zero Deposit Platform is the only lease insurance product specifically designed to adequately protect the property management company and asset owner while achieving 95% adoption rates, versus fractional adoption that deposit alternatives achieve because of selling by leasing staff and out of workflow application processes. This means properties immediately gain significantly more coverage than they would with a traditional deposit, reducing bad debt and delivering greater NOI asset performance.

What are the benefits of LeaseLock Zero Deposit?

Our flagship Zero Deposit lease insurance product offers the seamless, affordable move-in experience that modern renters expect. It eliminates friction at the leasing office: expensive security deposits, drawn-out bond approvals, and confusing guarantee programs.

This one-click lease experience results in higher closing ratios and increased rental income for properties. Our standard plan allows properties to enjoy $5,000 in coverage against missed rent and damages, compared to $500 with the average deposit or bond.

LeaseLock Zero Deposit Platform is fully automated, and integrates with all major leasing systems including Yardi, Realpage, Entrata, Resman and MRI. Throughout the full lease cycle, the platform is embedded in online lease checkout, lease execution, monthly billing and accounting, receivables and automated claims, and property performance metrics.

What does LeaseLock cover?

LeaseLock insurance covers three major loss events:

  • Damage: Damage to unit above normal wear and tear
  • Eviction: Costs associated with an eviction, such as missed rent, legal fees, etc.
  • Skip: Rent loss when a resident has vacated the unit without paying rent

Who is the LeaseLock customer?

LeaseLock partners directly with property management companies to launch Zero Deposit at their properties. We currently have a minimum requirement of 1,000 units under management, but will soon be able to support smaller owners and operators as well.

We do not work directly with residents.

Do renters need to apply to LeaseLock?

No. Renters do not apply to LeaseLock, or interact directly with LeaseLock. Once a property launches Zero Deposit, any resident who is approved or conditionally approved by the property is automatically approved by LeaseLock.

Where is LeaseLock available?

LeaseLock is available nationwide in the United States, across all 50 states.

How much does LeaseLock cost?

LeaseLock costs nothing for the property. The resident pays no upfront security deposit, and instead pays a small deposit waiver fee to the property with their monthly rent. Although coverage can be customized depending on the needs of the property, our three most popular plans are:

$19 mo

$2,500 RENT

$400 DAMAGE

Standard

$29 mo

$5,000 RENT

$500 DAMAGE

$39 mo

$7,500 RENT

$500 DAMAGE

Is LeaseLock optional?

Once a property launches, all new residents are offered a seamless Zero Deposit leasing experience – however, a resident may request to pay an upfront deposit instead. LeaseLock properties have a 95% conversion rate for Zero Deposit.

Does LeaseLock work across all asset types?

LeaseLock has clients across all property classes, and works well for all types.

The Class A demographic prefers the fast, seamless lease experience that Zero Deposit provides. We see an average 5% lift in closing ratio and accelerated lease-ups for our Class A communities.

Conditional applicants who normally struggle with high deposits and guarantors convert well with LeaseLock as well, since they are able to move in without exorbitant upfront costs. You can learn more about our performance across property classes on our Case Studies page.

Does LeaseLock integrate with my property management system?

Yes, we integrate with all major leasing systems, including Yardi, Realpage, Entrata, Resman and MRI.

How does LeaseLock billing work?

LeaseLock has two billing configurations, both of which are fully integrated with your leasing process:

  • Comprehensive Billing (preferred): Monthly deposit waiver fee is bundled with rent to the resident, but tracked and itemized within backend accounting systems as an amenity fee. This configuration eliminates the need for the resident to participate in any deposit waiver program as part of their lease agreement.
  • Waiver Billing: Monthly deposit waiver fee is collected by adding a charge code. The waiver fee is itemized separate from rent on the residents lease billing statement. This configuration requires the resident to participate in a deposit waiver program within their lease agreement.

LeaseLock invoices the property (or central receivables team) monthly for all covered leases. Option to cover renewals as well.

How do claims work?

At LeaseLock we pride ourselves on offering an automated claims experience built around the property’s own move-out workflow. The process begins as soon as the property closes their Final Account Statement, based on automatic triggers within your leasing system. On average, claims are paid out within 7 business days.

Does LeaseLock cover pet damage?

Yes, pet damage is fully included in all LeaseLock plans.

If the monthly fee isn’t paid, does the property lose coverage?

No, once coverage is activated, if renter waiver payments stop due to a resident default, the property retains full coverage.

Does LeaseLock use on-site adjusters?

No. LeaseLock does not use on-site adjustors. Claims are filed online through the LeaseLock Dashboard, processed by a licensed administrator and generally paid within 7 days. There is no on-site component.

Is LeaseLock a surety bond?

No. LeaseLock is the only major deposit solution that is not a surety bond, or structured like a bond. LeaseLock is an entirely new insurance software product called lease insurance, developed after years of research and testing in order to avoid the historical problems associated with surety bonds and pooling.

What is lease insurance?

Lease insurance Lease insurance offers a unique coverage multiplier that security deposits and most bonds cannot. Properties enjoy an average of 6x more coverage against missed rent and damages than they would with a traditional deposit, which leads to significant bad debt reduction. They also avoid the friction of deposit disputes, resulting in happier renters and fewer negative online reviews.

Lease insurance offers a unique coverage multiplier that security deposits and most bonds cannot. Properties enjoy an average of 6x more coverage against missed rent and damages than they would with a traditional deposit, which leads to significant bad debt reduction. They also avoid the friction of deposit disputes, resulting in happier renters and fewer negative online reviews.

How is LeaseLock different from security deposit alternatives on the market?

Most security deposit alternatives on the market are surety bonds or rent guarantees. These must be sold directly to the renter by the leasing staff, which requires extensive onsite training and creates additional friction in the leasing process. LeaseLock has spent years developing a new product called lease insurance, designed to completely eliminate deposits, bonds and guarantors, and fit within the property’s native leasing workflow (no applications or approvals required). Any applicant approved by the property is automatically approved by LeaseLock.

Our standard plan provides $5,000 of coverage on every lease, significantly more than leading deposit alternatives. This results in a sizable bad debt reduction for clients and an accelerated lead-to-move-in time, thanks to the elimination of costly deposits and a streamlined lease experience. This combination of bad debt reduction and net leases leads to a significant increase in NOI for clients, while creating the simple and affordable lease experience that modern renters expect.

Does LeaseLock work with affordable housing?

Yes, we cover most forms of affordable housing. For more information on whether your affordable property can use LeaseLock, please reach out via the Contact.

How does a property sign up for LeaseLock?

Please reach out via the Contact Page and we will walk you through next steps.