MARINA DEL REY, Calif.--(BUSINESS WIRE)--LeaseLock, the world’s leading insurtech platform for real estate, today announced the acceleration of its rapid growth, surpassing the $1 billion milestone in insured lease value for residential apartment homes.
LeaseLock offers the only fully integrated solution in online leasing checkout systems that automatically ejects security deposits from multifamily operating infrastructure. The business is experiencing accelerated growth—taking 24 months to achieve $500 million in leases insured and doubling to $1 billion in only five months. This milestone comes shortly after LeaseLock announced it’s $52M Series B investment to power growth.
“Deposits are under threat and the pandemic is accelerating their demise,” said Derek Merrill, CEO and co-founder of LeaseLock. “Leading operators recognize the tectonic shift and are deploying our B2B insurtech solution to gain a competitive edge in leasing while insuring their assets against future uncertainty.”
In 2020 LeaseLock grew 400% in homes on its platform, ending the year with reach across 1.5 million apartment homes in 36 states. More specifically:
- 5.4 multifamily communities added to the platform daily
- $3.5 million in lease value insured daily
- $560,000 of deposits ejected at online checkout daily
- 1.1 billion risk data points analyzed daily
“Security deposits and alternatives have failed our industry for many years. LeaseLock is the only fully integrated insurtech solution that gets our organization out of the deposit business altogether,” said Mark Stringer, EVP Avenue5 Residential, with a portfolio of over 80,000 apartment homes.
LeaseLock leverages deep integrations into property management systems, including Yardi, RealPage, ResMan, Entrata and MRI to deploy its Zero Deposit™ product instantaneously. Operators are able to market their communities as Zero Deposit, offer a seamless leasing checkout experience, and eliminate any effort for onsite teams.
LeaseLock pioneered a new risk underwriting model powered by property system data and artificial intelligence to optimize key performance indicators like leasing speed, occupancy, and bad debt. The AI is continuously improved and trained as 22 million risk data points are added daily as more portfolios are onboarded to the insurtech platform.
“The multifamily industry has long been waiting for an automated technology-based solution that fully eliminates deposits rather than just another partially-adopted ‘deposit alternative’ offered by leasing staff. LeaseLock is the answer,” said Reichen Kuhl, President and co-founder of LeaseLock.
NMHC Top 50 operator LeaseLock clients include Greystar, Cushman & Wakefield (Pinnacle), Avenue5 Residential, Harbor Group Management Co., LMC, and RKW Residential. Top ownership clients include Goldman Sachs, ColRich, GoldCor, Olive Tree, TruAmerica, White Oak, Trinsic, Strata Equity Group, and Goodman Real Estate.
LeaseLock is the world’s leading insurtech platform for real estate.
Our flagship lease insurance product leverages artificial intelligence to eliminate security deposits from enterprise operating infrastructure—powering a faster, simpler, more affordable rental transaction. LeaseLock seamlessly deploys within the native online leasing checkout, resulting in significant conversion lift—while instantly generating industry-leading coverage for the property on every lease.
LeaseLock has insured over $1 billion in leases backed by insurance rated A (Excellent) by A.M. Best. Our global investors include SoftBank Ventures Asia, Wildcat Ventures, Westerly Winds, Vertex Ventures US, Liberty Mutual Strategic Ventures, American Family Ventures, Moderne Ventures, and Mucker Capital.