LOS ANGELES--(BUSINESS WIRE)--LeaseLock, the world’s leading insurtech provider for real estate, today announced that NMHC Top 50 Manager Pegasus Residential has deployed LeaseLock portfolio-wide to eliminate security deposits and provide more affordable move-ins for residents. Unlike deposit alternatives, LeaseLock is the only solution that completely replaces deposits by being embedded in the online leasing software.
A third-party manager based in Alpharetta, Ga., Pegasus manages more than 40,000 apartment units at 146 communities in 45 metro markets across 12 states. In addition to NMHC Top 50 Manager recognition, Pegasus has been ranked in the J. Turner Research Top 10 and among the Best Places to Work in Multifamily.
“At Pegasus and LeaseLock, our shared mission is to help people find homes. A key component of that objective is eliminating unnecessary obstacles in the leasing process,” said Wendy Dorchester, Senior Vice President of Operations at Pegasus. “Deposits pose a financial barrier for many prospective renters, but LeaseLock effectively removes it. We’re excited to upgrade the resident leasing experience at all of our communities and improve the protection and NOI for our clients and their assets.”
The full portfolio deployment by Pegasus comes on the heels of a major upgrade to the LeaseLock insurtech platform. The next generation product is AI-powered to analyze historical financial performance data to customize coverage by asset and expedite claims payments for property owners. With an average 92% resident adoption rate across measured communities, LeaseLock generates unmatched coverage across each property that results in lower bad debt and drastically reduced deposit administration and regulatory risk.
With the new product, LeaseLock now offers simplified single limit coverage plans, eliminates numerous exclusions, and aligns more seamlessly with standard operating procedures for move-outs. LeaseLock also provides a streamlined claims experience with more flexible deadlines and faster processing, delivering claims payouts in as fast as 48 business hours.
“Pegasus is a true leader in multifamily that acknowledged the limitations imposed by traditional security deposits and deposit alternatives, and sought a better solution,” said Ed Wolff, Chief Revenue Officer at LeaseLock. “It’s always an honor to partner with companies like Pegasus, who prioritize the resident experience through mutually beneficial solutions like lease insurance.”
Other NMHC Top 50 operator LeaseLock clients include Greystar, Cushman & Wakefield, Avenue5 Residential, Harbor Group Management Co., Western Wealth Communities, LMC, and RKW Residential. Top ownership clients include Goldman Sachs, PGIM, ColRich, Strata, GoldCor, Olive Tree, TruAmerica, White Oak, Trinsic, and Goodman Real Estate.
LeaseLock is the world’s leading insurtech platform for real estate.
We provide lease insurance to eliminate security deposits from the rental housing industry—removing complexity for residents and operators while creating a superior financial performance for asset owners.
Powered by artificial intelligence, we optimize coverage by property to better protect owners—resulting in industry-leading bad debt reduction. LeaseLock is deployed seamlessly within existing property software to increase lease conversion, drastically reduce deposit administration and regulatory risk, and improve the resident experience.
LeaseLock has insured over $2 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, Mucker Capital, and Hivers & Strivers Investment Fund.