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Press release content from Business Wire. The AP news staff was not involved in its creation.

Strata Equity Group Deploys LeaseLock Within Online Resident Leasing to Eliminate Deposits

March 11, 2021 GMT

MARINA DEL REY, Calif.--(BUSINESS WIRE)--Mar 11, 2021--

LeaseLock, the world’s leading insurtech platform for real estate, today announced Strata Equity Group has implemented LeaseLock Zero Deposit™ across its entire portfolio. Strata manages nearly 20,000 apartment homes across 73 communities in 11 states, spanning the coasts from Georgia to Washington.

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Strata communities are realizing significant increase in protection versus security deposits:

  • $1,749 in coverage per lease
  • Nearly 2.5x more protection compared to deposit amount
  • Monthly increase of over $875,000 in portfolio-wide coverage

“Zero Deposit is the new direction for multifamily,” said Andrew Gordon, COO, Strata Equity Group. “Security deposits and previously available alternatives simply don’t offer enough protection against property damage and bad debt. With LeaseLock, we are improving our financial protection, delivering a frictionless leasing experience for our residents and team members, and making quality workforce housing increasingly accessible to more people.”

LeaseLock powers a modern leasing experience with integrated insurance technology. Built into the online leasing checkout, operators automatically eject security deposits from the multifamily operating infrastructure. Renters pay a small monthly deposit waiver fee instead of an upfront deposit, and the property receives over $5,000 in rent loss and damage coverage on the standard plan. Apartment communities also significantly reduce bad debt and eliminate deposit administration and liability, resulting in NOI lift.

“Strata is upgrading the resident leasing experience while also fortifying the portfolio to weather all market conditions,” said Ed Wolff, CRO of LeaseLock.

Unlike surety bond providers, LeaseLock automates the replacement of deposits through a fully native leasing software deployment eliminating any upfront deposit thereby removing a major financial hurdle for prospective residents. Operators market their communities as Zero Deposit, driving increased lead generation, faster leasing, and higher occupancy. LeaseLock recently surpassed $1 billion in the total value of insured leases.

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NMHC Top 50 operator LeaseLock clients include Greystar, Cushman & Wakefield, Avenue5 Residential, Harbor Group Management Co., LMC, and RKW Residential. Top ownership clients include Goldman Sachs, ColRich, GoldCor, Olive Tree, TruAmerica, White Oak, Trinsic, and Goodman Real Estate.

About Us

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.

View source version on businesswire.com:https://www.businesswire.com/news/home/20210311005886/en/

CONTACT: Media Contact:

LinnellTaylor Marketing

Marlena DeFalco

Account Director

(303) 682-3943

marlena@linnelltaylor.com

KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA

INDUSTRY KEYWORD: PROFESSIONAL SERVICES TECHNOLOGY RESIDENTIAL BUILDING & REAL ESTATE INSURANCE SOFTWARE CONSTRUCTION & PROPERTY

SOURCE: LeaseLock

Copyright Business Wire 2021.

PUB: 03/11/2021 12:53 PM/DISC: 03/11/2021 12:52 PM

http://www.businesswire.com/news/home/20210311005886/en