Leap launches Deposit Replacement product

Jersey City-based Leap has launched Leap Deposit Replacement, which offers an alternative to the traditional upfront security deposit.

With an average security deposit of $1,000, an applicant would instead pay about $10 a month and the landlord would receive the same $1,000 in rent, utilities, legal, and damage protection, thereby promoting critical tenant liquidity and more efficient use of capital for all parties.

“Our business model is predicated upon helping tenants qualify for housing . Leap Deposit Replacement addresses 100% of the resident population by lowering move-in costs, providing credit enhancement to tenants with blemished credit, and removing the friction from an antiquated, traditional leasing model.” – Rory O’Connell, Founder, and CEO of Leap.

Leap which secured $3 million since its inception in 2018 is currently working with over 750,000 property units in 50 states and is operating in the space of Jetty, TheGuarantors, Rhino, and others.