LeaseLock Expands & Rebrands

Los Angeles-based LeaseLock has announced the nationwide launch of LeaseLock Zero Deposit, making it available across all 50 states to enterprise multifamily and single family operators.

Zero Deposit, which is integrated with all major property management software systems including Yardi, RealPage OneSite and Entrata, eliminates all deposits, surety bonds, cosigners and guarantors by asking renters to pay a monthly fee starting at $19 that generates over $5,000 in coverage for the property on every lease. But keep in mind “the price at most properties is $29/mo.” Last, while LeaseLock advertises monthly fees, the contract can’t be canceled – “Once you have moved into your apartment unit, your LeaseLock is in place until your lease and any lease-renewal end, and you are not able to cancel your LeaseLock.”

Established in 2013, the company has raised $11.5m in funding and is now a team of ~48 people. It has measured a 10 percent lift in closing ratios on average – resulting in one to two new leases per month, per property. Additionally, lead-to-move-in is accelerated by 10 days on average, reducing vacancy loss.

Last, the company refreshed its brand. Have a look below.

Before:

After:

Bottom Line: Early release Zero Deposit clients have insured over $100 million in leases to-date.