Seattle multifamily owner completely replaces security deposits ahead of deposit legislation sweeping the nation
LeaseLock, the first and only nationwide A-rated lease insurance provider that totally eliminates security deposits, surety bonds and guarantors in rental housing, today announces Goodman Real Estate Inc. (GRE) is implementing LeaseLock Zero Deposit™ across its portfolio. GRE owns and operates 15,000 apartment homes, primarily in the Pacific Northwest.
"The apartment industry is in transition. Operators have grown more frustrated with security deposit restrictions while residents are demanding more affordability," said Kelli Jo Norris, President of GRE. "The pandemic is accelerating state and local deposit legislation compounding administrative burdens and liability while reducing loss protection for asset owners. LeaseLock allows us to move away from deposits entirely while gaining enhanced protection through its first-to-market lease insurance."
LeaseLock powers a modern lease experience with insurance technology. Instead of paying a deposit, renters pay a small monthly deposit waiver fee that generates over $5,000 in rent loss and damage coverage for the property on every lease.
"GRE is a best-in-class company dedicated to creating a great resident experience while simultaneously maximizing asset value for its investors. We’re honored to have GRE in the family," said Ed Wolff, CRO of LeaseLock. "As many surety bonds are paused by reinsurers during the crisis, we remain open for business and committed to serving our customers through this challenging time. We’re here to support the industry transition away from deposits completely."
LeaseLock is rolling out more than 1 million rental units across NMHC Top 50 Managers including Greystar, Bell Partners, Pinnacle, Avenue5 Residential and First Communities.
LeaseLock integrates with all major property management systems, including Yardi, RealPage and Entrata.
LeaseLock helps the world find home. Powered by insurance technology, LeaseLock delivers a modern lease experience for rental housing—faster, simpler and more affordable.
Headquartered in Marina Del Rey, CA, LeaseLock totally eliminates all deposits, bonds and guarantors. Renters pay an affordable monthly fee that generates over $5,000 in coverage for the property on every lease. Renters save thousands of dollars at move-in, while properties increase occupancy, reduce bad debt, and eliminate deposit administration and liability.
LeaseLock has insured over $200 million in leases and is backed by insurance rated A (Excellent) by A.M. Best. LeaseLock has secured $25 million from leading insurance, technology and real estate venture funds including Liberty Mutual Strategic Ventures, American Family Ventures, Wildcat Venture Partners and Moderne Ventures. For more information, please visit www.leaselock.com.
About Goodman Real Estate
Founded in 1980 by John Goodman, Goodman Real Estate, Inc. (GRE) is a leading privately held full-service real estate investment company specializing in multifamily and commercial real estate. Headquartered in Seattle, Washington, GRE maintains a diversified portfolio of more than 15,500 residential units across the United States. With managed assets valued more than $2.5 billion, this portfolio spans the spectrum of risk-adjusted investments; multi-family, construction, hotels and resorts; office and retail buildings; land development and structured investments.
Goodman Real Estate is a company with deep roots in the Pacific Northwest with values reflected through local charitable giving and commitment to local issues. GRE believes in making a difference in the lives of the communities and people they serve through IMPACT. IMPACT reflects the core values lived by GRE employees, communities, and partners. GRE makes an IMPACT by giving time, talents, and dollars to five categories they believe make communities stronger: education, shelter, sustainability, relief, and community.