Northwest Arkansas single-family rental housing operator secures nearly $3,000 in coverage on every new lease
MARINA DEL REY, Calif.–(BUSINESS WIRE)–LeaseLock, the leading insurtech software platform that automates deposits out of leasing while providing enhanced lease insurance protection for rental housing operators, today announced Elevation Real Estate and Management has implemented LeaseLock Zero Deposit™ across its portfolio, located in northwest Arkansas.
Elevation communities using Zero Deposit boast a 98 percent adoption rate among residents, and each new lease receives an average of $2,743 in protection against bad debt and unit damage. That’s 5.7 times more coverage than what the company had with its average security deposit.
“We could not be more enthusiastic about the benefits of Zero Deposit on our leasing and operations,” said Kendra Butterfield, Director of Operations at Elevation Real Estate and Management. “It allows us to offer a vastly more affordable move-in, which is especially valuable in the current environment, and it provides us with a much greater degree of protection than security deposits and far fewer administrative headaches.”
LeaseLock Zero Deposit powers a modern lease experience through insurance technology and deep system integration. Operators automatically replace security deposits with $5,000 in rent loss and damage coverage on every lease with the standard coverage plan. Renters save thousands of dollars at move-in, while apartment communities drive more traffic, convert more leases, significantly reduce bad debt, and eliminate deposit administration and liability.
LeaseLock continues to accelerate with 100% quarterly growth in homes on its insurtech platform over the last four quarters and master enterprise agreements totaling more than 1.5 million apartment homes. LeaseLock aims to displace $50 billion in deposits across the U.S.
“It is always exciting to welcome a new operator to the LeaseLock family, and Elevation is an excellent partner in our growing movement to eliminate security deposits and ultimately improve the single-family leasing experience for both residents and operators,” said Ed Wolff, CRO of LeaseLock. “There is tremendous momentum in rental housing to move away from costly security deposits and deposit alternatives, and we are honored to be leading that movement.”
LeaseLock integrates with all major property management systems, including Yardi, RealPage, Entrata, Resman, and MRI. The lease experience is seamless for residents, effortless for onsite teams, and fully integrated into enterprise back-office workflows. The insurtech platform provides on-demand access to asset performance metrics to quantify true enterprise impact, including bad debt reduction and NOI lift.
NMHC Top 50 operator clients include Greystar, Pinnacle, Alliance, Avenue5, Harbor Group, The Bainbridge Companies, LMC, and RKW. Top ownership clients include Goldman Sachs, ColRich, GoldCor, Olive Tree, TruAmerica, White Oak, Trinsic, and Goodman Real Estate.
LeaseLock helps the world find home. Powered by insurance technology, LeaseLock deploys software and a proprietary AI-driven risk platform to eliminate deposits across entire rental housing portfolios while creating a modern lease experience for residents—faster, simpler, and more affordable.
Headquartered in Marina Del Rey, Calif., LeaseLock has insured over $800 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.