CORE Realty Eliminates Security Deposits Across Entire Portfolio

LeaseLock taps into subscription economy allowing apartment operator to significantly reduce move-in costs and convert more leases

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LeaseLock

Mar 14, 2019, 11:21 ET

MARINA DEL REY, Calif., March 14, 2019 /PRNewswire/ -- LeaseLock, the only provider of a nationwide A-rated lease insurance program that completely eliminates security deposits in rental housing, today announced CORE Realty Holdings Management (CORE Realty) is implementing LeaseLock Zero Deposit™ across its entire portfolio. CORE Realty manages 4,000 apartment homes across the country with focus on B and C assets.

By making all properties Zero Deposit, CORE Realty will simplify its leasing process by eliminating security deposits completely on every new lease, dramatically improving the affordability of moving into a new apartment.

LeaseLock also eliminates the need for surety bonds, cosigners and guarantor services. With the Zero Deposit program in place, renters simply pay a monthly fee starting at $19 to waive the security deposit requirement. CORE Realty properties are then insured for up to six times the monthly rent and damages. Residents save thousands of dollars at move-in while properties convert more leases with better protection against damage, skips and evictions.

"We are extremely enthusiastic about making all of our communities Zero Deposit and believe it will have a profound impact on our leasing efforts and our residents," said Brooke Jentzen, Director of Marketing and Training at CORE Realty. "It will make the move-in process much more affordable for residents and will significantly boost conversation rates at our properties. By eliminating security deposits and replacing them with a monthly fee, we are removing a financial burden for our residents allowing them to address other important expenses in their lives."

LeaseLock's monthly fee approach falls in line with the trends of the subscription economy. Today's residents and consumers are more comfortable than ever making monthly payments for services. For instance, according to research firm Kantar, almost half of all smartphones sold in the U.S. are done so on an installment plan.

Leading operators who have replaced security deposits with LeaseLock include Avenue5 Residential, Lennar Multifamily Communities, The Bainbridge Companies and ROCO Real Estate.

"CORE Realty understands the financial reality of the mainstream renter, with 40 percent of the US population having less than $400 in savings. CORE decided to implement LeaseLock to make renting more affordable while simultaneously securing enhanced protection for its apartment homes," said Derek Merrill, founder and COO of LeaseLock. "We are thrilled to join forces with CORE to totally eliminate security deposits in rental housing."

About LeaseLock

LeaseLock helps the world find home. Powered by insurance and technology, LeaseLock is reinventing the way renters and properties transact—making it faster, simpler and more cost-effective.

Headquartered in Marina Del Rey, CA, LeaseLock completely eliminates security deposits. Renters pay a monthly fee starting at $19 that insures the property for up to 6x rent and damages. LeaseLock is the first nationwide A-rated (Excellent) lease insurance program, launching across more than 1,000,000 apartment homes. In April 2018, the company secured a $10 million Series A funding from leading insurtech and real estate technology funds including Wildcat Venture Partners, Liberty Mutual Strategic Ventures, American Family Ventures and Moderne Ventures. For more information, please visit www.leaselock.com.

Media Contact:
LinnellTaylor Marketing
Marlena DeFalco
Account Director
(303) 682-3943
[email protected]

SOURCE LeaseLock