LeaseLock Releases Apartment Visionaries Study

Survey Examined Current Industry Pain Points and Technology Opportunities To Drive NOI

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Dec 02, 2021, 09:27 ET

MARINA DEL REY, Calif., Dec. 2, 2021 /PRNewswire/ -- LeaseLock, the world's leading insurtech platform for real estate, announced today the release of its first annual rental housing market study, Maximizing Asset Performance with Technology-Driven Leasing: The Apartment Visionaries Edition.

The study, conducted by LeaseLock in partnership with Grace Hill, featured 269 multifamily participants and sought to uncover the primary asset performance challenges currently facing the industry, as well as opportunities to boost NOI. The survey analysis provides insights to help owners and operators optimize the leasing process and customer experience throughout the resident life cycle.

"Operators across the country are continually adapting to address new renter preferences and emerging operational obstacles. Our survey serves as a resource to guide the collective response and move us forward as an industry," said LeaseLock Chief Revenue Officer Ed Wolff. "The study identified some shared pain points, which should serve to steer technology adoption and innovation in the months and years to come."

Three distinct challenges topped the list of most-cited operator issues:

Hiring/retaining talent – 53%
Delinquent rent/bad debt – 41%
New/changing legislation – 30%

Operators also identified ancillary income, technology/automation, and talent retention as the opportunities with the most potential to maximize NOI. The study explored survey results across five stages of the leasing process: leads and traffic; consideration phase and lead follow-up; leases and applications; move-ins, occupancy, and affordability; and move-out, renewals, and evictions.

"When we examine survey data in multifamily, it's important to view it through a different lens for each step of the leasing process, resident life cycle, as well as employee engagement," said Kendall Pretzer, CEO of Grace Hill. "The challenges shift for our teams and residents as customers progress through their residency, and it's important to assess those issues and potential solutions comprehensively and chronologically. This asset performance survey reveals trends throughout each phase of the leasing journey and examines opportunities to strengthen operations."

View key takeaways from the market study here.

About Leaselock
LeaseLock is the world's leading insurtech platform for real estate.
We provide lease insurance to eliminate security deposits from the rental housing industry — removing complexity for residents and operators while creating superior financial performance for asset owners.

Powered by artificial intelligence, we optimize coverage by property to better protect owners — resulting in industry-leading bad debt reduction. LeaseLock is deployed seamlessly within existing property software to increase lease conversion, drastically reduce deposit administration and regulatory risk, and improve the resident experience.

LeaseLock has insured over $2 billion in leases backed by insurance rated A (Excellent) by A.M. Best. Our global investors include SoftBank Ventures Asia, Wildcat Ventures, Westerly Winds, Vertex Ventures US, Liberty Mutual Strategic Ventures, American Family Ventures, Moderne Ventures, and Mucker Capital.

About Grace Hill
Grace Hill provides technology-enabled performance solutions that help owners and operators of real estate properties increase property performance, reduce operating risk, and grow top talent. Its industry-leading solutions covering policy, training, assessment, survey, and data-driven insights are bolstered by years of real estate experience, in-depth service-level expertise, and outstanding customer support. Today, more than 500,000 real estate professionals from more than 1,700 companies rely on talent performance solutions from Grace Hill. Visit us at gracehill.com or on LinkedIn.

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

SOURCE LeaseLock