Leading Arizona Operator Eliminates Security Deposits, Streamlines Lease Life Cycle for Residents and Associates
LOS ANGELES, May 25, 2023 /PRNewswire/ — LeaseLock, the leading lease insurance and financial technology provider for the rental housing industry, today announced its rollout with HSL Properties, covering 37 communities and over 10,000 apartment homes.
HSL Properties, one of the largest apartment owners/operators in Southern Arizona, is committed to setting a benchmark for quality of product and service in the Southwest. The company partnered with LeaseLock to eliminate restrictive security deposits for residents and optimize NOI for its assets.
“LeaseLock solves problems on both the front and back end of the lease life cycle,” said Andrew Titche, EVP of HSL Asset Management. “By replacing upfront security deposits with LeaseLock’s lease insurance technology, we are removing a significant financial barrier to broaden our pool of prospective residents and creating more flexibility for renters. Also, our onsite teams will not be required to have those uncomfortable conversations about deposit refunds at move-out because security deposits are no longer part of the equation. LeaseLock empowers our communities to operate more smoothly and effectively for everyone involved.”
With LeaseLock, properties replace upfront security deposits with a modest monthly fee, clearing the path to homes that may have been otherwise unattainable for renters who lack sufficient funds for a security deposit. LeaseLock’s insurtech platform leverages AI to analyze historical financial data and optimize coverage by asset. Through coverage consolidation under a single limit, properties improve debt recovery, while drastically reducing deposit administration and regulatory risk.
At move-out, the claims process is automatically initiated through the native operating software, lifting the deposit management burden from on-site teams. On average, LeaseLock clients recapture $200 NOI per unit, resulting in $1.5 billion in asset value generated across all Zero Deposit communities.
“LeaseLock is designed to expand housing options for renters and maximize revenue capture for multifamily assets,” said LeaseLock President Ed Wolff. “Forward-thinking operators like HSL are looking to LeaseLock to simplify and enhance the resident experience, while minimizing balance recovery responsibilities for their on-site associates. Through strategic partnerships with pace-setting companies like HSL, we are revolutionizing the way the industry manages loss.”
NMHC Top 50 operator LeaseLock clients include Greystar, Cushman & Wakefield, Avenue5 Residential, Harbor Group Management Co., Western Wealth Communities, Quarterra, RKW Residential, Pegasus Residential, Luma Residential, and SunRidge Management Group. Top ownership clients include Goldman Sachs, PGIM, ColRich, Strata Equity Group, GoldCor, Olive Tree, TruAmerica, White Oak, Trinsic, and Goodman Real Estate.
About LeaseLock
LeaseLock financial technology is driving the next revolution in residential real estate.
Rental housing providers achieve more valuable, efficient properties—and a better resident experience—with LeaseLock. They can put more people into homes more quickly, while improving net operating income, mitigating bad debt, and streamlining site operations.
LeaseLock’s AI-driven risk platform leverages multiple data sources and smarter risk assessment to optimize lease insurance coverage at the property-level, leading to better lease conversion, stronger property performance, and reduced regulatory risk. Deployed seamlessly within existing property management software, LeaseLock makes the move to modern leasing swift, simple, and straightforward.
LeaseLock has insured over $6 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, Mucker Capital, and Hivers & Strivers Investment Fund.
Media Contact:
LinnellTaylor Marketing
Marlena DeFalco
Account Director
(303) 682-3943
[email protected]
SOURCE LeaseLock
Originally published at https://www.prnewswire.com/news-releases/hsl-properties-optimizes-operations-through-leaselock-301834775.html
