LOS ANGELES--(BUSINESS WIRE)--LeaseLock, the world’s leading insurtech provider for real estate, today announced that Rockstar Capital (Rockstar) has deployed LeaseLock across its entire portfolio to eliminate antiquated security deposits and deposit alternatives. Unlike deposit alternatives, LeaseLock is the only provider that fully replaces deposits across the portfolio.
A Texas-based multifamily owner/operator with 4,000 units in the Houston area, Rockstar now gains improved ability to lower bad debt, significantly reduce deposit administration and regulatory risk, and offer an improved resident experience.
This full portfolio deployment comes on the heels of major upgrades to the LeaseLock insurtech platform. LeaseLock clients like Rockstar now benefit from AI-powered lease insurance to analyze historical data to customize coverage by asset and expedite claims payments for property owners. Along with an average 92% resident adoption rate, LeaseLock is positioned to function as fast as cash.
“We already wanted to rid our business operations from the stress and risk of security deposits. When Texas passed the security deposit legislation earlier this year, it was the catalyst we needed to select LeaseLock,” said Bill Nye, Director of Operations for Rockstar. “LeaseLock has engineered a product that ensures we remain compliant with all deposit legislation, while simultaneously delivering a solution that far exceeds deposit alternatives in the market today. Lease insurance delivers superior protection from bad debt, greater risk mitigation, and consistent compliance and facilitates an amicable move-out process because deposit disputes have been removed from the equation.”
The new Texas security deposit law (SB 1783) went into effect September 2021 and differs from other state Renter’s Choice laws in that it provides operators more flexibility and a choice to implement the right solution for business as well as for residents. Multifamily operators can opt for a deposit solution like lease insurance to meet regulatory requirements, mitigate risk, and accommodate renter desires for a more affordable move-in.
LeaseLock provides a streamlined claims experience with more flexible deadlines and expedited processing, delivering claims payouts in as fast as 48 business hours. LeaseLock now also consolidates coverage under a single limit, removing many exclusions and aligning with standard operating procedures for move-outs to improve debt recovery.
“Rockstar was quick to identify the benefits of lease insurance — improved property protection and removal of the prohibitive front-end financial burden imposed on renters by traditional deposits and deposit alternatives,” said Ed Wolff, Chief Revenue Officer for LeaseLock. “Asset protection shouldn’t create a contentious relationship between operators and their residents. We’re thrilled to work with companies like Rockstar that put the resident experience first.”
NMHC Top 50 operator LeaseLock clients include Greystar, Cushman & Wakefield, Avenue5 Residential, Harbor Group Management Co., LMC, and RKW Residential. Top ownership clients include Goldman Sachs, PGIM, ColRich, Strata, GoldCor, Olive Tree, TruAmerica, White Oak, Trinsic, and Goodman Real Estate.
About Us
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 a 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.
