InsuranceWestern Wealth Communities Removes Costly Deposits

In six-month timespan, LeaseLock has more than doubled its leases insured, eclipsing $2 billion mark
BusinessWire BusinessWireAugust 31, 20215 min

LeaseLock, the world’s leading insurtech provider for real estate, today announced that Western Wealth Communities (WWCo) is implementing LeaseLock Zero Deposit™ to eliminate the financial and administrative burdens of security deposits. The rollout of Western Wealth also signals LeaseLock’s continued, accelerated growth. Since February 2021, LeaseLock has more than doubled its leases insured, surpassing $2 billion in insured lease value.

WWCo, the property management division of Western Wealth Capital, launched in 2020 and has over 11,000 units under management in the southwest.

As the industry’s only integrated insurtech solution that removes security deposits from operating infrastructure, LeaseLock has tripled the total value of insured leases in just 18 months.

“In order to grow the Western Wealth portfolio so quickly and with little disruption, we needed to focus on only mission critical initiatives,” said Jennifer Staciokas, Executive Managing Director of Property Management for WWCo. “LeaseLock Zero Deposit was one of those critical solutions. LeaseLock has proven to be the long-term solution to remove deposits. Beyond the company’s growth during the pandemic, they deliver a seamless, accessible, and affordable move-in experience, greater risk mitigation, higher bad debt recovery, and stronger NOI – all things any property management company needs to get right from the beginning.”

Since the start of 2020, LeaseLock has seen over 440% growth in homes on its platform. In 2021, the company has experienced monthly averages of:

  • 75 multifamily communities added
  • $218 million in lease value insured
  • $7.7 million of deposits eliminated in the online resident leasing process

“It is an honor to partner with Western Wealth,” said Ed Wolff, CRO for LeaseLock. “The confidence that Jennifer — as a client and also as an Advisory Board Member — along with the Western Wealth team, have in LeaseLock is a true testament to how we are helping the multifamily industry optimize asset performance and eliminate security deposits for good.”

Where surety bond providers merely present deposit alternatives, LeaseLock offers the only true deposit replacement technology. LeaseLock communities market themselves as Zero Deposit™, driving increased lead generation and revenue. Operators receive $5,000 in rent loss and damage coverage for each new lease with the standard coverage plan.

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, ColRich, Strata Equity Group, GoldCor, Olive Tree, TruAmerica, White Oak, Trinsic, and Goodman Real Estate.

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