Leap Launches Deposit Replacement Product as Millions of Renters Prepare for Post Pandemic Rental Market
Leap is pleased to announce the launch of Leap Deposit Replacement (LDR), the Company's flagship product designed to improve the financial performance of properties for landlords and to empower rental applicants with financial flexibility and improved liquidity.
JERSEY CITY, N.J., August 2, 2021 /PRNewswire-PRWeb/ -- Leap Insurance Agency, LLC., a Jersey City, NJ-based provider of innovative occupancy and risk management solutions for the multifamily and single-family rental markets, is pleased to announce the launch of Leap Deposit Replacement (LDR), the Company's flagship product designed to improve the financial performance of properties for landlords and to empower rental applicants with financial flexibility and improved liquidity.
As millions of renters brace for the end of state and national eviction moratoriums, Leap Deposit Replacement offers a smarter alternative to the traditional upfront security deposit. With an average security deposit of $1,000, an applicant would instead pay about $10 a month and the landlord would receive the same $1,000 in rent, utilities, legal, and damage protection, thereby promoting critical tenant liquidity and more efficient use of capital for all parties. Landlords can use this product as an amenity to put cash back in renters' hands by returning cash security deposits early, thereby promoting more tenant liquidity during these challenging times.
Reducing the high upfront costs of moving, which has been a barrier for low- and middle-income renters, will help improve the experience for both landlords and their residents. Leap currently works with over 750,000 property units in 50 states.
"Our business model is predicated upon helping tenants qualify for housing," commented Rory O'Connell, Founder and CEO of Leap. "Leap Deposit Replacement addresses 100% of the resident population by lowering move-in costs, providing credit enhancement to tenants with blemished credit and removing the friction from an antiquated, traditional leasing model."
About Leap
Leap Insurance Agency, LLC. is a provider of innovative occupancy and risk management solutions for the multifamily and single-family rental markets. It is Leap's mission to improve the financial performance of landlords while making renting more accessible. Its products serve to make apartment and single-family leases more affordable, providing insurance alternatives to security deposits and guarantors. These unique products mitigate the need for landlords to take security deposits, thereby streamlining the leasing process, reducing move-in costs for renters, and driving occupancy rates higher. Leap currently serves clients who own and operate over 750,000 homes across 50 states. For more information, visit Leapeasy.com
Media Contact
James Zhong, Leap, 9733064487, [email protected]
SOURCE Leap
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