Using Data to Help Multifamily Operators Respond to COVID-19

Just want the data? Download LeaseLock C-19 April Rent Payment Report

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When COVID-19 struck everything changed.

After moving our team to distributed work mode we paused to assess the new business landscape. It became clear by the hour that all marketing needed to stop—as our customers and industry-at-large took stock of the new environment.

We serve multifamily, so our worries quickly transitioned to our enterprise customers as the economy came to a grinding halt—restaurants and small business shuttering with mass lay-offs ensuing shortly thereafter.

The good people being laid off were the customers of our customers! The American renter. No paycheck, no rent payments. There is no mystery to that equation.

Yikes!

We thought, what could we do—as an insurtech company—to help support the multifamily industry during this time of crisis? We have a strength in data, we're powered by insurance, and we're deployed through technology. Hmmm.

Aha! Data.

LeaseLock is positioned uniquely through our deep property management software integrations across the nations largest enterprise rental housing portfolios—we can access, compile and analyze leasing data in real-time. The data is the oil that powers our product, and we already have the instrumentation and data-science chops to refine and package it.

Maybe we're on to something!

After a handful of short customer conversations it was obvious that real-time, anonymized, first-party data around rent payments—as April rent deadlines loomed—would be incredibly useful to our clients. As operators frantically prepared for the worst, it became clear this data would help them benchmark their performance against their peers—to inform better and more rapid decision-making to optimize their outcome.

Our data and marketing team worked tirelessly over the past couple weeks to build and deliver what we believe to be the first COVID-19 rent payment report based on actual rent payment transactions across most major markets in the US.

We're happy to do what we can to provide data that helps our customers and the multifamily industry react and adapt to the new environment. We will keep updating the data as rents continue to trickle in. Subscribe to C-19 alerts for updates and download the full April Rent Payment Report.

Stay healthy, safe and sane!

Derek Merrill—CEO & Founder, LeaseLock