PadSplit surpasses 10,000 co-living rooms, bringing affordable housing to 23,000+ people throughout the country
Since 2018, PadSplit's housing creation has cost taxpayers exactly $0 while helping thousands of workers achieve financial independence.
ATLANTA, Jan. 30, 2024 /PRNewswire/ -- PadSplit, the nation's largest co-living marketplace, has created 10,000+ affordable housing rooms in 18 markets throughout the United States. This milestone translates to 23,000+ individuals finding an affordable, stable place to call home. In times of escalating housing challenges, PadSplit is making a significant impact on the lives of thousands — all without relying on taxpayer dollars.
"I've said this before, but as we achieve this milestone, it's the single most important thing I want to convey: the people who serve our communities deserve an opportunity to live in them. This core belief is why I founded PadSplit, and it remains our guiding vision," said Atticus LeBlanc, founder and CEO. "I'm beyond grateful to our team, hosts, and partners who helped us grow to this level, but there's still a shortage of 7 million affordable homes in the country. Our work continues in support of our residents, most of whom are hard-working hourly wage earners simply trying to get ahead. We'll continue to bring respectable, accessible housing options to those who need it most and help solve the housing shortage, one room at a time."
As PadSplit surpasses 10,000 co-living rooms, the company is sharing data about its residents and its social impact:
- 23,000+ people housed in 18 markets
- The average monthly cost to live in a PadSplit is $663
- Residents earn a median annual income of $27,636
- Residents report an average monthly savings of $332, with 60% seeing an improvement in credit scores
- $2.6M of monthly savings across active members, with $47.4M in approximate total savings generated
- 89% of residents would recommend PadSplit to a friend
- 90% of residents are currently working, 5% are retired, and 3% are students
- 77% commute to work
- 46% of residents do not have access to a personal vehicle, with 45% citing that PadSplit's proximity to public transportation was important to them
- The main factors for choosing a PadSplit include: "I needed somewhere to move in fast" (57%) and "saving money" (41%)
PadSplit members have shared:
"Padslit saved me from being homeless in a city I'm not from. They gave me a chance to change my life by the grace of God. I'm forever thankful," says Nuevo in Atlanta.
"Padsplit has helped me in numerous ways. I was homeless, living out of my car for about six to seven weeks, and was lost. [I] came across PadSplit and was skeptical at first, but … I realized how beneficial it is for me. It helps create financial sustainability," says Juan in Atlanta.
PadSplit's unique model deliberately addresses the lack of access, flexibility, and affordability offered by traditional rentals. Each PadSplit includes furnished private bedrooms and shared common areas, fixed utility costs, and wifi, as well as access to 24/7 telehealth, credit reporting, and job matching services. No minimum credit score or security deposit is required, reducing the upfront costs required to move in. PadSplit offers flexible commitment terms as opposed to requiring individuals to sign a long-term lease. Finally, residents are offered the option to pay on a customizable schedule to align with their pay periods and empower easier budgeting.
As a result of its model, PadSplit rooms cost 40-50% less than traditional apartments, enabling residents to save hundreds per month between housing, utility, and transportation costs. At the same time, PadSplits typically increase yield by more than 2X for property owners, spurring them to create more cost-effective housing supply. Nearly half of the property owners who become repeat PadSplit hosts list more rooms within a year.
Founded in 2017, PadSplit is structured as a Public Benefit Corporation. The company has received numerous accolades for its approach, including being named to the Inc 5000, Inc Best in Business, and many housing and innovation awards. For more information, visit padsplit.com.
About PadSplit
PadSplit is the country's largest co-living marketplace that provides housing specifically designed for the workforce. As a Public Benefit Corporation, PadSplit is intentional about doing well and doing good, so its focus is on increasing the housing supply and decreasing barriers to access. Their award-winning model allows individuals to find a flexible, long-term rental option that includes furniture, utilities, and access to public transit, all without a minimum credit score. PadSplit's technology platform enables personalized rent payments that facilitate easier budgeting and allow residents to improve their financial health. A fully remote company, PadSplit offers more than 10,000 shared housing rooms nationwide. Apply to become a resident or a property owner at http://www.PadSplit.com.
SOURCE PadSplit
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