ATLANTA, Aug. 11, 2021 /PRNewswire-PRWeb/ -- PadSplit, the mission-driven marketplace that's trying to solve the affordable housing crisis, is proud to announce that it's being recognized as the Affordable Housing Solution of the Year by the PropTech Breakthrough Awards. Judges for the award cited PadSplit's effective model in their selection, noting the company has delivered significant results for increasing housing supply while decreasing barriers for lower income individuals to find quality housing. To date, PadSplit has created more than 2,000 units of affordable housing and has housed more than 4,000 individuals, with rooms available at 40-50 percent of the average cost of a one-bedroom apartment in its markets. PadSplit is also far more accessible than traditional one-bedroom apartments because it requires no minimum credit score or security deposit.
"There's no question about it: the affordable housing crisis is getting worse. The costs to rent are at all time highs, but wages have not kept pace. So today in America, there's a worsening situation where people who work full-time absolutely cannot find a place to live, and as a result, homelessness is on the rise," said PadSplit founder and CEO Atticus LeBlanc. "At PadSplit, we believe the people who serve our communities also deserve an opportunity to live in them, and that's why we remain committed to increasing housing supply while lowering barriers to access. We're very grateful for this recognition, and we celebrate this achievement, but we have a long way to go in creating more opportunities for our workforce."
Founded in 2017 and headquartered in Atlanta, PadSplit's marketplace offers shared housing designed especially for lower income individuals and hourly wage workers. Each PadSplit includes a private, fully furnished bedroom and shared common areas, so residents don't have to worry about purchasing furniture prior to moving in. With no rental deposits, the average cost to apply and move into a PadSplit home is only $129, providing access to all income groups. Every PadSplit also includes all utilities and WiFi at no additional cost. PadSplit's backend technology enables a customizable payment schedule so that residents can align the timing of these all-inclusive housing payments to their work pay periods, making it easier to budget and build savings. Finally, PadSplit partners with other mission-focused organizations to provide additional benefits at no-cost, including Esusu for credit repair and monitoring, Wonolo for job matching and Teladoc for 24/7 access to telehealth services.
As a result of this targeted approach, PadSplit is helping its residents achieve greater financial stability:
- 85% have improved their credit scores
- Residents report savings of $420 per month across their housing, utility and transportation costs
- Hundreds of individuals are no longer functionally homeless
- Many have been able to save enough to purchase cars, move into their own apartments, and even become homeowners, where they have been able rent out rooms through the platform to start the cycle for others
One PadSplit member said about their experience: "PadSplit is a fresh start at a fraction of the cost, and it helped me build a foundation for financial stability. Finding a fully-furnished place in the city at this price point is near impossible. What you get with PadSplit — fully-furnished, all utilities, laundry — can't be beaten. I now truly believe that anything is possible and that PadSplit helped me in ways I could have never imagined."
The median income for PadSplit residents is $22,000 annually, with most serving as community workers, such as retail and grocery store workers, health aides and medical technicians, restaurant workers, daycare workers, drivers, cleaning providers, security guards and teachers. PadSplits are located in close proximity to job centers or public transit, and with no long-term commitments, residents can easily change where they live to remain close to new jobs without relying on expensive car ownership or long commutes.
In the past year, PadSplit has expanded its marketplace from Atlanta and is active in Houston, Richmond, Tampa, and New Orleans with multiple new markets under development. The company is continuing to expand with plans to add 2,000 more units to its marketplace, for a total of 4,000, by the end of the year.
About PadSplit
PadSplit is a mission-driven company that helps to solve the affordable housing crisis, one room at a time. Through its shared-housing model, the company aligns incentives between cities, nonprofits, and property owners to spur cost-effective housing creation without public subsidy, all while providing safe and affordable housing for working class individuals. PadSplit was founded by an affordable housing advocate and is advised by a team of nationally recognized housing leaders and investors including Enterprise Community Partners, the UC Berkeley Terner Center for Housing Innovation, Kapor, Impact Engine, and the Citi Impact Fund amongst others. Headquartered in Atlanta, PadSplit operates in several cities throughout the United States, including Atlanta, Houston, Richmond, and Tampa. For more information about the company or how to become a member or property owner, visit https://PadSplit.com.
Media Contact
Hela Sheth, PadSplit, +1 (678) 938-1318, [email protected]
SOURCE PadSplit
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