PadSplit is solving the affordable housing crisis, one room at a time
ATLANTA, May 6, 2025 /PRNewswire-PRWeb/ -- PadSplit, the nation's largest co-living marketplace, has now created 20,000+ affordable housing rooms in 30+ markets throughout the United States. This milestone translates to 47,000+ individuals finding an affordable, stable place to call home. PadSplit's residents earn a median income of $27,636, with many serving as frontline workers in restaurants and retail stores or other hourly service positions. To date, PadSplit has generated more than $5 billion worth of affordable housing, all while receiving $0 in public subsidies. PadSplit is now accepting hosts nationwide.
"We started PadSplit in 2017 on a mission to change the world, one room at a time," said Founder Atticus LeBlanc. "Nearly eight years later, we hear from our residents daily on how we've changed their lives for the better. With skyrocketing housing costs — for building, owning, and renting — it's time for policymakers, cities, and property owners to pay attention to the proven concept of co-living as a solution to our nation's housing shortage. We have 47,000 proof points of providing cities with housing for workers, increasing margins for property owners, and most importantly, giving those seeking affordable housing accessible options."
With a shortage of 7 million affordable housing units and growing barriers to housing access, millions of hard-working people simply cannot find a place to live. Even cities and states that prioritize affordable housing creation and offer subsidies are making no real progress on the issue, especially as unemployment and inflation are both expected to rise. PadSplit's model takes existing housing and opens up private rooms for rent, either through entire single-family homes, rooms, or basements in owner-occupied housing, or apartment complexes that have open inventory. PadSplit residents enjoy maximum flexibility with these co-living options, allowing them to move in quickly without the burden of long-term lease commitments, large security deposits, or upfront rent payments. Importantly, there is no minimum credit score requirement to live in a PadSplit, although background and income verification are part of the application process.
Additionally, PadSplit residents can customize the timing of their rent payments to their weekly or bi-weekly pay periods, and their payment includes the private room rental, access to shared spaces, furniture, utilities, and Wi-Fi. This all-inclusive model makes it far easier to budget and plan for all major living expenses while being near employment centers. The average stay of a PadSplit resident is 8.7 months, with many saving up for their own apartments, down payments on homes, or other financial goals, like affording a vehicle or starting a business. Many PadSplit residents have turned into hosts themselves.
"It took us six years to get to 10,000 rooms and only 16 months to add on the next 10,000, showing the appeal of mid-term rentals with property owners," added LeBlanc. "While these growth numbers are gratifying, there is nothing more important than the positive impact we're having on people's lives. This is our why."
While there are too many stories to share, PadSplit's residents have said the following about their experiences:
"PadSplit is a fresh start at a fraction of the cost, and it helps build a foundation for financial stability. I now truly believe that anything is possible… PadSplit helped me in ways I could have never imagined." -Keosha, who went from PadSplit resident to host.
"PadSplit has given me the chance to slow down and catch up. I've always felt like I was trying to keep up with everyone else, but now I'm saving money, building my credit, and thinking about my future." -Briana, who aged out of foster care.
"My goal was about $40,000 for a down payment, and I'm almost there. I wouldn't have been able to do this without living in a PadSplit." -Ariel, a traveling nurse.
"I plan to pay off my debts and build up my credit while staying in a PadSplit for about six months before buying my own place." -Bill, a 4th-grade teacher.
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. 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 for essential workers. 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 20,000 shared housing rooms nationwide. Apply to become a resident or a property owner at PadSplit.com.
Media Contact
Hela Sheth, PadSplit, 1 6789381318, [email protected], padsplit.com
SOURCE PadSplit
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