As the affordable housing crisis grows nationwide, PadSplit is continuing to create cost-effective, quality housing supply that is immediately available
ATLANTA, July 19, 2022 /PRNewswire-PRWeb/ -- PadSplit, the country's largest co-living marketplace that's designed for the workforce, is announcing its entry into two new markets: Orlando, Florida and Las Vegas, Nevada. PadSplit's award-winning model addresses the housing crisis by aligning incentives between property owners, cities, and lower-income workers who seek affordable housing such as grocery store employees, daycare workers, and security guards. On average, PadSplit rooms cost 40-50 percent less than traditional housing options, enabling individuals to save around $420 per month between housing, utility, and transportation costs. No minimum credit score or security deposit are required, and PadSplit offers short-terms stays, all designed to reduce barriers to entry and maximize flexibility. PadSplit members earn an average of $25,000 annually.
"PadSplit continues to expand in support of our mission. We fundamentally believe that the people who serve our communities deserve an opportunity to live in them, and our workforce desperately needs housing options today, not in a few years," said founder and CEO Atticus LeBlanc. "Through PadSplit, frontline workers find quality housing that is nearby job centers. Our model also enables property owners to grow their revenues, which spurs more affordable housing supply. Cities benefit by having affordable workforce housing, created without public subsidies. PadSplit is a win-win-win with the biggest beneficiaries being the community workers who desire — and deserve — greater opportunities to build their wealth."
Founded in 2017 and headquartered in Atlanta, PadSplit provides shared housing – a "PadSplit" – with private, furnished bedrooms and fixed utility costs, as well as access to 24/7 telehealth, credit repair, and job matching services so workers can obtain safe, clean, and affordable housing. Each PadSplit home meets specific design guidelines that exceed HUD standards, and members must pass a criminal background check and screening process to qualify. PadSplits are also typically nearby public transit.
Through PadSplit's unique model with all-inclusive weekly payments, housing is designed to foster greater financial independence. To date, 95 percent of PadSplit's members have improved their credit scores, while thousands of others established credit scores for the first time. Many members have saved enough to purchase their own vehicles, move into their own apartments, start their own companies and even purchase their own homes, which they then convert to PadSplits to begin the cycle for others.
With more than 4,600 affordable units throughout the country, including single and multi-family properties, the PadSplit product also increases yield by more than 100 percent for property owners by using existing housing stock as shared housing. PadSplit serves as a resident manager for all units — handling the marketing, application, and screening process, payment processing, as well as a peer review system. These services allow property owners to focus on increasing their supply of profitable workforce housing and less on managing day-to-day interactions with residents.
PadSplit is currently available in Atlanta, Houston, Richmond, Tampa, Indianapolis, New Orleans, Jacksonville, Dallas and now Orlando and Las Vegas. For more information about PadSplit, or to become a member or property owner, visit PadSplit.com.
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About PadSplit
PadSplit is the country's largest shared housing marketplace that provides housing specifically designed for the workforce. As a Public Benefit Corporation, we're intentional about doing well AND doing good, so we focus on increasing housing supply and decreasing barriers to access. Our 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 also enables personalized rent payments that facilitate easier budgeting and allow residents to improve their financial health. A fully-remote company, PadSplit offers more than 4,600 shared housing units across the country. Apply to become a resident or a property owner at http://www.PadSplit.com.
Media Contact
Hela Sheth, PadSplit, 1 (678) 938-1318, [email protected]
SOURCE PadSplit
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