Co-living platform debuts as #290 on the prestigious Inc. 5000
ATLANTA, August 16, 2022 /PRNewswire-PRWeb/ -- PadSplit, the country's largest co-living marketplace designed for the workforce, is being recognized as one of the fastest growing private companies in the United States. With its debut onto the prestigious Inc. 5000 list, PadSplit ranks in the top 10 percent overall at no. 290, with three-year revenue growth of 1,937 percent. The company is also listed as the 12th fastest growing real estate company nationwide.
"This recognition is a testament to the hard work and dedication of our PadSplit team, now more than 160 people strong," said PadSplit founder and CEO Atticus LeBlanc. "We're proud of our growth and will celebrate this milestone, but we also recognize there's still much work to be done in support of our vision. The housing shortage is getting worse in every city and town in the country, and we need more creative solutions to increase supply and decrease barriers to access for the workforce."
PadSplit was founded in 2017 by LeBlanc, Frank Furman and Jon O'Bryan with a mission to help solve the affordable housing crisis through shared housing. Five years later, the company offers more than 4,800 affordable housing units in 10 cities and has housed more than 10,000 people through its marketplace. Each shared home, or "PadSplit," includes private, furnished, lockable bedrooms and fixed utility costs, as well as access to 24/7 telehealth, credit monitoring, and job matching services. No minimum credit score or security deposit are required, and PadSplit offers flexible commitment terms, all designed to reduce barriers to entry and maximize flexibility. The average annual income for PadSplit members is $25,000.
The company's model addresses the housing crisis by aligning incentives between property owners, cities, and 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 apartments, enabling individuals 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, which incentivizes them to create more cost effective housing supply.
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.
Being an Inc. Magazine 5000 honoree is the latest of several awards for PadSplit. Other recent recognition includes Inc. Magazine's Best in Business top company for real estate, PropTech Breakthrough's Affordable Housing Solution of the Year, an Inman Innovators finalist, an Atlanta Business Chronicle Pacesetter and Corporate Citizen of the Year, an Atlanta Inno 50 on Fire company, a TiE Atlanta Growth and Impact Awards finalist, and a Technology Association of Georgia Top 10 Most Innovative company.
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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 4,800 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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