ATLANTA, Feb. 23, 2022 /PRNewswire-PRWeb/ -- PadSplit, the country's largest co-living marketplace designed for the workforce, is announcing new statistics that underscore how its shared housing model is making a positive impact in its members' lives. Through PadSplit's partnership with Esusu, the company reports all on-time payments to credit bureaus and offers rapid rent relief in the form of 0% interest loans. The partnership of PadSplit's inclusive affordable housing solution, coupled with Esusu's rent reporting platform, has led to 95 percent of PadSplit residents improving their credit scores.
"Today's housing market is plagued by a lack of affordable options as well as barriers to access in the form of zoning, required minimum credit scores, and sky-high security deposits that prevent our community workers from finding quality housing," said PadSplit founder and CEO Atticus LeBlanc. "The fact that we're able to help our residents not only find stable housing, but also help them financially improve their lives clearly illustrates that shared housing is an important part of the solution to our country's massive housing crisis. We are grateful to work alongside companies like Esusu who believe, like we do, that the people who serve our communities should also deserve an opportunity to live in them."
In addition to improving residents' credit scores, PadSplit and Esusu:
- Helped 2,780 PadSplit residents establish a credit score for the first time
- Provided over 100 PadSplit residents with more than $79,000 in rapid, 0% interest micro-loans
Through Esusu's Rent Relief Program, PadSplit members can apply for access to 0% interest loans to cover up to two months of rent, if experiencing financial distress. Certain qualifying members can receive the funds quickly, with some of the initial payment disbursed to property owners in just 72 hours.
"PadSplit and Esusu share a commitment to dismantling barriers to housing, and PadSplit's innovative co-living model directly addresses the need for more affordable and flexible options for today's working families and individuals," said Samir Goel and Abbey Wemimo, Co-Founders of Esusu. "Our partnership has been able to assist thousands of essential workers to establish and build their credit profiles through rent reporting, creating positive effects that will last for years."
Founded in 2017, PadSplit's marketplace offers shared housing uniquely tailored for community workers who serve schools, restaurants, hospitals, grocery stores, hotels, and government offices. Each PadSplit includes a private, fully furnished bedroom and shared common areas, with utilities and WiFi at no additional cost. PadSplit's backend technology also facilitates a customizable payment schedule so residents can align the timing of payments to their work pay periods, making it easier to budget. PadSplits are located nearby job centers or public transit, and with no long-term commitments, residents can easily relocate to remain close to new jobs without relying on car ownership or long commutes.
For more information about PadSplit or how to become a resident, visit http://PadSplit.com, and to learn more about Esusu's options to help people build credit, visit http://Esusu.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 operates more than 3,800 shared housing units across the country. Apply to become a resident or a property owner at http://PadSplit.com.
About Esusu
Esusu is the leading financial technology platform that leverages data solutions to empower residents and improve property performance. Esusu's rent reporting platform captures rental payment data and reports it to credit bureaus to boost credit scores. This allows renters to build and establish their credit scores while helping property owners mitigate against initiating evictions, powered by differentiated data and insights. Founded in 2018, Esusu reaches over 2.5 million rental units across all 50 states in the United States. Learn more at http://esusurent.com and follow us on Facebook @myesusu and on Twitter @getesusu.
Media Contact
Hela Sheth, PadSplit, +1 (678) 938-1318, [email protected]
SOURCE PadSplit
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