Co-living platform adds two more national awards to its growing list of honors
ATLANTA, Aug. 31, 2022 /PRNewswire-PRWeb/ -- PadSplit, the country's largest co-living marketplace designed for the workforce, is proud to announce two new additions to its growing list of awards. The PropTech Breakthrough Awards is recognizing PadSplit as the Residential Shared Space Platform of the Year and the Real Estate Mobile App of the Year. This news comes on the heels of PadSplit being ranked as one of the fastest growing private companies in the United States, with its debut at no. 290 on the Inc. 5000 list.
"We're grateful for this recognition from the PropTech Breakthrough Awards and for all of our recent accolades," said founder and CEO Atticus LeBlanc. "The most important 'reward,' however, comes from the residents we serve and hear from on a daily basis. Any success we achieve matters only if we're delivering on our mission of helping to solve the affordable housing crisis and, in turn, positively impacting people's lives."
PadSplit was founded in 2017 by LeBlanc, Frank Furman and Jon O'Bryan as a way to align incentives between property owners, cities and individuals who seek affordable housing. Today, the company offers more than 4,800 affordable housing units in 10 cities and has housed more than 10,200 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 median annual income for PadSplit members is $25,000.
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 spurs them to create more cost effective housing supply. All of this occurs without any direct public subsidy.
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.
Earlier this summer, PadSplit announced its expansion to two new markets: Las Vegas, Nevada and Orlando, Florida, now bringing the company's marketplace to 10 cities throughout the country. As a fully-remote company, PadSplit employs more than 160 people and is continuing to hire. Visit PadSplit.com to see open positions and to learn more about the company's social impact mission.
PadSplit is the country's largest shared housing marketplace that provides housing 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.
Hela Sheth, PadSplit, 1 678-938-1318, [email protected]