Coliving platform wins award for second time because of its innovative model and recent expansion
ATLANTA, Aug. 22, 2024 /PRNewswire-PRWeb/ -- PadSplit, the nation's largest coliving marketplace, is being recognized by PropTech Breakthrough as the 2024 Residential Shared Space Platform of the Year. PadSplit first received this award in 2022, when it was also recognized as the Real Estate Mobile App of the Year. The company was selected for the award because of its innovative coliving model that provides affordable housing for lower-income workers.
"As a social impact company, I've always believed that awards do not equate to success, but the external validation is certainly a nice complement to the positive stories we hear from our members every day," said Founder and CEO Atticus LeBlanc. "We remain committed to our mission, and our greatest pride is in empowering our residents by providing them with affordable and accessible housing."
PadSplit was founded in 2017 by LeBlanc as a way to align incentives between property owners, cities, and individuals seeking affordable housing. Today, the company offers more than 13,000 affordable housing units in 18 cities and has housed more than 30,000 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 is 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 $27,636.
On average, PadSplit rooms cost 40-50 percent less than traditional apartments, enabling individuals to save hundreds of dollars 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.
Residents report an average monthly savings of $332, with 60% seeing an improvement in 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 businesses, and even purchase their own homes, which they then convert to PadSplits to begin the cycle for others.
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, AJC Top Workplaces, and many housing and innovation awards. For more information, visit padsplit.com.
About PadSplit
PadSplit is the country's largest coliving marketplace that provides housing specifically designed for the workforce. 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. 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 13,000 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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