PadSplit's housing creation has saved taxpayers $4 billion while helping tens of thousands of workers achieve financial independence
ATLANTA, Jan. 15, 2025 /PRNewswire-PRWeb/ -- PadSplit, the nation's largest coliving marketplace, is announcing significant growth and resident satisfaction. The housing marketplace has now created 16,500+ affordable housing rooms in 21+ markets throughout the United States. This milestone translates to 40,000+ individuals finding an affordable, stable place to call home. In times of escalating housing challenges and fear of reduced subsidies, PadSplit is making a significant impact in the lives of thousands, helping cities better house workers and empowering financial independence for lower-income earners — all without relying on taxpayer dollars. In fact, PadSplit's housing model has effectively saved taxpayers $4 billion in housing subsidies.
"Housing is the foundation for opportunity," said Atticus LeBlanc, Founder and CEO of PadSplit. "Every PadSplit room is a step toward solving the nationwide housing shortage. We're proud to not only provide affordable housing but also support our residents in saving money, paying off debt, and improving their lives. Amazingly, as housing costs skyrocket across the country, our residents actually report greater savings than before."
As a social impact and public benefit corporation, PadSplit's growth is possible only because of the continued support of its mission. Highlights from PadSplit's most recent resident survey underscore how the company meets the needs of hardworking individuals who face barriers to accessing traditional housing:
- Residents save an average of $366 per month—up from $332 last year.
- 87% report saving more money, and 50% have paid off debt.
- While 85% commute to work, only 48% own a car. 54% saw improved job stability.
- Immediately before joining PadSplit, 8.4% of residents were unsheltered, 16% lived in transitional housing or motels, and 31% stayed with family.
- The main reasons for moving into a PadSplit were because of the need for fast housing and the ability to save more each month.
- 90% of residents would recommend PadSplit to a friend.
"PadSplit's residents are typically the people who serve our communities. They feed and care for our children, secure our airports, and keep our retailers and restaurants functioning," added LeBlanc. "We have always believed that the people who serve our communities should have an opportunity to live in them."
PadSplit's most recent resident survey further highlighted who PadSplit residents are:
- Median age is 36; 20% are over 52, and 20% are under 28.
- 90% are employed, 5% are retired, and 3% are students.
- 90% of members earn less than $51,000 annually, with a median income of $27,600.
- 15% of members identify as disabled.
PadSplit's unique model deliberately addresses the lack of access, flexibility, and affordability offered by traditional rentals. Each PadSplit home includes furnished private bedrooms and shared common areas, fixed utility costs, and Wi-Fi, as well as access to 24/7 telehealth, credit reporting, and job matching services. No minimum credit score or security deposit is required, reducing the upfront costs required to move in. PadSplit offers flexible commitment terms as opposed to requiring individuals to sign a long-term lease. Finally, residents are offered the option to pay on a customizable schedule to align with their pay periods and empower easier budgeting.
As a result of its model, PadSplit rooms cost 40-50% less than traditional apartments, enabling residents 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, spurring them to create a more cost-effective housing supply. Nearly half of the property owners who become repeat PadSplit hosts list more rooms within a year.
Founded in 2017, PadSplit has received numerous accolades for its approach, including being named to the Inc 5000, Inc Best in Business, and many housing and innovation awards. In 2024, the company launched an advisory board featuring housing and policy leaders Pamela Patenaude and Andrew Yang. 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, with a focus of expanding the housing supply and reducing 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 16,500 shared housing rooms nationwide. Apply to become a resident or a property owner at padsplit.com
Media Contact
Hela Sheth, PadSplit, 1 678-938-1318, [email protected], padsplit.com
SOURCE PadSplit
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