Do you have a great rental property? Now’s the time to broaden your horizons beyond the limits of a single-family rental. From higher profits to community support, here are four reasons why you should choose PadSplit over a traditional rental property:
One: More homes for people in need
This innovative shared-housing model maximizes underutilized spaces to create multiple affordable co-living units within a single home. With multiple sleeping quarters, shared bathrooms, and living spaces, individuals who work in the community now have a greater opportunity to live in it as well.
Two: More money for hosts
When renting out a single-family home, hosts rely on a single source of passive income—one renter paying a single monthly rent payment that’s often locked in by a lease. With multiple rooms for rent, hosts can charge a lower individual rate per person while still making a far higher monthly income, even with maintenance and management costs. And, PadSplit has a 95% collection rate, so you won’t waste valuable time tracking down missing rent payments.
Three: Reliable cash flow
PadSplit properties boast an average occupancy rate of 90%. If a renter chooses to move out of a PadSplit, but the host has 4-5 other bedrooms rented in the property, it’s not as big of a hit to their cash flow. Plus, if a room is vacant, PadSplit steps in to review applicants and pre-screen all potential renters to ensure a good replacement.
Four: PadSplit manages the property
Being a landlord isn’t always easy. Between maintenance, collections, and cleanings, there’s often a lot to do in order to maintain a property. With PadSplit, the do-it-yourself demands of a traditional rental are a thing of the past. Our trained team steps in to handle everything from member management to resident disputes, taking the tension off your plate so you can simply sit back and enjoy the benefits.