PadSplit offers an innovative way for property owners to turn underutilized space into big earnings opportunities, but that’s not the only benefit of PadSplit. By converting single-family rentals into co-living properties, our hosts are playing an important role in helping boost the supply of housing for workers in our communities.
Here’s what you need to know about the housing crisis, and how PadSplit—and you!—can make a difference.
Putting a face and name to the housing crisis
Keosha works as a home health aide in Atlanta, but couldn’t afford housing for her family in the metro area. She sent her two daughters to live with her mom more than 200 miles away so she could work in the city, where the jobs are.
She’s not alone. Across the country, millions of people simply can’t afford to live in the communities they serve.
Two major barriers
Low-income workers across the country are faced with two major challenges when it comes to putting a roof over their heads.
- Insufficient supply: Our country has a shortage of affordable housing–to the tune of 7.5+ million units needed.
- Limited access: The traditional rental housing market was designed for people making at least $50K per year with a minimum credit score of 550.
But what about the 14 million one- and two-person renter households earning less than $35K? Traditional apartments and single-family rentals are simply out of reach. Deposits and rents are too costly, lease terms are too inflexible, and credit requirements are too high.
Technology-powered shared housing with PadSplit
PadSplit’s technology, data and network of hosts are helping boost the housing supply and provide access to the people who need it in major cities across the country, without a single dollar in government subsidies.
Our platform matches hard-working people, like Keosha, with fully-furnished rooms in existing single-family homes that have been converted into co-living spaces.
Renting by the room is more affordable, allowing tenants, who we call “members,” to save money each week. No security deposit is required and each weekly payment helps build credit. Background checks are done on all residents, instant online approvals are the standard, and members can move in as soon as one day after booking.
Co-living with PadSplit ensures that hard-working, low-income Americans can live in the communities they serve. And it’s not just good for workers. PadSplit is good for property owners and our communities.
For property owners, called PadSplit hosts, we fill rooms fast, in an average of 2.2 days in Atlanta, for example. We offer 24/7 support, conflict resolution, and ratings of members and hosts, giving you the opportunity to enjoy passive investment.
From PadSplit to homeowner
Remember Keosha? While living in a PadSplit, Keosha was able to build her savings, eventually buying her own home.
“I knew I would need a space to fulfill my dream, and PadSplit gives you a leg up. Finding a fully furnished place in the city at this price point is near impossible. What you get with PadSplit–fully furnished, all utilities, laundry–can’t be beaten.”