PadSplit gives hosts the opportunity to help the community—and their bottom line (renters pay less while property owners earn more). The first step of tapping into the successful methods of PadSplit is maximizing your underutilized space in a way that can accommodate multiple renters.
You’ll need a contractor to put up (or take down) walls to create these co-living floor plans. Don’t have a local contractor you trust? We can connect you with a resource from our vendor network. As you look to transform your home into a PadSplit rental, here are a few important attributes you should keep in mind.
More bedrooms = more renters
Traditional rentals rely on fewer renters at a higher monthly rent. With this method, however, all of this income relies on the consistency and cash flow of a single tenant. With PadSplit, you have more renters sharing a communal space, collectively paying far more than traditional rent. And, if one tenant moves out, you’ll still have money coming in while you work to fill a single vacancy, instead of seeking out a singular new tenant for the full home.
Transforming old spaces
PadSplit focuses on optimizing existing spaces for an efficient use of space. Rather than new construction, we strive to convert living and dining rooms to bedrooms in existing homes. In duplexes, we use the lower levels to make more bedrooms because there isn’t a huge need for communal spaces in a home occupied by people without social ties to each other.
An important thing to note is that PadSplit allows a max of four people to share a bathroom. If you’re looking to purchase a home that will become a PadSplit, homes that already have at least two bathrooms make for lower remodeling costs. However, you can always add a bathroom during the renovation project, which could also add to the property’s resale value.
Every space is different, so be sure to reach out to our PadSplit experts for floor plan recommendations and other strategies that will help maximize your rental potential.