6 Reasons PadSplit is the Perfect Student Housing Option

April 26, 2022

Deciding to pursue another degree is an exciting time! Sometimes finding the best program for your future and budget means making a move – whether across town or state lines. When it comes to finding student housing, there’s no shortage of decisions. 

Student Housing Options

Between assignments, exams, and figuring out your future, the last thing you need to worry about is student housing. So what options do students have for student housing? Here’s a brief overview:

  • On-campus housing
  • Off-campus housing, including renting an apartment, townhouse, or house (sometimes with roommates or alone)
  • Living at home with parents and commuting to class
  • Co-living

Hidden costs of living on-campus through student housing can add up and don’t give you the flexibility you need. Traditional off-campus apartments are expensive, lock you into a long lease, and make moving for summer internships hard. Living at home only works if you have family nearby.

What is PadSplit?

PadSplit is a co-living Membership program. PadSplit Members get access to our marketplace of rooms for rent and can rent a private, furnished room, utilities, internet access, and laundry facilities for a fixed weekly payment. PadSplit facilitates the relationships between everyone and manages all the paperwork like payment processing and background checks. PadSplit’s co-living is the perfect solution for students who need an affordable and flexible place to live. 

6 Reasons PadSplit is the Perfect Student Housing Option

PadSplit is affordable

Let’s face it, paying for college is expensive, and the costs continue to rise. ​​Over the last 20 years, the cost of college tuition at nonprofit institutions rose more than any other U.S. consumer good or service besides hospital care. While financial aid options are available to help make it more affordable and accessible, it’s still important to watch your budget as a student. 

Renting a room through PadSplit is the most affordable option for student housing. It includes a private bedroom, furnishings, WiFi and utilities, and supportive services, including rent reporting to credit bureaus, job matching, and telehealth at no additional cost to the resident. PadSplit’s average fee is only $663 per month. 

But it’s not just the monthly rent that makes PadSplit affordable. There’s also no large security deposit or lease-break fee. After your 30-day minimum stay commitment, you can move out at any time without paying a fee. That means more money in your pocket to pay for school or extracurriculars.

PadSplit comes furnished

Most students move every year, which means moving all their stuff. When you move into a traditional rental or apartment, you likely have to furnish it. That comes with an additional cost, but then you’re forced to move all your new belongings when your lease runs out. 

When you choose PadSplit for student housing, your private rooms come with basic furnishings, including a bed, mattress, nightstand, and clothing storage. You’re responsible for linens and your kitchen items, but a few boxes are easier to move than a bulky mattress and bedframe. Trust us, that friend with the truck you always ask to help you move will be thankful.

Photo by Handiwork NYC on Unsplash

PadSplit is flexible

Moving into a PadSplit for student housing brings you the flexibility that can’t be found anywhere else. There’s no long-term lease. You pay by the week. You aren’t bound to other roommates’ whims, and if a roommate decides to move out, you aren’t scrambling to find a replacement as fast as possible.

PadSplit offers multiple location options

While there are PadSplit homes close to nearby colleges and trade schools, their locations aren’t limited to campus. PadSplit homes are located across metro areas, and many are close to public transit, giving you options on where you call home.

Since she’s balancing a full course load and working part-time at a local Amazon facility, PadSplit Member Jacqueline chose a home that put her directly between her campus and work. Now, she’s within proximity to school and work. You aren’t locked into a long-term lease with PadSplit; you can always transfer if a new PadSplit pops up nearby or if you get a new job during school and want to reduce your commute time.

PadSplit eliminates multiple bills

No more juggling different due dates or Venmoing the roommate who pays the electricity bill. PadSplit’s weekly fee covers everything you need: your private room, basic furnishings, all your utilities, WiFi, laundry access, and free perks like credit reporting. The best part? You can pick the day of the week you pay your dues to align with your pay schedule. If you want to pay biweekly or monthly, that’s an option.

Photo by Pepi Stojanovski on Unsplash

PadSplit doesn’t require a credit score

If you’ve ever tried to rent a traditional apartment, you know the hoops many complexes or leasing companies will make you jump through. There’s often an application fee and minimum credit score, and they require you to make 3X the monthly rent. 

As part of the Membership application process at PadSplit, there’s no minimum credit score required to qualify. You’ll pay a $19 application fee to cover your background check, and our team will verify your income. Once verified, you’ll be approved for a weekly room rate. If you aren’t currently working, you can still move into a PadSplit, you can still qualify for Membership, but you will need to pay 8 or 12 weeks of Membership dues upfront. That lump payment is often more affordable than a security deposit at a traditional apartment complex when you do the math.

Become a PadSplit Member

Ready to become a PadSplit Member to find the most affordable student housing? Over the past four years, thousands of Members — including hundreds of students — trust PadSplit to help them find an affordable place to live. Are you ready to join them?

Start your application today, and get approved within 24 hours.

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