As the CEO of PadSplit, I’m thrilled to see more and more hosts making the switch from short-term rental platforms like Airbnb to joining our network of hosts providing affordable and flexible housing through PadSplit. This shift clearly demonstrates a growing understanding of the affordable housing crisis facing cities across America and a desire to be part of the solution.
The U.S. Needs 7 Million More Affordable Homes
The numbers speak for themselves – the U.S. needs at least 7 million more affordable homes to meet the needs of low-income families. With thousands of households stuck on years-long waiting lists for housing vouchers in virtually every American city, it’s clear that governments cannot solve this crisis on their own. PadSplit aligns incentives between local governments trying to address this problem and millions of existing and potential real estate entrepreneurs who are looking for strong and sustainable cash flows.
While Airbnb quickly created over 6 million listings for vacation rentals, increasing regulation of short term apartment rentals in major cities like New York and Dallas have cut Airbnb host revenues nearly in half. Potential new taxes on Airbnb in states like California threaten profits even further.
PadSplit’s marketplace solution can leverage existing Airbnb listings and millions of others to create a new housing supply for frontline workers and retirees who need places to live.
PadSplit Taps Into a Massive Short Term Rental Market
PadSplit helps hosts tap into this massive and underserved short term rental market for affordable housing that Airbnb doesn’t touch, resulting in high stabilized occupancy rates and revenues per property that 2x single-family rental returns and regularly exceed Airbnb income. By providing clean, safe, and affordable weekly and monthly housing options, hosts on PadSplit gain predictable income while knowing they are making a real difference in their community.
The contrast is stark – do you want to host unknown vacationers, or do you want to earn similar income by housing members of your own community? PadSplit allows hosts to be part of the solution to the affordable housing crisis while earning strong returns.
The Impact is Real
And the impact is real. By providing an alternative to subsidized housing, PadSplit has already saved American taxpayers over a billion dollars in capital subsidies that would otherwise have been required to create new housing. We’re proud of what we’ve achieved so far but know there is so much more to do. The affordable housing crisis can seem daunting, but by joining PadSplit, hosts have the power to be part of the solution.
If you’re an Airbnb host interested in learning more about becoming a PadSplit host, visit our website to speak to one of our account executives today. Together, we can make sustainable progress toward housing affordability for all Americans.