A PadSplit home is a unique rental housing solution offering flexible weekly rooms. PadSplit rentals provide affordable units by dividing a single-family home into multiple furnished bedrooms that can be rented out in desirable neighborhoods.
The idea behind PadSplit is to use existing houses in communities close to entertainment districts, schools, hospitals, and other areas that need affordable rooms to rent. By offering furnished rooms with all utilities paid PadSplit provides a much-needed service in these areas.
PadSplit homes provide affordable weekly rentals
PadSplit converts under-utilized space in single-family homes into additional bedrooms. This increases the overall earnings potential of the home while lowering the per-room cost for members. PadSplit homes are an excellent option for rental property owners who want to improve their rental income and provide affordable rental options for their community.
PadSplit rentals provide furnished bedrooms with a locking door, while common areas such as the kitchen, living room, and bathrooms are shared. The additional bedrooms converted from under-utilized space provide affordable member rooms while earning hosts additional profits.
PadSplit homes improve rental property ROI
Rental property owners earn higher profits on their single-family rentals over traditional single-family rentals. With this calculator, you can find out how much more your rental could make with PadSplit. PadSplit also simplifies the process by providing simplified screening, rent collection, reduced vacancy rates, and resident management.
PadSplit handles all the member management, including marketing, screening applicants, rental collection, and resident disputes. Also, hosts avoid the constant cleanings and turnover of short-term rentals, with the average stay being eight months across all our homes.
With PadSplit’s pre-screened member pool, turnover rates are lower, and hosts have seen their yield increase by more than 100%.
Benefits of renting out a PadSplit home
There are many benefits to renting out a PadSplit home. For rental property owners, PadSplit homes can provide several advantages, including:
- Increased rental income: PadSplit homes can generate more profit than traditional single-family homes or apartments. The additional bedrooms in PadSplit rentals provide more income than a single-family rental.
- Reduced vacancy rates: PadSplit homes have lower vacancy rates than traditional single-family homes or apartments. PadSplit’s extensive network of pre-screened members looking for affordable housing keeps rooms occupied.
- Less hassle: PadSplit handles all the hassle of renting a home, including finding tenants, running background checks, and collecting rent.
How to rent out a PadSplit home
The first step to renting out a PadSplit home is converting the unused space into extra bedrooms. Then the bedrooms and shared areas should be furnished. Finally, provide wifi and other necessities to attract and retain members at your PadSplit home.
Then, you will need to create a listing on the PadSplit website. Once your listing is approved, PadSplit will begin to market your home to its network of pre-screened members. Once the room is rented, PadSplit collects rent from the member and provides a 24/7 customer service line that residents can call with questions or concerns.
PadSplit continues to grow and enter new markets
PadSplit was founded in 2013 and is headquartered in Atlanta, Georgia. The company operates in over twenty-five cities across the United States, including Dallas, Indianapolis, Jacksonville, Kansas City, Las Vegas, Los Angeles, Miami, Nashville, New Orleans, Orlando, Phoenix, and Tampa. By continuing to enter new cities and grow our network of members and hosts, PadSplit continues to provide more flexibility for our members and higher profits for our hosts.
Learn more about becoming a PadSplit host
If you are a rental property owner looking to increase rental income and provide affordable housing for your community, renting out a PadSplit home is a great option. PadSplit homes offer several advantages for rental property owners, including increased rental income, reduced vacancy rates, and less hassle. The process is simple if you want to rent out a PadSplit home. Create a listing on the PadSplit website and let PadSplit do the rest.