PadSplit
Social Impact Report
PadSplit is the country’s largest coliving marketplace
At PadSplit, our mission is to help solve the affordable housing crisis - one room at a time - while leveraging housing as a vehicle for financial empowerment. We do this by building a marketplace that enables quick and effective housing solutions for low-income workers.
Unlike other coliving companies, PadSplit is designed specifically for the workforce. We fundamentally believe that the people who serve our communities also deserve an opportunity to live in them.
Top three reasons our Members choose PadSplit:
The PadSplit Model
PadSplit is structured as a Public Benefit Corporation, meaning that we believe it’s possible to do well and do good at the same time. Our model aligns incentives between cities that desperately require affordable housing, property owners who seek returns on investment, and individuals who need quality housing close to their jobs.
PadSplits are usually 40-50% less than the cost of a traditional studio or 1-bedroom apartment in the markets we serve. We do not require a credit score to become a Member (though our model does help our members improve their scores).
The two main problems creating our housing crisis.
A better coliving experience
Shared-HousingPadSplit
Member
Why is PadSplit needed?
PadSplits are usually 40-50% less than the cost of a traditional studio or 1-bedroom apartment in the markets we serve. We do not require a credit score to become a Member (though our model does help our members improve their scores).
Why is something like PadSplit even necessary?
The people who serve our communities simply cannot afford to live in them.
About PadSplit’s Members
How we’re making a difference
PadSplit has helped more than 14,000 people find affordable, quality housing. We’ve built many features unique to the PadSplit experience:
Cost is 40-50% less than traditional apartments
No minimum credit score required to qualify for a room
Approvals for most in minutes
Fast move-ins, often within 24-hours
No long-term commitment
4,700+ have established credit scores as a result of staying in a
PadSplit
Average savings of $333 per month
Reduced carbon footprint through shared housing
$0 in direct public subsidies
Economic Impact
Doing well and doing good
PadSplit is possible because it’s profitable for real estate property owners and hosts. Our model creates more rooms per property for our property owners to rent to our members. More rooms per property means a lower rent per room while more room rental income for our owners.
by more than
2x for owners
Collections rate
tenure is
>10 months
of PadSplit Hosts
become repeat Hosts
Awards and Recognition
