Social Impact Report

Last Updated at March 2023

PadSplit is the country’s largest coliving marketplace

coliving units
people housed

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:
Ability to move-in and out fast
Flexible lease terms(long-term commitments are not required)
PadSplit logo

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.
1 - Lack of Supply2 - Lack of Access
housing crisis

A better coliving experience

Private, lockable bedroom
Access to common areas like a kitchen and laundry room
A private or shared bathroom
All utilities and wifi
Access to telemedicine
Job matching services
Positive rent payment reporting
Access to interest-free microloans
Weekly, customizable payments, timed to your pay periods

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).

7% of full-time minimum-wage worker can afford a one-bedroom rental in only 218 out of 3,000+ counties.NLIHC Out of Reach Report, 2021
A worker needs to earn this much to afford a one-bedroom home at fair market rent.
7.5 million
low-income renters
The number of "extremely cost-burdened renters" who spend more than half their income on housing.NLIHC Out of Reach Report, 2021

Why is something like PadSplit even necessary?

The people who serve our communities simply cannot afford to live in them.

One-Time Move-In Costs
Average Deposit
Average Application Fee
Average Admin Fee
Average Furniture Cost
Total One-Time Move-In Costs
Monthly Costs
Average Monthly Rent
Average Monthly Utilities
Average Monthly Internet
Total Monthly Housing Costs
PadSplit logo

About PadSplit’s Members

would recommend PadSplit to a friend.
Average yearly income for residents.
residents didn't have a credit score prior to PadSplit.
are employed. Of those who are, 84% commute to their jobs.
Average money saved each month. 89% of residents save money by living in a PadSplit.
don't own a vehicle. 45% said access to public transit is "very important" and 23% said it's "somewhat important."
The ability to move in fast, affordability, and flexible lease options are the main factors in choosing PadSplit.
8-9 months
Average length of stay.
Median age of residents

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
Average savings of $333 per month
Reduced carbon footprint through shared housing
$0 in direct public subsidies
Economic Impact
We’ve helped more than 14,000 Members find a place to live.
$209K is the average cost for government subsidized affordable housing in the U.S.
$2.9 billion+
PadSplit has saved taxpayers more than $2.9 billion
Living in a PadSplit is really a no-brainer if you’re looking to save money.

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.

Increased NOI
by more than
2x for owners
Collections rate
Average Member
tenure is
>10 months
of PadSplit Hosts
become repeat Hosts

Awards and Recognition

Business top
Inc’s Best in Business top company for real estate (2021)
Affordable Housing Solution
PropTech Breakthrough’s Affordable Housing Solution of the Year (2021)
Inman Innovators finalist
Inman Innovators finalist (2021)
Atlanta Inno
Atlanta Inno 50 on Fire company (2021)
The Fire Awards
The Fire Awards (2022)
Inc 5000
Inc’s America’ Fastest-Growing Private Companies (2022)
Atlanta Business Chronicle Corporate Citizen of the Year (2021)
Atlanta Business Chronicle Pacesetter fastest growing company in real estate (2021)
TiE Atlanta Growth and Impact Awards finalist (2021)
Technology Association of Georgia Top 10 Most Innovative company (2021)
Wall Street Journal
Inc 5000