Social Impact

Last Updated at April 2024
people housed

The housing crisis has reached an all-time high: Housing is unaffordable for half of all renters.

At PadSplit, our mission is to help solve the affordable housing crisis while leveraging housing as a vehicle for financial empowerment. We do this through our tech-enabled marketplace that connects the low-income workforce with affordable housing options.

We fundamentally believe that the people who serve our communities also deserve an opportunity to live in them, and unlike other co-living companies, PadSplit is designed specifically for the workforce.

Source: America's Rental Housing 2024, Joint Center for Housing Studies of Harvard University
Top three reasons our members choose PadSplit:
  1. Ability to move-in and out fast (usually within 48 hours)
  2. Affordability (40-50% cheaper than traditional apartments)
  3. Flexible lease terms (long-term commitments are not required)
Source: America's Rental Housing 2024, Joint Center for Housing Studies of Harvard University

The PadSplit Model

PadSplit is a public benefit corporation, which means we have a fiduciary obligation not just to our shareholders, but also to provide affordable housing for low-income earners (below 80% AMI). We achieve these objectives by aligning 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. 

PadSplit aligns incentives to create housing supply and access.

Diagram of the PadSplit model
Millions of Americans working as teachers, firefighters or factory workers simply can’t afford to rent apartments, or credit problems mean they can’t get approved to rent. PadSplit takes people with eviction histories or weak credit but still makes it work with modern real estate management practices: It claims a 97.5 percent collection rate.

Nicholas Kristof
2x Pulitzer winning journalist,The New York Times

Screenshot of New York Times article

All-inclusive co-living designed for workers

Housing Options
Easily transfer across any of PadSplit's 11,000+ units
Private, lockable bedroom
Access to a washer and dryer
All utilities and Wi-Fi
Access to telemedicine
Positive rent payment reporting
Weekly, customizable payments, timed to your pay periods

Why is PadSplit needed?


The national "housing wage", the hourly wage full-time workers must earn to afford rent without spending more than 30% of their income, is $23.67. This means fair market rent for a 1-BR apartment, with utilities, is $1,180 per month. The average PadSplit room costs $729 per month and includes utilities.


Credit scores and eviction histories exclude many from the housing market. We aim to be an accessible option, and therefore, PadSplit does not require a minimum credit score or clean eviction history to qualify for membership.


PadSplit uses existing housing stock to bring on supply quickly. This means more people can be housed, more quickly.


Median rent costs have rapidly outpaced income growth. By 2022, half of all U.S. renters were cost burdened: meaning they spent more than 30% of their income on rent and utilities.

Source: 2023 NLIHC Out of Reach Report, 2023

Open Quote
I love that I found PadSplit; it literally saved my life. I was coming out of a bad relationship, and I ended up sleeping in my car. After trying to get an apartment and getting rejected a few times I decided to give it a try. PadSplit gave me a second chance.
Closing Quote

Joe Floyd - PadSplit member

PadSplit vs. Traditional Rentals

1-Bedroom Apartment
PadSplit logo
One-Time Move-In
Average Deposit$1,880$0
Average Application Fee$75$19
Average Admin Fee$150$100
Average Furniture Cost$1,500Included
Total One-Time Move-In Costs$3,605$119
PadSplit logo
Average Monthly Rent$1,880$729
Average Monthly Utilities$200Included
Average Monthly Internet$75Included
Total Monthly Housing Costs$2,155$729



would recommend PadSplit to a friend.


Median annual income for residents.


see an improvement in credit scores, helping them toward their financial goals.


are employed. Of those who are, 77% commute to their jobs.


Average money saved each month.


of members are persons of color.

8.4 months

Average length of stay.


Median age of residents.

Open Quote
Without PadSplit, I would be homeless until senior housing called me. Who can be homeless for two years waiting? What are we supposed to do in the meantime? PadSplit has given me a safe place to live.
Closing Quote

Terry - PadSplit member

Open Quote
PadSplit has helped me in numerous ways. I was homeless, living out of my car for about six to seven weeks, and was lost. [I] came across PadSplit and was skeptical at first, but … I realized how beneficial it is for me. It helps create financial sustainability.
Closing Quote

Juan - PadSplit member, Atlanta, GA

How we’re making a difference

$3.5M saved per month across active members

$75M historical savings 

25,000+ members housed

$5.5B saved in taxpayer dollars

$0 in taxpayer dollars

Economic impact


We’ve helped more than 25,000 members find a place to live.



$220K is the average cost for government subsidized affordable housing in the U.S.


$5.5+ billion

With 11,000 rooms created, PadSplit has saved taxpayers more than $5.5 billion.

Doing well and
doing good.

PadSplit is possible because it’s profitable for real estate property owners and hosts. PadSplits typically increase yield by more than 2X for property owners, spurring them to create more cost-effective housing supply. Nearly half of the property owners who become repeat PadSplit hosts list more rooms within a year.


Increased NOI by more than
2x for owners


collections rate

Open Quote
We converted three of our Airbnbs to the PadSplit model when travel stopped during the pandemic. For us, it was an easy and natural shift, and we don't plan to convert them back. The flexibility has been key for our family with three kids under the age of five. The PadSplit team truly cares about members and hosts, and it’s nice to be a part of shaping a company that is doing good work.
Closing Quote

Brittany - PadSplit host

PadSplit host Britanny

Awards and recognition

Inman Innovators
Inman Innovators finalist
Atlanta Inno 50 on Fire
Atlanta Inno 50 on Fire company
The Fire
The Fire Awards
Atlanta Business Chronicle
Atlanta Business Chronicle Corporate Citizen of the Year
Atlanta Business Chronicle
Atlanta Business Chronicle Best in Real Estate Award finalist
TiE Atlanta Growth and Impact Awards finalist
Forbes LogoThe Wall Street Journal LogoCoStar LogoFast Company LogoInc. 5000 LogoThe New York Times Logo