PadSplit Host David got his start in investment real estate in 2011, focusing exclusively on long-term rentals. When short-term rental companies like Airbnb became more mainstream in 2016, he dipped his toes in the short-term rental space.
At first, the short-term rental market proved to be more profitable, but David says it became a lot more work as his guests expected higher standards from their stays. When he heard about PadSplit’s unique co-living model, he decided to give it a shot.
PadSplit’s award-winning model aligns incentives for property owners, cities, businesses, and workers. On average, the co-living model increases NOI by more than 2X for property owners like David.
“What intrigued me about PadSplit was the potential for higher income stream compared to traditional rentals coupled with the ability to help provide affordable housing in a privatized way.”
PadSplit’s average Member tenure is around 10 months, though many Members to choose to stay longer thanks to the stability or money they’re able to save for their future. Some of David’s Members have lived in his home for more than two years.
“When you’re renting a property on a traditional whole-house basis, all your eggs are in one basket. If that relationship goes sour, you’re in trouble. With PadSplit, there isn’t as much of a hit if and when a Member moves outs.”
David currently has three properties on PadSplit’s platform, and he’s sitting at 100% occupancy at the moment.
PadSplit Hosts do good and do well in their community. Want to learn more about if PadSplit is the right fit for your properties? Our team is happy to answer your questions — no obligation required. Schedule a call today.