PadSplit, a co-living marketplace, has achieved a significant milestone by surpassing 10,000 rooms across 18 U.S. cities. This accomplishment is a testament to the company’s commitment to providing stable living accommodations to individuals facing economic instability.
Key Takeaway
PadSplit has created over 10,000 rooms in 18 cities across the U.S., addressing the housing crisis and providing stable living accommodations to individuals facing economic instability.
Addressing the Housing Crisis
PadSplit aims to tackle the lack of supply, access, and affordability in the rental market, particularly for lower-income workers. The platform offers flexible commitment terms, payments, and does not require a minimum credit score or expensive security deposit, making housing more accessible to those in need.
Impact on Communities
Founder and CEO Atticus LeBlanc emphasized the importance of affordable housing, stating that housing costs are skyrocketing, making it challenging for service industry workers to afford living in the communities they serve. PadSplit’s mission is to change the world, one room at a time, by providing opportunities for individuals to live in the communities they support.
Financial Impact
PadSplit shared data revealing that its users save an average of $332 per month, with a median annual income of $27,636. The platform has facilitated significant monthly and total savings, empowering residents to achieve life-changing results, such as purchasing vehicles, traditional apartments, launching businesses, and buying homes.
Affordability and Services
Despite the U.S. median monthly rent price reaching $1,966, PadSplit offers rooms at an average monthly cost of $729, making housing more affordable for minimum-wage employees. Additionally, the platform provides furnished private bedrooms, shared common areas, fixed utility costs, wifi, 24/7 telehealth, credit reporting, and job matching services, setting residents up for success.
Expansion and Funding
PadSplit currently operates in 15 states and plans to expand to more cities, demonstrating its commitment to addressing the affordable housing crisis. Since its inception in 2017, the company has raised $35.1 million in funding from notable investors, including Core Innovation Capital, Impact Engine, and Mark Cuban Companies.
