ATLANTA, Jan. 13, 2022 /PRNewswire-PRWeb/ -- PadSplit, the country's largest shared housing marketplace specifically designed for the workforce, grew significantly in 2021 while highlighting how co-living can address the housing affordability crisis. The social impact company finished 2021 with more 3,400 available units, up nearly 3X year-over-year. PadSplit also expanded into seven new markets in 2021 including Houston, Richmond, Tampa, New Orleans, Indianapolis, Dallas, and Jacksonville. Across all of its markets, PadSplit's average fee is only $663 per month and includes a private bedroom, furnishings, wifi and utilities, and supportive services including rent reporting to credit bureaus, job matching, and telehealth at no additional cost.
Founded in 2017, PadSplit is a Public Benefit Corporation with a mission of opening doors to new opportunities, one room at a time. In 2021, the company's shared housing model proved it can increase housing supply, while decreasing barriers to access for individuals who seek quality housing at vastly more affordable rates, all without a long-term commitment, credit score, or security deposit. At the same time, PadSplit increased net operating income by 2X for property owners, spurring them to open more PadSplit units. Key metrics in support of PadSplit's mission include:
- More than 6,000 individuals obtaining housing through rooms available at 40-50 percent of the average cost of a one-bedroom apartment in respective markets
- 88 percent of residents improving their credit scores and more than 700 establishing a credit score for the first time
- Residents saving $420 more per month on average as a result of savings on rent, utilities, and transportation
- Hundreds of residents receiving rapid, interest-free loans through a partnership with Esusu, when federal assistance dollars could not be accessed
"In the last year, the country's housing crisis has become more unsustainable, especially for community workers," said PadSplit founder and CEO Atticus LeBlanc. "We need more creative solutions to address the dearth of housing supply and the growing barriers to access caused by zoning, NIMBYism, and decades of systemic racism that have plagued housing policies virtually everywhere in the country. At PadSplit, we have a strong bias towards action and are proud to be a part of the solution to create more housing for the people who need it most."
Designed specifically for the workforce, PadSplit residents have a median income of $22,000 per year and include teachers, daycare workers, security guards, restaurant workers, and grocery staff. With PadSplit's backend technology, each resident can have a customizable payment schedule so they can align the timing of payments to their work pay periods, making it easier to budget. Finally, PadSplits are located nearby job centers or public transit, and with no long-term commitments, residents can easily relocate to remain close to new jobs without relying on car ownership or long commutes.
Other significant company milestones for PadSplit in 2021 include:
- More than doubling its employee base from 50 to now 120 and becoming a fully-remote, officeless company
- Raising a $20.5M Series B round of capital
- Being recognized for several industry awards such as Inc's Best in Business top company for real estate, PropTech Breakthrough's Affordable Housing Solution of the Year, an Inman Innovators finalist, an Atlanta
Business Chronicle Pacesetter and Corporate Citizen of the Year, an Atlanta Inno 50 on Fire company, a TiE Atlanta Growth and Impact Awards finalist, and a Technology Association of Georgia Top 10 Most Innovative company.
For more information about PadSplit, or to find out how you can become a resident or a host, visit https://PadSplit.com. To learn more about PadSplit's social impact, visit https://PadSplit.com/impact.
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About PadSplit
PadSplit is the country's largest shared housing marketplace that provides housing specifically designed for the workforce. As a Public Benefit Corporation, we're intentional about doing well AND doing good, so we focus on increasing housing supply and decreasing barriers to access. Our award-winning model allows individuals to find a flexible, long-term rental option that includes furniture, utilities, and access to public transit, all without a minimum credit score. PadSplit's technology platform also enables personalized rent payments that facilitate easier budgeting and allow residents to improve their financial health. A fully-remote company, PadSplit operates more than 3,400 shared housing units across the country. Apply to become a resident or a property owner at https://PadSplit.com.
Media Contact
Hela Sheth, PadSplit, +1 (678) 938-1318, [email protected]
SOURCE PadSplit
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