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PadSplit is an American real estate co-living marketplace headquartered in Atlanta, Georgia.[1][2][3][4]

Overview

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The company provides a single-room occupancy model offered to rent furnished rooms in single-family homes with utilities and Wi-Fi included.[5][6] According to Curbed, an American real estate website, PadSplit is aimed at working-class members, and it has single room dues from $500 to $750 per month.[7] The median income for PadSplit residents is $30,000 annually[8][9][4] and average around $21,000 a year.[10]

PadSplit serves as a co-living marketplace, offering furnished room rentals to working-class individuals provided by property owners of single-family homes.[11][12]

History

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PadSplit was founded by Atticus LeBlanc,[13] Frank Furman, and Jon O’Bryan in Atlanta, Georgia, in 2017.[14][15] In 2018, the company was selected to participate in the Atlanta Techstars program.[16] In April 2019, PadSplit raised $4.6 million in seed funding.[17][18]

In October 2019, PadSplit was selected as one of three firms to conduct a co-living pilot program administered by ShareNYC and the New York City Housing Preservation & Development.[19][20]

In August 2020, PadSplit raised $10 million to expand into other cities beyond Atlanta, including Houston.[15] At this time, PadSplit operated more than 1,000 housing units.[21][22][23] By January 2021, PadSplit operated 1,230 units through its shared housing model, without any public subsidies.[24] In March 2021, PadSplit opened its first co-living units in Richmond, Virginia.[25]

In November 2021, PadSplit raised $20.5 million in a Series B round of fundraising, bringing its overall fundraising total to $34.1 million and announcing its plans to expand to Dallas, Texas, and Jacksonville, Florida.[26][27][28] In January 2024, the company surpassed 10,000 co-living rooms and housed 23,000 people across 18 U.S. cities.[29]

References

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  1. ^ Luck, Marissa. "Is co-living the answer to Houston's affordable housing crisis? One growing startup thinks so". Houston Chronicle. Retrieved 2024-04-05.
  2. ^ Dukes, Joi (2022-06-23). "DeKalb County neighborhood residents frustrated over rental home". FOX 5 Atlanta. Retrieved 2024-04-05.
  3. ^ Kusisto, Laura. "Group Living Gets More Affordable, in 30 Square Feet". WSJ. Retrieved 2024-04-05.
  4. ^ a b "Reduce the Housing Shortage with Home Sharing". National Review. 2019-11-12. Retrieved 2024-04-05.
  5. ^ Nicholas, Kristof (9 December 2023). "The Old New Way to Provide Cheap Housing". The New York Times.
  6. ^ PETERS, ADELE (30 April 2019). "Want new affordable housing quickly? Try splitting up existing homes". Fast Company.
  7. ^ Sisson, Patrick (2018-03-30). "This cohousing startup wants to help the working class". Curbed. Retrieved 2024-04-05.
  8. ^ "Metro Atlanta Affordable Housing Talk". bbis.advancement.brown.edu. Retrieved 2024-04-05.
  9. ^ Fraser, Trevor (2022-06-21). "PadSplit finds rooms for Orlando renters with no 'good options'". Orlando Sentinel. Retrieved 2024-04-05.
  10. ^ "Tech start-ups look to disrupt the affordable housing industry". Washington Post. 2019-07-12. ISSN 0190-8286. Retrieved 2024-04-05.
  11. ^ Badertscher, Nancy. "Co-living a growing trend among renters on a budget". The Atlanta Journal-Constitution. ISSN 1539-7459. Retrieved 2024-04-05.
  12. ^ "Like Airbnb, but for Flophouses". The New Republic. ISSN 0028-6583. Retrieved 2024-04-05.
  13. ^ Settembre, Jeanette (2019-11-12). "Co-living real estate trend has renters saving thousands". FOXBusiness. Retrieved 2024-04-05.
  14. ^ "Atlanta Startup Sees Single-Room Rentals as Future of Low-Cost Housing". Bloomberg.com. 2019-09-17. Retrieved 2024-04-05.
  15. ^ a b Shieber, Jonathan (2020-08-19). "PadSplit uses the Airbnb model to tackle the country's affordable housing crisis". TechCrunch. Retrieved 2024-04-05.
  16. ^ Kanell, Michael E. "Techstars Atlanta effort to spur growth". The Atlanta Journal-Constitution. ISSN 1539-7459. Retrieved 2024-04-05.
  17. ^ "Term Sheet — Thursday, April 18". Fortune. Retrieved 2024-04-05.
  18. ^ Vashi, Sonam (2019-04-22). "Affordable co-living startup PadSplit raises $4.6 million". SaportaReport. Retrieved 2024-04-05.
  19. ^ "Real Estate 101: Finding Good Tenants". Northwest Georgia News. 2024-04-03. Retrieved 2024-04-05.
  20. ^ Fitzgerald, Therese (9 October 2019). "NYC Names 3 Development Teams for Co-Living Pilot".
  21. ^ Keenan, Sean (2019-10-07). "How Atlanta-based start-up PadSplit 'threads the legal needle' to provide affordable housing". SaportaReport. Retrieved 2024-04-05.
  22. ^ "Reduce the Housing Shortage with Home Sharing". Manhattan Institute. Retrieved 2024-04-05.
  23. ^ "PadSplit raises $10M Series A round, plans to expand to Houston". www.bizjournals.com. Retrieved 2024-04-05.
  24. ^ Feser, Katherine. "PadSplit launches shared housing option in Houston". Houston Chronicle. Retrieved 2024-04-05.
  25. ^ "'Airbnb' of income-based room rentals moves into Central Virginia – Richmond BizSense". richmondbizsense.com. 2021-03-17. Retrieved 2024-04-05.
  26. ^ "PadSplit Raises $20.5M to Increase Local Affordable Housing Options | Built In". builtin.com. Retrieved 2024-04-05.
  27. ^ "Why Atlanta housing startup PadSplit is expanding in Jacksonville". www.bizjournals.com. Retrieved 2024-04-05.
  28. ^ "This website is unavailable in your location". WSB-TV Channel 2 – Atlanta. Retrieved 2024-04-05.
  29. ^ Forristal, Lauren (2024-01-30). "PadSplit, a marketplace for affordable shared housing, surpasses 10K+ units". TechCrunch. Retrieved 2024-04-05.
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