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PadSplit is an American real estate co-living marketplace headquartered in Atlanta, Georgia.

Overview

The company provides a single-room occupancy model offered to rent furnished rooms in single-family homes with utilities and Wi-Fi included. 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. The median income for PadSplit residents is $30,000 annually and average around $21,000 a year.

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

History

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

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.

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

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. In January 2024, the company surpassed 10,000 co-living rooms and housed 23,000 people across 18 U.S. cities.

References

  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. ^ "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. ^ 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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