PadSplit explained

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

Overview

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] 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

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. 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]

Notes and References

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

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