PadSplit is an American real estate co-living marketplace headquartered in Atlanta, Georgia. [1] [2] [3] [4]
According to the New York Times, "PadSplit provides an online platform for low-income workers to find furnished rooms offered by landlords. Sometimes the landlords rent out the entire house, room by room; others rent out just a room or two. PadSplit renters have an average age of 35 and earn a median of $30,000 per year." [5] PadSplit refers to residents as "members," and housing providers as "hosts." [6] Rooms on the platform include utilities, Wi-Fi, and offer flexible commitment periods. [5] [7] Based on currently available information, the site offers rooms priced between $89/week [8] in metro Atlanta to $494/week in metro Los Angeles [9]
PadSplit was founded by Atticus LeBlanc in 2017 as a result of an ideas competition [10] , where his former company Stryant Investments, "propose[d] a project that would include a model that aims at increasing housing density and the supply of affordable housing by dividing apartments and houses into multiple units, while remaining a safe and respectable option for residents." [11] He brought on co-founders Frank Furman, and Jon O’Bryan in Atlanta, Georgia, in 2018. [12] [10] In 2018, the company was selected to participate in the Atlanta Techstars program. [13] In April 2019, PadSplit raised $4.6 million in seed funding. [14] [15]
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. [16] [17]
In August 2020, PadSplit raised $10 million to expand into other cities beyond Atlanta, including Houston. [10] At this time, PadSplit operated more than 1,000 housing units. [18] [19] [20] By January 2021, PadSplit operated 1,230 units through its shared housing model, without any public subsidies. [21] In March 2021, PadSplit opened its first co-living units in Richmond, Virginia. [22]
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. [23] [24] [25] In January 2024, the company surpassed 10,000 co-living rooms and housed 23,000 people across 18 U.S. cities. [26] By May of 2025, PadSplit surpassed 20,000 co-living units and housed 51,000 people across 27 states, without using taxpayer funding. [27]