PadSplit

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

Contents

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] [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

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]

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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. 1 2 "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. 1 2 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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