PadSplit

The company provides a single-room occupancy model offered to rent furnished rooms in single-family homes with utilities and Wi-Fi included.{{Cite web |last=Nicholas |first=Kristof |date=9 December 2023 |title=The Old New Way to Provide Cheap Housing |url=https://www.nytimes.com/2023/12/09/opinion/homelessness-housing-shortage.html |website=The New York Times}}{{Cite web |last=PETERS |first=ADELE |date=30 April 2019 |title=Want new affordable housing quickly? Try splitting up existing homes |url=https://www.fastcompany.com/90340038/want-new-affordable-housing-quickly-try-splitting-up-existing-homes |website=Fast Company}} 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.{{Cite web |last=Sisson |first=Patrick |date=2018-03-30 |title=This cohousing startup wants to help the working class |url=https://archive.curbed.com/2018/3/30/17182236/affordable-housing-atlanta-cohousing-padsplit |access-date=2024-04-05 |website=Curbed |language=en}} The median income for PadSplit residents is $30,000 annually{{Cite web |title=Metro Atlanta Affordable Housing Talk |url=https://bbis.advancement.brown.edu/bbphenix/Events/Brown-Club-of-Georgia/2023/MetroAtlantaAffordableHousingTalk |access-date=2024-04-05 |website=bbis.advancement.brown.edu}}{{Cite web |last=Fraser |first=Trevor |date=2022-06-21 |title=PadSplit finds rooms for Orlando renters with no ‘good options’ |url=https://www.orlandosentinel.com/2022/06/21/padsplit-finds-rooms-for-orlando-renters-with-no-good-options/ |access-date=2024-04-05 |website=Orlando Sentinel |language=en-US}} and average around $21,000 a year.{{Cite news |date=2019-07-12 |title=Tech start-ups look to disrupt the affordable housing industry |url=https://www.washingtonpost.com/realestate/tech-start-ups-look-to-disrupt-the-affordable-housing-industry/2019/07/11/6ca0a678-9f30-11e9-b27f-ed2942f73d70_story.html |access-date=2024-04-05 |work=Washington Post |language=en-US |issn=0190-8286}}

PadSplit serves as a co-living marketplace, offering furnished room rentals to working-class individuals provided by property owners of single-family homes.{{Cite news |last=Badertscher |first=Nancy |title=Co-living a growing trend among renters on a budget |url=https://www.ajc.com/things-to-do/co-living-a-growing-trend-among-renters-on-a-budget/CJAAZFKSPVCBVAC4P2ZY754BK4/ |access-date=2024-04-05 |work=The Atlanta Journal-Constitution |language=English |issn=1539-7459}}{{Cite news |title=Like Airbnb, but for Flophouses |url=https://newrepublic.com/article/162513/affordable-housing-cheap-rent-padsplit |access-date=2024-04-05 |work=The New Republic |issn=0028-6583}}

PadSplit was founded by Atticus LeBlanc,{{Cite web |last=Settembre |first=Jeanette |date=2019-11-12 |title=Co-living real estate trend has renters saving thousands |url=https://www.foxbusiness.com/real-estate/co-living-real-estate-trend-has-renters-saving-thousands |access-date=2024-04-05 |website=FOXBusiness |language=en-US}} Frank Furman, and Jon O’Bryan in Atlanta, Georgia, in 2017.{{Cite news |date=2019-09-17 |title=Atlanta Startup Sees Single-Room Rentals as Future of Low-Cost Housing |url=https://www.bloomberg.com/news/articles/2019-09-17/atlanta-startup-padsplit-sees-high-demand-for-low-cost-housing |access-date=2024-04-05 |work=Bloomberg.com |language=en}}{{Cite web |last=Shieber |first=Jonathan |date=2020-08-19 |title=PadSplit uses the Airbnb model to tackle the country's affordable housing crisis |url=https://techcrunch.com/2020/08/19/padsplit-uses-the-airbnb-model-to-tackle-the-countrys-affordable-housing-crisis/ |access-date=2024-04-05 |website=TechCrunch |language=en-US}} In 2018, the company was selected to participate in the Atlanta Techstars program.{{Cite news |last=Kanell |first=Michael E. |title=Techstars Atlanta effort to spur growth |url=https://www.ajc.com/business/techstars-atlanta-effort-spur-growth/PzQ23mW1KUaOyygeDmsqBP/ |access-date=2024-04-05 |work=The Atlanta Journal-Constitution |language=English |issn=1539-7459}} In April 2019, PadSplit raised $4.6 million in seed funding.{{Cite web |title=Term Sheet — Thursday, April 18 |url=https://fortune.com/2019/04/18/term-sheet-thursday-april-18/ |access-date=2024-04-05 |website=Fortune |language=en}}{{Cite web |last=Vashi |first=Sonam |date=2019-04-22 |title=Affordable co-living startup PadSplit raises $4.6 million |url=http://saportareport.com/affordable-co-living-startup-padsplit-raises-4-6-million/columnists/sonam-vashi/ |access-date=2024-04-05 |website=SaportaReport |language=en-US}}

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.{{Cite web |date=2024-04-03 |title=Real Estate 101: Finding Good Tenants |url=https://www.northwestgeorgianews.com/calhoun_times/opinion/columns/real-estate-101-finding-good-tenants/article_9c4320c2-ed14-11ee-b1bb-4b92837540a1.html |access-date=2024-04-05 |website=Northwest Georgia News |language=en}}{{Cite web |last=Fitzgerald |first=Therese |date=9 October 2019 |title=NYC Names 3 Development Teams for Co-Living Pilot |url=https://www.multihousingnews.com/nyc-names-3-development-teams-for-co-living-pilot/}}

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.{{Cite web |last=Keenan |first=Sean |date=2019-10-07 |title=How Atlanta-based start-up PadSplit 'threads the legal needle' to provide affordable housing |url=http://saportareport.com/atlanta-start-up-padsplit-affordable-housing/sections/reports/seankeenan/ |access-date=2024-04-05 |website=SaportaReport |language=en-US}}{{Cite web |title=Reduce the Housing Shortage with Home Sharing |url=https://manhattan.institute/article/reduce-the-housing-shortage-with-home-sharing/ |access-date=2024-04-05 |website=Manhattan Institute |language=en}}{{Cite web |title=PadSplit raises $10M Series A round, plans to expand to Houston |url=https://www.bizjournals.com/atlanta/inno/stories/fundings/2020/08/19/padsplitraises10mplanstoexpandtohouston.html |access-date=2024-04-05 |website=www.bizjournals.com}} By January 2021, PadSplit operated 1,230 units through its shared housing model, without any public subsidies.{{Cite news |last=Feser |first=Katherine |title=PadSplit launches shared housing option in Houston |url=https://www.houstonchronicle.com/business/texas-inc/article/PadSplit-launches-shared-housing-option-in-Houston-15874068.php |access-date=2024-04-05 |work=Houston Chronicle |language=en}} In March 2021, PadSplit opened its first co-living units in Richmond, Virginia.{{Cite web |date=2021-03-17 |title='Airbnb' of income-based room rentals moves into Central Virginia – Richmond BizSense |url=https://richmondbizsense.com/2021/03/17/airbnb-of-income-based-room-rentals-moves-into-central-virginia/ |access-date=2024-04-05 |website=richmondbizsense.com |language=en-US}}

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.{{Cite web |title=PadSplit Raises $20.5M to Increase Local Affordable Housing Options {{!}} Built In |url=https://builtin.com/atlanta/padsplit-raises-20m-funding-hiring-110321 |access-date=2024-04-05 |website=builtin.com |language=en}}{{Cite web |title=Why Atlanta housing startup PadSplit is expanding in Jacksonville |url=https://www.bizjournals.com/jacksonville/news/2021/11/18/padsplit-housing-affordable-jacksonville.html |access-date=2024-04-05 |website=www.bizjournals.com}}{{Cite web |title=This website is unavailable in your location. |url=https://www.wsbtv.com/unavailable-location/ |access-date=2024-04-05 |website=WSB-TV Channel 2 – Atlanta |language=en}} In January 2024, the company surpassed 10,000 co-living rooms and housed 23,000 people across 18 U.S. cities.{{Cite web |last=Forristal |first=Lauren |date=2024-01-30 |title=PadSplit, a marketplace for affordable shared housing, surpasses 10K+ units |url=https://techcrunch.com/2024/01/30/padsplit-a-marketplace-for-affordable-shared-housing-surpasses-10k-units/ |access-date=2024-04-05 |website=TechCrunch |language=en-US}}

{{reflist}}

Category:Real estate companies of the United States

Category:Companies based in Atlanta

Category:Real estate companies established in 2017

Category:Real estate services companies of the United States

Category:Housing cooperatives in the United States

Category:2017 establishments in Georgia (U.S. state)