In today’s housing market, finding affordable and flexible rental options is a challenge. For many renters in the U.S., it’s no longer realistic to have a traditional lease when renting. Most leases have extremely high upfront costs and long-term commitments that can lock you in for up to 12 months.
Although it can be easy to feel limited and cornered as a renter, PadSplit is an excellent solution that more people are turning to because of its affordability and convenience. PadSplit is a marketplace with thousands of rooms for rent in coliving and shared homes. Residents can live in cozy and warm homes in metro areas where rent prices continue to soar. It’s now possible to live in a major destination without paying a high price tag.
What is PadSplit?
What is a PadSplit home? PadSplit is a coliving platform that offers a unique housing solution for renters seeking affordable housing. Each member rents a private, furnished room and shares common areas such as the kitchen, living room, and laundry facilities with other members. Many of the homes are in desirable neighborhoods and in proximity to public transportation, making it easier to get to work each day.
With PadSplit, you can rent a room on a weekly basis and leave at any time. You can even choose the day that you pay your rent each week. You also have the option of moving to a different PadSplit home for free, whether you find a better home to live in or change jobs and want to live closer to your new place of employment.
How PadSplit started in 2017
PadSplit was founded by Atticus LeBlanc in 2017, who had entered an affordable housing ideas competition in Atlanta, GA. Having spent most of his career in affordable housing as an entrepreneur, Atticus was frustrated by the slow pace of affordable housing creation in the U.S. and the increasing gap of affordable homes. He believed that our existing housing stock could be used more efficiently to create new housing opportunities from unused space, specifically by renting individual bedrooms in homes with shared access to kitchens and common areas.
Atticus had been experimenting with shared housing models since 2009 and knew that such arrangements created housing that was both more affordable for renters and more profitable for housing providers. As importantly, these new housing options could immediately begin to reduce the housing gap without using taxpayer dollars. Rather than trying to own and operate shared homes at scale, Atticus proposed to create a platform that any housing provider or homeowner anywhere could use to quickly set up, market, and operate their shared home.
How exactly does PadSplit work?
- Application Process: The first step to becoming a PadSplit member is completing a simple application process. This includes a background check to ensure the safety and security of all members.
- Membership Agreement: Unlike traditional leases, PadSplit uses a membership agreement, which is more flexible and often comes with shorter commitment periods. This makes it ideal for those who need temporary housing or are not ready to commit to a long-term lease.
- Move-In Ready: All PadSplit properties include furniture, so there’s no need to worry about moving heavy furniture or buying new items to make it a home. Your room is move-in ready from day one, providing an efficient and convenient process.
- All-Inclusive Rent: PadSplit’s all-inclusive rent covers multiple utilities, Wi-Fi, and even on-site laundry access. Say goodbye to carrying a roll of quarters to the laundromat! This also means no hidden costs or surprise bills each month. Use our calculator to determine how much you can save!
The benefits of PadSplit for renters
- Affordability: The main benefit of becoming a PadSplit member is the affordability the housing offers. The all-inclusive weekly rent eliminates the hassle of paying multiple bills. PadSplit’s rooms are 40-50% cheaper than traditional apartments and include utilities, Wi-Fi, and laundry access.
- Flexibility: Most leases require long-term commitments, causing you to get locked into leases that are an average of 12 months long. This can make it difficult to have flexibility with how you live your life. PadSplit offers more flexible membership agreements to ensure renters can pick up and leave at any time, whether they get a new job or
- Community: Living in a PadSplit property means being part of a community. This can be particularly beneficial for those new to an area or looking to build new social connections. Shared living spaces provide opportunities to interact with other members and create a supportive living environment.
- Convenience: With furnished rooms and included utilities, moving into a PadSplit property is both easy and hassle-free. This convenience is perfect for those who need a quick and easy housing solution.
Member success stories
PadSplit has transformed the lives of the 23,000 renters who it has housed since 2017. Many residents leverage PadSplit to become entrepreneurs, live closer to family members, and live more comfortably while on a fixed income.
For example, Amber Bailey was living in her car in Alanta before finding PadSplit. Her host, Heather, helped her start her own cleaning business as she lived in the home. Today, her business is thriving and she is pre-approved to purchase her first house.
Kenneth, a veteran, wanted to further his education but couldn’t afford to live close to his university in Jacksonville. After finding PadSplit, he was able to live in proximity to school and focus more on his studies without worrying about paying his bills.
Carol is another member who escaped domestic violence and had to sleep in her car in Atlanta. After seeing a PadSplit ad, she was able to secure housing. With the savings she accumulated while living in a PadSplit, she paid off $43,000 of student loans! Today, she’s launched her own media company and can afford to travel and live more comfortably.
How PadSplit can help you get ahead
PadSplit continues to increase in popularity because of the many different types of people the platform helps in the U.S. Whether you’re leaving a bad relationship, on a short-term nursing assignment, or are getting pushed out of a city due to high rents, PadSplit can allow you to rent on your terms. You can spend 40-50 percent less on rent, save hundreds each month, and avoid paying thousands of dollars to move into an apartment and get locked into a lease.
With the savings you obtain each month, you can jumpstart your goals, whether you’re paying off your student loans, working to start a business, or want to buy a car for more reliable transportation.
And you don’t have to do it alone. PadSplit homes have several members living in each house, allowing you to have a support system and build new relationships with other individuals. You can enjoy living with friends while working toward your goals and no longer having fear of getting pushed out of a city of having difficulty paying your rent.
Rent a room from PadSplit today
After asking, “What is PadSplit?” you’re now more informed about making smart decision on where you rent. PadSplit is more than just a rental option—it’s a community-focused, affordable, and flexible housing solution designed to meet the needs of renters. Whether you’re looking for temporary housing, a more affordable living arrangement, or a community to be part of, PadSplit offers a unique and practical solution. Start browsing PadSplit’s rooms and discover how it can make renting easier and more enjoyable.
