As the year progresses, rental market dynamics continue evolving, presenting challenges and opportunities for property owners and investors. Based on October’s data, the November National Market Report highlights critical insights to help PadSplit hosts optimize their strategies.
Whether you’re a seasoned host or exploring coliving investments, understanding these trends can be a game-changer for your rental business.
Key trends in the national rental market
- Platform growth
October was a remarkable month for PadSplit, with over 500 units added to the platform, pushing the total to 15,400 units. Alongside this growth, attainable occupancy rates rose to an impressive 86%, signaling robust demand for coliving spaces. - Market stability
National metrics indicate a steady rental market:- Average member tenure: 8.5 months
- Median weekly rental rate: $179
- Eviction rate: a low 1.35%, compared to the national single-family rate of 7.8%
These figures underscore the continued reliability and resilience of coliving investments.
Spotlight on the Sunbelt region
Southern markets remain a hotbed for rental demand, fueled by economic opportunities, job growth, and affordability. With construction starts declining, the region is primed for further growth, making it a promising area for hosts seeking new opportunities.
Harnessing Facebook Marketplace for success
One of the standout features highlighted this month is how PadSplit hosts can effectively utilize Facebook Marketplace to attract more members.
- Why Facebook Marketplace?
It’s a powerful tool to showcase your listings, reaching potential members, that already browsing for housing options. - How to Use It:
- Include room details such as amenities and square footage.
- Share high-quality photos of the bedroom, common areas, and exterior.
- Provide a link to your PadSplit property listing for applications.
- Remember to avoid mentioning PadSplit directly in the listing or including promo codes there, as this ensures compliance with Marketplace guidelines.
- What to Expect:
While the initial message-to-booking conversion rate may be under 1%, responding promptly to inquiries boosts engagement and the visibility of your listing.
With these tips, hosts can make the most of Facebook Marketplace as a recruitment tool for their properties.
New tools for hosts
Our recent feature, Host Promo Codes, empowers hosts to enhance bookings while saving on fees. By leveraging these promo codes, you can make your properties even more appealing to prospective members.
Recognition for innovation
PadSplit’s innovative model has earned it the title of 2024 Residential Shared Space Platform of the Year by PropTech Breakthrough. This award reflects our commitment to providing affordable, flexible housing options while driving positive social impact.
What this means for you
By staying informed and leveraging tools like promo codes and Facebook Marketplace, PadSplit hosts can position themselves for success in this dynamic market. Whether you’re expanding your portfolio or optimizing existing properties, these insights offer a roadmap to maximize your impact and returns.
Access the full report
Dive deeper into the data and trends shaping the rental market with the full November National Market Report. Access the report here.
