PadSplit continues to grow across the country, providing affordable, flexible housing solutions to meet the demands of hard-working individuals. In Charlotte, North Carolina, we’re proud to announce a milestone: Our market-wide occupancy rate has reached 100%. This achievement speaks to the urgent need for cost-effective housing in rapidly expanding urban centers and how PadSplit’s model offers a compelling solution.
Why Charlotte’s housing market is thriving
Charlotte’s population growth, expected to continue above average through 2030, makes it a city with high demand for affordable housing options. With an estimated labor force of 1.4 million growing at 3-5% annually, many of the city’s workers fall within PadSplit’s target demographic, earning between $20,000 and $60,000 annually.
In the Charlotte area, 46% of workers fit PadSplit’s demographic for affordable room rental needs. Many of these individuals, who often need multiple jobs to cover rising housing costs, face significant challenges in qualifying for traditional housing options.
For instance, it requires approximately $4,173 in monthly income to qualify for a studio apartment in Charlotte—an increasingly unattainable figure for many workers. PadSplit’s weekly pricing, averaging $200/week in the zip code of 28212, offers a realistic alternative, allowing members to find secure, affordable housing without the burden of long-term leases and large upfront costs.
PadSplit in Charlotte: performance highlights
PadSplit’s performance in Charlotte has been particularly strong, reflecting the high demand for affordable shared housing in the area:
- 100% occupancy, with all rooms filled in PadSplit properties.
- 2.2 days to first booking – an impressive booking speed that speaks to both demand and the efficiency of PadSplit’s platform.
- $200 average weekly rate in this area, which is higher than the national PadSplit average, underscoring the value PadSplit offers relative to Charlotte’s high cost of living.
- Occupancy rates in Charlotte typically range from 90-100%, surpassing the national PadSplit average of 84%.
PadSplit nationwide: by the numbers
Across the U.S., PadSplit has experienced significant growth and demand. Here’s a snapshot of our performance:
- 15,575+ rooms available to meet rising housing demands.
- 34,000+ members served across various cities.
- 6.7 days – our average time to secure a first booking, demonstrating the efficiency of our platform in matching members with available rooms.
- $177 median weekly rate per room, offering members an affordable alternative compared to traditional housing.
- 86% attainable occupancy rate, showing that even with high occupancy, room availability remains robust.
- 60%+ unit growth is on track this year, reflecting our commitment to expanding our room offerings to meet growing demand.
These numbers highlight the efficiency, affordability, and rapid expansion of PadSplit, providing more people with access to housing solutions that cater to their financial needs and lifestyle preferences.
Growing demand in Raleigh-Durham and Charlotte markets
Both the Charlotte and Raleigh-Durham markets have seen rapid economic growth, making them focal points for PadSplit’s expansion. With Charlotte’s booming economy and Raleigh-Durham’s tech and educational sectors driving significant population growth, PadSplit provides a flexible housing solution for individuals transitioning to these cities for work opportunities.
Our shared housing model aligns well with the needs of these communities, offering a cost-effective option for people in diverse professions, including essential workers, educators, gig economy participants, and individuals in career transitions.
PadSplit will continue to meet nationwide and local needs
PadSplit’s expansion into cities like Charlotte demonstrates the relevance and adaptability of our model in addressing the current housing crisis. With the numbers showing our commitment to efficient, affordable housing nationwide, we’re excited to continue our mission of providing secure and accessible options for people who need it most. Our 100% occupancy in Charlotte is just one milestone, and as we grow, we’re dedicated to increasing housing availability across the country.
Stay tuned as PadSplit continues its journey to alleviate housing challenges in high-growth cities, making room for more people to find a place they can call home. Reach out to our team today if you’re interested in becoming a host and earning 2.5x more on a single-family rental property.
