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Aspiring renters nationwide are fighting for leases, having to pay more and meeting demanding move-in requirements.
New York City for example has more short-term vacation rentals than long-term opportunities.
Technology company RentSpree is calling on MLSs to market rentals as they do single-family homes to help both agents and tenants.
Naturally, and despite easing, housing strains continue trickling their way down the socioeconomic food chain. Those people caught at the bottom are most likely considered our workforce’s most essential.
Solving the nationwide crisis for housing in this sector is the goal of PadSplit, a co-living marketplace that has now expanded its services to the resort markets of Orlando, Florida, and Las Vegas, Nevada — two of the country’s most challenging markets for low-income workers.
The company shared its expansion news exclusively with Inman.
“PadSplit continues to expand in support of our mission,” said founder and CEO Atticus LeBlanc in a statement. “We fundamentally believe that the people who serve our communities deserve an opportunity to live in them, and our workforce desperately needs housing options today, not in a few years. Through PadSplit, frontline workers find quality housing that is nearby job centers.”
PadSplit partners with homeowners and municipal leaders to flatten barriers to affordable housing specifically for people employed by construction companies, grocery stores, daycare providers, security companies and other similar business verticals serving our most essential needs. PadSplit members earn an average of $25,000 annually.
The company facilitates flexible leasing arrangements, allows for multiple ways to pay that align with pay cycles, reduces credit dependency for occupancy and eliminates the need for upfront security deposits. It also allows for all-inclusive weekly payments.
PadSplit rooms cost 40-50 percent less than traditional housing options in most cases. This empowers individuals to save around $420 per month between housing, utility and transportation costs, according to the company.
Application processing, background checks, payment collection and vacancy marketing are handled by PadSplit.
“Our model also enables property owners to grow their revenues, which spurs more affordable housing supply in the short and long-term,” LeBlanc said. “Cities benefit by having more affordable workforce housing, created without public subsidies.”
PadSplit members can access financial counseling services, telehealth support and job matching, among other benefits. The company claims that 95 percent of its members have increased their credit scores and gained increased financial independence.
PadSplit raised $20.5 million in a late 2021 Series B round. Those funds were partly put toward the creation of a private investor-eccentric initiative designed to empower private property owners to host co-living opportunities.
Prior to Orlando and Las Vegas, 2022 saw PadSplit reach seven other markets including Houston, Richmond, Tampa, New Orleans, Indianapolis, Dallas and Jacksonville.
It has more than 4,600 units in both single-family and multifamily properties.
