PadSplit is an American real estate

co-living Co-living is a residential community living model that accommodates three or more biologically unrelated people living in the same dwelling unit. Coliving has seen a noticeable increase in popularity in recent years globally, concentrated in area ...

marketplace headquartered in Atlanta, Georgia.

Overview

The company provides a

single-room occupancy Single-room occupancy (SRO) is a type of low-cost housing typically aimed at residents with low or minimal incomes, or single adults who like a minimalist lifestyle, who rent small, furnished single rooms with a bed, chair, and sometimes a smal ...

model offered to rent furnished rooms in single-family homes with utilities and Wi-Fi included. According to ''

Curbed Curbed is an American real estate and urban design website published by ''New York'' magazine. Founded as a blog by Lockhart Steele in 2006 to cover New York City real estate, it grew by 2010 to feature sub-pages dedicated to specific real ...

'', an American real estate website, PadSplit is aimed at working-class members, and it has single room dues from $500 to $750 per month. The median income for PadSplit residents is $30,000 annually and average around $21,000 a year. PadSplit serves as a co-living marketplace, offering furnished room rentals to working-class individuals provided by property owners of single-family homes.

History

PadSplit was founded by Atticus LeBlanc, Frank Furman, and Jon O’Bryan in Atlanta, Georgia, in 2017. In 2018, the company was selected to participate in the Atlanta Techstars program. In April 2019, PadSplit raised $4.6 million in

seed funding Seed money, also known as seed funding or seed capital, is a form of securities offering in which an investor puts capital in a startup company in exchange for an equity stake or convertible note stake in the company. The term ''seed'' suggests ...

. 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. 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. By January 2021, PadSplit operated 1,230 units through its shared housing model, without any public subsidies. In March 2021, PadSplit opened its first co-living units in Richmond, Virginia. 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. In January 2024, the company surpassed 10,000 co-living rooms and housed 23,000 people across 18 U.S. cities.

References

{{reflist Real estate companies of the United States Companies based in Atlanta Real estate companies established in 2017 Real estate services companies of the United States Housing cooperatives in the United States 2017 establishments in Georgia (U.S. state)