Atlanta-base PadSplit secured properties in seven new markets, including Houston, Richmond, Tampa, New Orleans, Indianapolis, Dallas and Jacksonville.
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Workforce housing company PadSplit experienced a surge in growth for 2021, according to a press release the company shared with Inman.
The unique model targeting lower income Americans, considered part of the ever-critical “workforce” sector, managed to triple its year-over-year inventory of available units to a total of 3,400.
Atlanta-base PadSplit also secured properties in seven new markets, including Houston, Richmond, Tampa, New Orleans, Indianapolis, Dallas and Jacksonville.
According to the release, PadSplit is “the largest shared housing marketplace specifically designed for the workforce.”
Deeming itself a social-impact company, PadSplit works with property owners to fractionalized homes for a market’s workforce, targeting individuals in construction, healthcare, service industries, teachers and daycare professionals.
A PadSplit resident’s median income is $22,000 annually, according to the company. It also does not require a minimum credit score or security deposit, and the average fee is $663 per month. That rate provides a private bedroom, furnishings, Wi-Fi and utilities.
Proprietary backend software allows residents to customize payment schedules according to pay periods, as well as help manage occupancy details.
PadSplit, a public benefit corporation (B Corp), also includes financial assistance by reporting rent payments to credit bureaus as well as help with job placement and if needed, telehealth services, all at no additional cost.
Company metrics state that the average resident saves $420 more per month as a result of reduced rent, commute costs and utility rates. This is largely a result of PadSplit focusing on homes close to work…