PadSplit

PadSplit, founded in 2017, operates as a housing marketplace that connects property owners with individuals seeking affordable living arrangements. The company's platform focuses on a co-living model, converting single-family homes into shared living spaces where tenants can rent a single furnished room.

The business model is designed to address the shortage of affordable housing for the workforce. Property owners can increase their rental income by listing individual rooms, while members gain access to housing at a lower cost than traditional apartments. PadSplit's offering is all-inclusive, with the weekly rent covering a furnished room, utilities, and Wi-Fi. This model primarily serves low-to-middle income individuals, with the median resident income being around $30,000 annually.

By leveraging technology to manage listings, payments, and resident screening, PadSplit streamlines the rental process for both property owners and tenants. The company operates in the real estate technology sector, providing a market-based solution to increase housing supply without the need for new construction. As a Series B company, it has attracted significant investment to expand its operations and impact.

Keywords: co-living, affordable housing, shared housing, property technology, real estate, single-room occupancy, workforce housing, housing marketplace, proptech, coliving