PadSplit is an American real estate co-living marketplace headquartered in Atlanta, Georgia.[1][2][3][4]
Overview
The company provides a single-room occupancy model offered to rent furnished rooms in single-family homes with utilities and Wi-Fi included.[5][6] According to Curbed, an American real estate website, PadSplit is aimed at working-class members, and it has single room dues from $500 to $750 per month.[7] The median income for PadSplit residents is $30,000 annually[8][9][4] and average around $21,000 a year.[10]
PadSplit serves as a co-living marketplace, offering furnished room rentals to working-class individuals provided by property owners of single-family homes.[11][12]
History
PadSplit was founded by Atticus LeBlanc,[13] Frank Furman, and Jon O’Bryan in Atlanta, Georgia, in 2017.[14][15] In 2018, the company was selected to participate in the Atlanta Techstars program.[16] In April 2019, PadSplit raised $4.6 million in seed funding.[17][18]
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.[19][20]
In August 2020, PadSplit raised $10 million to expand into other cities beyond Atlanta, including Houston.[15] At this time, PadSplit operated more than 1,000 housing units.[21][22][23] By January 2021, PadSplit operated 1,230 units through its shared housing model, without any public subsidies.[24] In March 2021, PadSplit opened its first co-living units in Richmond, Virginia.[25]
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.[26][27][28] In January 2024, the company surpassed 10,000 co-living rooms and housed 23,000 people across 18 U.S. cities.[29]