Coliving company PadSplit reported a sharp increase last year, indicating how shared living arrangements could address the ongoing affordability crisis.
By the end of 2021, PadSplit had over 3,400 available units, which is three times the amount year-over-year.
The firm also expanded into new markets last year including Dallas, Houston, Indianapolis, Jacksonville, New Orleans, Richmond, and Tampa.
According to the company, over 6,000 people were able to obtain housing at 40% to 50% of the average cost of a one-bedroom apartment in the markets it operates in.
As a result, 88% of residents were able to improve their credit scores, with over 700 establishing a credit score for the first time.
Residents at PadSplit include teachers, daycare workers, restaurants employees, grocery staff, with a median income of around $22,000 per year.
The average cost for a fully-furnished private bedroom, WiFi, utilities, and supportive services such as job matching and telehealth came in at just $663 per month.
PadSplit uses backend technology that allows employees to time their payment schedule with their work pay periods.
“In the last year, the country’s housing crisis has become more unsustainable, especially for community workers,” said Atticus LeBlanc, founder and CEO PadSplit. “We need more creative solutions to address the dearth of housing supply and the growing barriers to access caused by zoning, NIMBYism, and decades of systemic racism that have plagued housing policies virtually everywhere in the country. At PadSplit, we have a strong bias towards action and are proud to be a part of the solution to create more housing for the people who need it most.”
PadSplit is a Public Benefit Corporation, which aims to provide shared housing to boost supply and decrease barriers for those seeking quality living arrangements.