Co-living marketplace PadSplit is expanding into four new U.S. markets: Portland, Oregon; Seattle, Sacramento and Nashville.
Founded in 2017, PadSplit operates in more than 35 markets and has listed more than 28,000 rooms, housing 65,000-plus people.
The company said it focuses on access and flexibility, with no minimum credit score or long-term lease required, allowing residents to move in quickly, sometimes within 48 hours.
“Unfortunately, the housing crisis is just getting worse,” said Atticus LeBlanc, founder and CEO of PadSplit. “There aren’t nearly enough affordable options on the market today, in any city. We’re also seeing more pricing pressures across groups, including those with lower incomes and seniors on fixed incomes.
“Couple that with the fact that there are more hoops to jump through when applying for a traditional apartment or even a studio, and you find millions of people just can’t attain housing.”
Each PadSplit home provides a private, furnished room with shared common areas and utilities, with residents contributing a single weekly payment.
The company said interest in shared housing has grown in its new markets, with increased search activity for “rooms for rent” and more inquiries from property owners interested in hosting.
Portland recently launched a pilot program that offers tax incentives to homeowners who rent out a room, PadSplit added.
PadSplit manages applications, screenings, rent collection, maintenance and onboarding for property owners — ranging from single-family rentals to apartments and owner-occupied homes.
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