Impact Thesis

Supporting property owners/developers in converting single family homes into co-living spaces, and providing a tech platform to facilitate the landlord/resident relationship will increase the availability of more affordable housing without requiring government subsidies.

PadSplit expands affordable housing supply through digital marketplace

The US is currently facing an affordable housing crisis. In 2022, researchers found that 51.9% of renters were cost-burdened, meaning they were spending at least 30% of their income on rent. Many Americans have been forced to relocate outside city centers, which adds the burden of an increased commute time to work.
PadSplit’s digital co-living marketplace of more than 10,000 units increases the affordable housing supply by helping private landlords convert their single-family homes into multi-unit residences. Average rent in the US - which includes utilities, laundry, and WiFi - hovers around $1,210 per month. Members save an average of $332 per month by renting through PadSplit. Lifetime savings for PadSplit’s history total more than $47.4 million. Read more about PadSplit’s impact.

SDG Goal 11: Sustainable Cities and Communities
- Make cities and human settlements inclusive, safe, resilient and sustainable