PadSplit is an online marketplace for rooms for rent. They help people find affordable housing in the cities they work in. They also provide a platform for landlords to list their homes. They are currently in the process of expanding to Houston. However, there are some risks to renting a room through Padsplit.
Renting A Room On PadSplit
Taking a page from Airbnb, Atlanta-based PadSplit connects homeowners with people who need affordable rooms to rent. Its marketplace offers furnished apartments near where front-line workers work for less than $40,000 a year, or spare rooms in existing homes. The company says it works to ensure tenants aren’t ne’er-do-wells by requiring background checks and reporting weekly payments to credit agencies, which helps them build their credit scores. And it encourages tenants to resolve issues internally rather than through mediation. You’ll also be required to make your home accessible for Members with disabilities and comply with local PadSplit Promo Code.
The company also aims to simplify the process of renting rooms for landlords. It offers a full suite of services, such as advertising, member screening, rent collection, resident management and maintenance support. And it claims that more than 70% of its Hosts choose to list additional homes on the platform after their first experience. It also says that homeowners can increase their rent by more than double and reduce vacancy rates by listing rooms on the platform.
Finding A Room To Rent On PadSplit
PadSplit operates shared houses that rent by the room to people who want cheap housing. The company says it’s “like Airbnb for long-term stays,” and it allows property owners to earn a profit while avoiding high mortgage payments. Tenants (the company calls them “members”) can choose a home from a website that displays photos and descriptions, then rent by the week for around $150 per room. The member pays a fee to the house owner that includes cleaning, furniture and internet.
But members and neighbors complain of dangerous living conditions, including lax security and squabbles over money. And since PadSplit doesn’t connect the house owners with members, it can be hard to get issues resolved—or even know who to contact. Unlike Airbnb, which has an easy-to-use dispute resolution system, PadSplit uses the slow, complex magistrate court process to evict tenants that don’t work out. Those procedures can take months. Many residents have left in frustration.
Getting Started On PadSplit
PadSplit’s mission is to tackle the country’s affordable housing crisis. Our shared housing marketplace connects property owners with pre-screened Members who need an affordable place to live close to where they work. To become a PadSplit Host, you must pass a background check and provide proof of income. You’ll be walked through the purchase process from start to finish by a Member Support team member, and you’ll get access to your host dashboard where you can manage financial data, open maintenance tickets, and more. To learn more about becoming a PadSplit host, click the button below! It’s important for Hosts to have a positive move-in experience for their Residents. This sets the tone for their tenure with PadSplit and is key to fostering a great working relationship. Here are some tips for creating a smooth move-in process:
Managing Your Room On PadSplit
PadSplit helps homeowners develop underutilized rooms in their homes into long-term rental units. The company renovates homes, adds new furniture, installs smart locks, and writes weekly payments to credit agencies so renters (called Members) can build their scores and manage the property. Padsplit’s model can help lower home prices and bolster incomes, which can make it more affordable for Members to live in the communities they want to live in. It also has the potential to help the nation overcome housing instability caused by soaring costs and dwindling affordability.
It’s important to hire an experienced Find a room for rent manager to handle the day-to-day management of a PadSplit. A good manager can reduce Member turnover by promptly addressing maintenance issues and providing positive experiences that encourage Members to stay at the property for longer periods. Incentives, such as Amazon gift cards or AirPods, can also be effective at encouraging Members to refer friends who might be interested in living in a PadSplit.
A new shared housing company aims to flip the script on affordable housing. PadSplit, an Atlanta-based company focused on tackling the country’s affordable housing crisis, has entered the Houston market with a shared housing marketplace.