By paying rent by the week instead of every month, PadSplit residents save $516 a month on average. That has allowed them to build credit histories, move out of subsidized apartments and even buy homes, LeBlanc says. Besides a monetary discount, many e-commerce websites offer other perks such as early entry to sales and bonus loyalty points. Usually, such discounts require registration with an email address.
PadSplit Members save hundreds compared to traditional rentals, and build credit history with on-time payments. Check out the Member Savings Calculator to see for yourself. Hosts can take steps to make their homes more attractive to potential Members by making small changes to the property. For example, adding two-way locks to bedrooms can increase privacy and attract Members looking for a home with added security. Another way to improve the experience is to schedule a monthly cleaning service. Clean homes drive Member satisfaction and retention, and are a great return on investment for Hosts.
Before a Member moves in, the Host should double-check the property and room to ensure they are ready for their guest. They should also update any custom move-in instructions for the Member, which are sent to them via an email on their scheduled move-in day. Consider including images, maps or other attachments in the instructions to enhance the Member’s move-in experience.
PadSplit has a variety of pricing options, including monthly and annual plans. Some plans also include features like two-way locks and monthly cleaning services. These features can increase bookings and improve Member retention.
The company was founded in 2017 by Atticus LeBlanc, who grew up in traditional single-family rentals and is a supporter of public housing and subsidized rental relief programs. However, he found that these programs weren't reaching enough people in need. By making it easier for individuals to find affordable homes and enabling homeowners to generate income by renting out unused rooms, PadSplit is solving this huge problem.
The website offers a number of discounts and PadSplit Coupon Code for its customers. For example, members can receive a 10% discount on their first payment by registering for the company's email newsletter. It also offers a referral program that rewards members for referring new customers to the site. In addition, the website has a comprehensive Return Policy that allows customers to return or exchange their purchases.
It's important to do your research and find a roommate that is a good fit. Ask potential roommates for references and run a background check to help you make an informed decision about who is living with you. It is also a good idea to have in-person interviews and decide on rules about guests, pets, smoking, alcohol, and other issues upfront. You can find roommates through various websites, including Craigslist, which has a massive classified section for roommates and rentals. Be wary of scammers, however, and only choose listings with high-quality photos and thorough information about the people living there.
Another option is to use a site like Circle, which shows you all of your friends and second-degree connections who are looking for a roommate. It can also be helpful to talk to people at your church, work, or school and see if anyone knows of a good roommate who's also looking for a place to live.
Atticus LeBlanc launched PadSplit in 2017 with the goal of leveraging the sharing economy to alleviate a housing crisis. While he supported public and subsidized housing programs, he knew that they couldn’t scale fast enough to help those in need. Instead, he realized that he could align the needs of individuals seeking housing with income generated by unused rooms in existing homes—all without taxpayer dollars.
Find a room for rent renovated single-family homes, mostly in suburban areas. Unlike rooming houses, LeBlanc says, PadSplit occupants pay weekly rent, which can be adjusted to accommodate each person’s schedule. Residents are screened, and homeowners earn higher risk-adjusted returns compared to traditional rental properties. Hosts save on marketing, cleaning, vacancy, and turnover costs and have access to a 24/7 member support team for any issues that may arise. As a result, hosts report a return on investment of more than 100%. In addition, PadSplit complies with the Americans with Disabilities Act.
PadSplit trains homeowners to transform their homes into company-branded shared housing. Members share fully furnished bedrooms in safe neighborhoods and pay one weekly bill that includes utilities, a shared kitchen, and free perks like credit reporting and telehealth services.