"It's your life. Take the keys." This is the tagline for the Atlanta-based PadSplit. The startup works with owners of single-family homes to fix up and then rent out individual rooms.
PadSplit founder and affordable housing investor and developer in Atlanta Atticus LeBlanc tells Fast Company, “I saw a misalignment of incentives throughout the industry,” explaining that local affordable housing requirements have hampered developers from delivering units due to increasing costs and long planning and financing processes.
Rather than building new buildings, PadSplit works with property owners who are renting out single-family homes. The property owners agree to fix up the houses to a certain standard, and then PadSplit helps them add walls to create new rooms... Then the company screens potential residents and rents out each room, including utilities, internet, and laundry, for around $550 a month.
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