Atlanta-based shared housing market PadSplit was named to Inc.’s 2021 Best in Business list and won the first honor in the real estate category.
Founded in 2017, PadSplit is a utility company that uses an Airbnb-like marketplace to provide affordable roommate options for low-income people. The company has raised more than $ 100,000 to help attendees pay their rent, Inc. noted in its announcement.
PadSplit lowers the barriers to affordable, quality home housing for individuals without requiring a long-term commitment, credit rating or security deposit, the company said in a press release. So far, PadSplit has created over 3,000 shared units and accommodated over 5,600 people in rooms available at 40% to 50% of the average cost of a one-bedroom apartment in its markets, which currently include Atlanta. ; Houston; Tampa and Jacksonville, Florida; Dallas; Richmond, Virginia; Indianapolis; and New Orleans.
“We started this business four years ago in hopes of creating opportunities for people who continually face barriers to access,” Founder and CEO Atticus LeBlanc said in the release. “Housing costs are rising everywhere and community workers just can’t find a place to live. This is a massive systemic issue that requires more resources, but we’re proud of the impact we’re having on PadSplit, giving people more housing options and helping them save for their future.
Designed specifically for the workforce, PadSplit members include teachers, day care workers, security guards, and restaurant and grocery store staff. Each PadSplit includes a fully furnished private bedroom and shared common areas with utilities and WiFi included. PadSplit said its backend technology provides a customizable payment schedule so residents can align the payment schedule with their working pay periods.
The editors of Inc. reviewed approximately 2,700 entries for its Best in Business list, basing their 196 choices on business accomplishments in the past year rather than quantitative sales or funding criteria.
“What started for us during the pandemic as an effort to showcase businesses that were helping the community has grown into recognition of the social, environmental and economic impact,” said Inc editor. Scott Omelianuk in the press release. “The companies on this year’s list are change makers with heart – and they put the best of their business in the people and communities around them. ”
In addition to the Inc. award, PadSplit was recognized this year as the Affordable Housing Solution of the Year PropTech Breakthrough, a finalist of Inman Innovators, a Atlanta Business Column Pacesetter and Corporate Citizen of the Year, an Atlanta Inno 50 on Fire company, a finalist for the TiE Atlanta Growth and Impact Awards, and a Technology Association of Georgia Top 10 Most Innovative Companies.
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