Can a modern-day rooming house solve the affordable housing crisis?
Call it boarding house 2.0. Startup PadSplit, based in Atlanta, has a novel approach to solving the affordable housing crisis—shared homes, with private bedrooms for residents (or members, as they’re called), fixed utility costs and a business model that makes it all profitable for property owners.
Residents’ average annual income is $21,000. They also report about $460 in monthly savings, when taking into account housing, utility and transportation costs, according to the company. Property owners report increased earnings of more than 60 percent in net income…Read full article