PadSplit expands into San Francisco, New York Metro, and Chicago, bringing shared housing to three of the nation's most expensive housing markets
PadSplit, the country's largest coliving marketplace, today announced its expansion into three of the nation's most supply-constrained housing markets: the San Francisco Bay Area, the New York metropolitan area, and Chicago. As the company launches in these new markets, it's actively seeking property owners with available bedrooms, owner-occupied homes, and underutilized rental properties to join its marketplace and help expand the supply of affordable housing.
Property owners who list with PadSplit gain access to a comprehensive platform that streamlines resident screening, rent collection, payments, maintenance coordination, and ongoing support. They also benefit from HostGuard, PadSplit's new protection program designed for shared housing, offering support for property damage, zoning issues, general liability, and resident removals. Together, these tools make it easier for property owners to generate income from available rooms while expanding the supply of workforce housing.
"These are some of the most challenging housing markets in America, but they also represent some of the greatest opportunities for shared housing," said Atticus LeBlanc, Founder and CEO of PadSplit. "As housing costs continue to outpace wages in many cities, more workers are finding that renting a room isn't just the most affordable option, it's often the only attainable one. We're excited to bring a proven model that expands housing supply, while generating income for property owners."
The San Francisco Bay Area presents a particularly compelling opportunity for shared housing. As homeowners grapple with some of the nation's highest housing costs, many are looking for new ways to generate income from unused bedrooms. PadSplit's expansion into San Francisco is supported by the City's Housing Accelerator Fund, which is helping encourage property owners to bring additional shared housing inventory online through the marketplace.
"As rents climb and vacancies fall to their lowest rates in decades, the HAF is working to address the housing crisis from every angle, from financing the production of new homes to preserving existing affordable housing in our communities," said Rebecca Foster, CEO of the Housing Accelerator Fund. "Our partnership with PadSplit is an exciting opportunity to activate underutilized units and bring more affordable housing options online."
In the New York metropolitan area and Chicago, growing affordability pressures, low vacancy rates, and increasing demand for flexible housing continue to create opportunities for shared housing. Across all three markets, PadSplit is already seeing strong interest from both prospective residents and property owners.
Founded in 2017, PadSplit operates in 40+ markets, offering 39,000+ furnished rooms and having housed 90,000+ people nationwide with a median income of $32,500. Every PadSplit home includes a private furnished bedroom, shared common areas, utilities, and Wi-Fi, enabling residents to budget for their primary living expenses through one predictable weekly payment aligned with their pay schedule. Unlike traditional apartments, PadSplit does not require a minimum credit score or long-term lease, making it easier for workers to quickly access housing.
Author: PadSplit
