I'm a landlord and considered using padsplit for one of my properties. The set up takes a very long to to upload photos and write the descriptions and then be approved by their review team. After going through all that, I was finally sent a lease with their terms and they are TERRIBLE. Padsplit wanted me to commit to only using their platform for an entire year and sign an exclusive lease with them. A lease where they do not gaurantee any income for me, but I'm not allowed to get tenants by any other means if their "advertizing" does not and does not secure me any tenants. They advertize an 8% platform fee, but it's really more like 20% when you factor in that they take 100% of the first 10 days of any stay. I'm glad I paid attention to the lease terms and did not move forward with them.
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PadSplit is the nation's largest coliving marketplace. PadSplit offers clean, modern furnished rooms for rent to community members at an affordable weekly fee, including utilities, WiFi, laundry access, and telehealth services.
At PadSplit, we believe that the people who serve our communities deserve an opportunity to live in them. As a result, our mission is to help solve the affordable housing crisis, one room at a time, while leveraging housing as a vehicle for financial empowerment. We do this by building a marketplace that enables the quickest and most effective housing solutions for low-income workers.
Our services are specifically tailored for hardworking people like teachers, security guards, bus drivers, and retail employees who are looking to build their futures. We are proud to help them find housing opportunities to transform their lives, and we will continue to bring respectable and affordable housing options to those in need.
Our work continues in support of our residents, most of whom are hard-working hourly wage earners trying to get ahead. We will continue to bring respectable, accessible, quality housing options to those who need it most.See more
