Today, we’d like to welcome back Atticus LeBlanc for an update. We originally spoke to Atticus in August of 2021, and we wanted to get an update on how things are going at his company, PadSplit, an affordable housing marketplace.
Hi Atticus, it’s an honor to have you on the platform. Thanks for taking the time to share your story with us – to start maybe you can share some of your backstory with our readers?
It’s been a busy year for us at PadSplit! We’ve expanded to 10 markets nationwide and have grown to 5,000 affordable housing units. We’ve also served more than 10,500 individuals. And we’re now more than 160 employees strong from all over the globe.
Although we’ve grown considerably, our mission remains the same. We’re 100 percent focused on helping to solve the affordable housing crisis, one room at a time. In fact, as the housing crisis worsens, we’ve only strengthened our resolve — especially since we can now tap into data that proves our co-living model increases housing supply while reducing barriers to access for lower-income earners.
I recently took a look at some of our longer-term Atlanta residents to better understand the impact we’re making:
– This group includes 365 people in metro Atlanta.
– Their average tenure is 1.8 years (we launched four years ago).
– Their average rent is $678.83/month (which includes furniture, utilities, wifi, laundry, rent reporting to bureaus, and access to telemedicine).
– Their average income is $25,325.
– Cumulative savings by these members since move-in: $3.3 million (members report monthly savings of $420, on average).
– Actual subsidy used to create or sustain these units: $0
Compare these results to the average Atlanta 1-bedroom rent, which is currently $1,862 even before utilities, and without furniture. The average local capital subsidy to create or preserve a unit in Atlanta is $126k, according to Atlanta’s current affordable housing tracker.
So for just these members, the creation of those 365 units would have cost $46.2M in local subsidy, which doesn’t include the ongoing operating subsidy that would have been required to allow them to actually afford the apartment.
This was pretty eye-opening and the stats showcase how we’re making a difference. It’s also rewarding to hear all the personal stories from our members, many of whom have moved into their own apartments, purchased vehicles or even saved up enough to buy their own homes.
We know there’s still much work to be done, however, so we’re going to keep our heads down and keep moving forward. I hope I’ll be able to come back with another update next year, showing even stronger results!
Image Credits
PadSplit
