By Ellis Tran | PadSplit
Given how expensive the housing market is for many low-to-middle-income renters, it’s no wonder many are turning to co-living opportunities. And it’s not just about the money. According to IKEA’s Life at Home Report, 67% of people living in a communal space experienced a positive impact on their mental well-being due to strong community connections.
A winning strategy for renters and property owners.
Another group that can benefit from co-living is real estate investors. At PadSplit, we help rental property owners convert existing single-family homes into co-living spaces. This strategy can boost earnings and provide a steadier income stream for property owners. It can also unlock a new target market: 14 million one- and two-person households earning less than $35,000 per year.
PadSplit makes it easy.
Owning a co-living space doesn’t have to be more work than owning a single-family property – but it often is if you go it alone. Instead, consider becoming a PadSplit host. With us, you’ll always have a team to answer your questions and assist in the management and upkeep of your property.
From listing and promoting your rooms to screening applicants, PadSplit has a dedicated team to manage/monitor your property and the people living in it with professionalism and efficiency.
As you prep your property to go on the market, you’ll receive a dedicated guide to get your home in front of the right audiences, including paid marketing ads on Google and social listing services. We’ll also ensure your property is well-photographed, enticing, and tasteful to attract more individuals to your listing.
Once applicants start flooding in, we will step in again to screen members, and complete background checks, credit checks, and work verifications. Rather than having to hunt down the right members for your property, PadSplit takes this tedious paperwork process off your plate.
During your time as a host, you’ll always have a team of PadSplit professionals helping you with daily tasks and complications that will sometimes arise. Whether it’s managing members, settling in-home disputes, assisting with move-in/move-out days, and payment collections, we help take away a lot of your burdens as a host. All this allows you to enjoy the benefits of a reliable passive income and the knowledge that your property is helping lower-income community members who are in need of a good home.
Learn more about PadSplit and how you can earn more by converting your single-family rentals into co-living properties at padsplit.com.