By Ellis Tran | PadSplit
PadSplit, the nation’s biggest modern affordable housing and room rental startup, is making impressive progress in the Phoenix market, aiming to mitigate the city’s escalating housing crisis.
Since launching in Phoenix, the number of active units under PadSplit’s management has risen to seventy, and the company has set its sights on the milestone of one hundred units, with an average monthly room rate of $950/month. With twenty-six of these units currently vacant, the company is working relentlessly to meet the growing demand for affordable housing in Phoenix.
Phoenix’s booming population, which stands at 4.86 million, and a workforce of over 2.58 million, underscore the city’s dire need for affordable living spaces. The current housing stock falls short by 58,573 units, exacerbating the affordability crisis. This issue is further complicated by the median rental price of $1,579 in Phoenix, which is out of reach for many residents given the median income of $33,573.
PadSplit aims to utilize the existing housing stock more efficiently by converting single-family homes into multi-family units, and through shared housing. This unique strategy is positioning PadSplit as a leader in the shared housing marketplace.
As the company continues to grow in Phoenix, its innovative approach offers hope in the fight against the housing affordability crisis. Learn more at padsplit.com.