Houston renters find relief with PadSplit's co-living spaces
FOX 26 Houston - Some renters who've been struggling to find affordable housing are turning to a new model of co-living while saving hundreds of dollars a month.
For every 100 extremely low income households in Houston, there are just 25 affordable homes to rent, according to the National Low Income Housing Coalition.
A leasing platform called PadSplit is now in more than a dozen states with a goal of creating more affordable housing.
Craig Lynch rents a room in a house through PadSplit to cut his commute to work and cut his costs.
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"You can’t find a one-bedroom in Houston to save your life. And if you do, it will be over $1000. Compare that to what I’m paying. I’m paying less than $700," said Lynch.
And that includes his water, electricity, and internet bills. He shares the kitchen, bathroom, and laundry room with seven other renters in the home.
"It's much more of a home-vibe because my neighbors are my roommates. We have all kind of become friends," said Lynch.
The rentals are weekly, but renters must stay at least 31 days. Lynch says most of the other renters in the home have been there for several months.
"I didn’t want to jump into a commitment with another apartment community or sign a lease," he said.
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Atticus LeBlanc says he founded PadSplit to connect property owners and renters in order to create affordable housing where it's often lacking.
"You can have someone who is working and earning less than $40,000 a year that have full-time employment that still can’t afford anything in the market," said LeBlanc.
PadSplit helps property owners convert spaces like living rooms into extra bedrooms that are rented out furnished with lockable doors.
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"There’s a background check. There’s identity verification, where you have to take a picture of yourself holding your ID," explained LeBlanc.
In Houston, LeBlanc says the average PadSplit rent is $667 a month, compared to a studio apartment averaging over $1000, according to CoStar.
"When we survey renters, they report an average savings of $332 a month," reports LeBlanc.
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"If you’re single and looking for a one bedroom and you don’t have a lot of furniture, this is ideal," said Lynch.
PadSplit requires rental properties to meet certain safety requirements before they're leased.
The Better Business Bureau reports some renters have filed complaints regarding cleanliness or security issues in some of the rental homes around the country, but PadSplit says it offers a 24/7 support team that renters can reach out to for help.
Since starting six years ago, LeBlanc says PadSplit has created more than 10,000 rooms in 18 cities across the U.S., providing affordable housing to 23,000.