Frequently Asked Questions
01
What is PadSplit and how does it work?
Think of PadSplit in the same terms as Airbnb. Padsplit is a co-living model where a single-family home or small multi-family property is rented out by the room instead of as a whole unit. Members pay weekly and utilities and internet are included. Renters are considered long term averaging more than 8 months per stay.
02
How much more can I make with PadSplit compared to a traditional rental?
On average, many investors see 2–3 times the NET income from the same property when converted to PadSplit. Instead of one tenant paying $2,500 a month for the whole home, you might have 7 members each paying $185 a week. There are far more expenses to carrying a Padsplit, but even after factoring those in, the cash flow compared to long term is stark.
03
What types of properties work best for PadSplit?
Single family homes outside of any HOA or deed restrictions is necessary for starters. Beyond that, generally looking for homes with enough square footage and a decent layout that can hit 7 bedrooms or more (depends on purchase price). Homes with extra bathrooms or space that can be converted into bedrooms usually perform best. There are many additional things we AVOID as well.
04
Who are the tenants, and how are they screened?
PadSplit calls tenants “members.” They are typically working adults, 25-45 years old singles, who need affordable housing close to their jobs. PadSplit handles the screening process, which includes background checks, income verification, and identity checks to help ensure reliable members. By paying weekly, evictions are actually realized sooner and performed quicker than a traditional long term renter.
05
What occupancy rates can I expect?
PadSplit homes usually maintain very high occupancy—often around 90%—because there’s strong demand for affordable rooms. The Tampa area, in particular, has consistently shown near-full occupancy once homes are listed; however it also depends on how you renovate and run your property. Similar to an Airbnb, members can leave reviews which can affect your occupancy positively or negatively.
06
How do I handle maintenance and management?
You can self-manage or hire a property manager familiar with Padsplit. The platform itself provides systems for collecting rent weekly and handling disputes, but you’ll still want a property manager to handle repairs, cleaning, and day-to-day property care. I have recommendations for any help needed on your Padsplit purchase.
07
Are PadSplit properties riskier than traditional rentals?
Every model has risks, but PadSplit spreads risk across multiple rooms instead of relying on a single household. Even if one member moves out, you still have income from the others. That can make cash flow more stable than a single-family rental with one tenant. Risk has been stripped even further given how long Padsplits have operated in and around Tampa.