Miles is renting a furnished bedroom in a single-family home in Douglasville through PadSplit at less than $700 a month, well below the average cost of a one-bedroom apartment in Atlanta or the surrounding suburbs.
In the United States, more than 5,000 beds in about 150 modern co-living communities existed in 2019, according to CBRE, the world’s largest commercial real estate services and investment firm.
About 15% to 20% of those leases will be rent-by-the-bed options, said Ryan Shear, managing partner for developer Property Markets Group .
We realized we could make living with roommates better by providing the furnishings, splitting the bills and filling any vacancies.
In metro Atlanta, the average number of permits issued to build residential units every month went from 4,100 a month in the 1990s to 2,500 a month in the past decade, according to the U.S.
The average cost of a home in the 11-county metro area jumped $82,000 or about 53% since 2017.
Cheneé Joseph, president and CEO of developer Historic Development Corporation, said community input was solicited in the planning stages of the project.
These units will be open to people making 80% or less of the area’s average median household income of $55,733.
With operations in Atlanta, Texas, Florida and Virginia, LeBlanc recruits property owners who are willing to rent one or more rooms in their houses.
Members pay PadSplit weekly or biweekly, and PadSplit, in turn, pays the property owners.
PadSplit members typically make about $25,000 a year and are usually looking for a stepping stone to stability, he said.
Currently, PadSplit has 4,100 bedrooms in its inventory and has housed more than 7,400 individuals at a time.
Her children stayed with their grandmother in South Georgia while Roache taught full-time and pursued her master’s degree.
Apartment List develops rent estimates each month based, in part, on the median recent rent statistics from recent movers taken from the Census Bureau American Community Survey.