Price Per Bed
Assess a PBSA or co-living acquisition on capital value and income per bed.
Introduction
Who this is for: Investors appraising purpose-built student accommodation.
Why it matters: PBSA trades on price per bed as its headline comparable, but the income test matters more — a bed is only worth what it rents for, and PBSA income is highly sensitive to the 51-week letting cycle and void risk.
Typical scenario: A 120-bed scheme at £145 per week over a 51-week let, offered at £14.5m.
- Using weekly rent without adjusting for the actual number of let weeks — PBSA is typically 44-51 weeks, not 52.
- Ignoring that utilities are usually inclusive in PBSA, so operating costs are higher than standard residential.
- Comparing price per bed across university towns with very different demand profiles.
Inputs
Asset & Price
beds
Income
weeks
Costs
Analysis
At £14,500,000 across 120 beds, the price is £120,833 per bed. Gross income of £860,778 (51 weeks at 97% occupancy) gives a net yield of 4.16% after 30% operating costs.
This analysis provides context, not financial advice. Consult a qualified adviser before making investment decisions.
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Live Results
Price Per Bed
£120,833
Gross Income
£860,778
Net Income
£602,545
Net Yield
4.16%