学生住房投资指南：PBSH、指标与运营

200-bed PBSH，rent $800–$1,200/bed/mo，90% occupied → gross $1.73M–$2.59M/yr。Per-bed vs per-unit：4-bed unit at $3,200/mo total = $800/bed，bed-by-bed leasing 可 fill partial units。

University enrollment +2%/yr vs -3% changes demand 30–60 beds on 200-bed asset。On-campus 新建 500 beds → evaluate as 25% supply increase in submarket。

Turnover cost $500–$1,500/bed at academic year end on 200-bed = $100K–$300K/yr。Guarantor (parent co-sign) default rate 2%–5% — collect guarantor on every lease。

Revenue stack：base rent + amenity fee $50–$150/bed/mo + parking $50–$100/mo + furnished premium $100–$200/bed/mo。PM fee 5%–8% of gross (higher than conventional MF due to intensity)。

Student housing agency loan：65%–75% LTV，DSCR ≥1.25，rate +25–50 bps vs conventional MF。Fannie DUS may classify as commercial if >50% per-bed leases。

Risk scenario：enrollment -5% → occupancy 85%→70%，NOI -20%+。New on-campus housing 500 beds → model as permanent supply increase。Summer vacancy 20%–40% unless summer program leasing。

学生住房投资费用包括：专业服务费、政府税费、融资成本和保险。总费用通常占交易额 2-5%。提前了解可避免意外支出。

核心建议：① 充分调研 ② 找专业人士 ③ 留好记录 ④ 注意时限 ⑤ 别跳过检查 ⑥ 考虑长期影响。

最常见的错误：① 不做检查 ② 不了解法规 ③ 预算太紧 ④ 不做比较 ⑤ 忽视税务。提前准备是避免这些错误的最好方法。