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A 360-bed PBSA building, on weekly rent.

Sample assumptions, the occupancy and term length that decide income, and the academic calendar that controls everything else.

Scale360 beds
Program30 months
Yield on cost (stabilised)6.00%

02 / Sample assumptions

The market context behind the numbers.

Pricing benchmarks, build rates and finance terms used in this student accommodation example. Every one is editable in Popurise.

Assumption sheet07 lines

Studio weekly rent (face): $450
Cluster bed weekly rent (face): $345
Stabilised occupancy: 94% over academic year
Non-academic period: 12 weeks at 60% occupancy
Opex ratio: 34% of EGI
Exit cap rate: 5.25%
Senior debt: 55% LVR, 7.25% all-in

03 / Key inputs

The inputs that drive the deal.

Grouped the way Popurise groups them. Change a category, watch the student accommodation output set respond.

0104 items

Site and NLA

Site area: 1,400 m²
GFA: 11,400 m²
NLA leaseable: 8,200 m²
Amenity: 650 m² across two levels

0205 items

Cost stack

Land: $18.0M
Construction: $59.3M
FF&E: $3.6M
Pro fees and authority: $5.0M
Finance and leasing: $6.1M

0304 items

Revenue and timing

Stabilised gross rent: $8.04M pa
Other income: $0.32M pa
Stabilised EGI: $8.36M
Stabilised NOI: $5.52M pa

04 / Base case outputs

The output set, in full.

Every number a developer wants on the screen for a student accommodation deal, in one place.

Hero outputYield on cost (stabilised)

6.00%

Secondary metrics07 lines

Total development cost
$92.0M
Stabilised NOI
$5.52M pa
Exit value (stabilised)
$105.1M
Development margin
14.2%
Equity IRR (sell stabilised)
17.1%
Peak debt
$50.6M
Cost per bed
$255,500

05 / Scenarios

Base, downside, stretch. Side by side.

Three scenarios on the same student accommodation project. No copied files. The decision is which one to take to investment committee.

Base case

base

Lease-up to opening academic year, 94% stabilised occupancy.

Yield on cost6.00%
Spread to exit cap+75 bps
Equity IRR17.1%
Cost per bed$255.5k

Verdict

Workable. Spread reflects the lease-up risk premium PBSA still carries.

Downside

downside

Opens between academic years. Stabilises in year 2, occupancy 88%.

Yield on cost (yr 1)4.65%
Yield on cost (stabilised)5.62%
Equity IRR10.7%
Spread to exit cap+37 bps

Verdict

Returns dent, primarily on the missed academic calendar. Schedule discipline is critical.

Stretch

stretch

International student demand returns. Rate per bed lifts 5%.

Yield on cost6.30%
Stabilised NOI$5.82M
Equity IRR20.4%
Cost per bed$255.5k

Verdict

Strong scenario. PBSA upside lives in international demand cycles, not domestic.

06 / Decision takeaway

PBSA is decided by the academic calendar more than any rate or build line. Opening between intakes loses a year. The deal lives or dies on practical completion landing in time for the next semester.

Student accommodation feasibility solution

Open

Student accommodation feasibility model

Open

Shape student accommodation feasibility in Popurise.

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