Beds on a rent roll
Student housing is a per-unit rental with a different tenant, so Altyst underwrites it the way it operates: as a rent roll on the same engine that runs conventional multifamily, by the unit or by the bed.
By the unit or by the bed
Build the mix the way the property leases. A property rented by the bed makes the bed the unit, at the bed rate; whole-unit leases stay units. In-place rents roll toward market as leases turn, with loss-to-lease carried explicitly, and parking, fees, and utility billbacks book as other income.
- Per-unit or per-bed rent roll at $/month
- In-place vs market rents with loss-to-lease
- Concessions, bad debt, and other income
Annual turns, planned for
The whole roster turns every year, which is exactly what a per-unit renovation program is built for: set the budget and the pace, and the upgrade premium arrives as beds come back online. The exit prices the stabilized, post-renovation NOI.
- Per-unit renovation budget and turn schedule
- Rent premium ramps as beds renovate
- Exit on the stabilized, post-renovation NOI
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