Student Housing KPIs

Prior to my current gig I worked for a large owner/operator of student housing assets. Below are some of the the biggest differences between multi and student housing in my view:

• Beds vs. Units- Every metric is looked at per bed vs. per unit. This is because If you have a 4-BR unit, it is not a single contract, each BR will sign their own lease.
• Pre-Leasing Season- Assets live and die by the school year lease-up. Starting August/September each year, all institutional student housing assets begin leasing their property for the following school year. If by July/August you're still sitting with vacant beds, you're SOL. Ask for their most recent pre-leasing report with date signed, term dates, rates, concessions, etc. Also, so if they will provide the last few years pre-leasing report to see if leasing velocity is on par. Financials are typically viewed on an academic calendar as well.
• Turnover- While this is a big expense at any multi property, turnover is massive in student housing. ~70% of beds turnover each year because of students graduating, switching properties, etc. and the entire property needs to be turned over in about a week. We would always break this out separately because it is almost as much as the full year R&M expense
• Market Analysis- Your population is very distinct and finite. It's essentially the university's enrollment (mainly undergrad) minus any school housing policy (i.e. Freshman must live on-campus). That leaves with the actual demand that's remaining in the market, then you need to account for current and new supply coming in.