REAL ESTATE GUIDE
Coliving Underwriting Guide
Coliving economics depend on room revenue, shared-space efficiency, service intensity and regulatory compliance.
In this guideWhat the analysis measuresCalculation frameworkUnderwriting reviewHow to use the result
What the analysis measures
Model rentable rooms, average room rate, occupancy, concessions and contract length. Do not apply apartment rent per unit to a room-led concept.
Calculation framework
Include utilities, cleaning, community staffing, technology, turnover and shared-area operating costs. These can materially increase the expense ratio.
Underwriting review
Test licensing, room availability and pre-opening ramp. Higher headline revenue per area may be offset by capex and operating intensity.
How to use the result
Review cost per room, NOI margin, break-even occupancy, financing capacity and exit evidence with a downside operating case.