How beds actually fill
PBSA occupancy is the share of beds that are let on terms you can collect. Owners and lenders should agree the definition before they compare two schemes. Beds, income, and room nights are not interchangeable.
Direct-let is the operator selling rooms to students. A nomination is a university contract on part of the building — see nomination agreements. A scheme in Liverpool can run both in the same year. Model them as two income lines.
UK coverage: 1,849 active schemes across 78 cities (62 cities with a hub page). As of 20 October 2026. These are PBSAX coverage figures, not a national census. See PBSA news for the dated snapshot, and city pages under UK PBSA.
The academic-year cycle
UK student lettings are built for a September start. Pricing and nomination windows sit early in the calendar year. Contracting and remaining void risk sit in late spring. Move-in week is when the occupancy report becomes real.
| Period | What owners should watch |
|---|---|
| Early year | Pricing, early-bird offers, and nomination windows. |
| Late spring | Contracting, room allocation, and remaining void risk. |
| September | Move-in, no-shows, and first occupancy report to owners. |
| Autumn term | Welfare load, arrears, and any relets. |
| Rebooking | Returning students for the next academic year. |
| Summer | Conference or short-stay only if the consent and insurance allow it. |
Catchment demand is on supply and demand. City stock is under UK PBSA. How fill turns into income is on operating costs and NOI.
Reading an occupancy pack
Ask for fill by academic year, by room type, and by nominated versus direct-let. Ask what happens to unused nominated rooms. Ask whether summer income is in the underwrite or extra. A city page for Edinburgh or Cardiff is orientation; the rent roll is the evidence.
Dated coverage counts sit on PBSA news. Return concepts sit in PBSA investment. There is no national occupancy percentage on this page.
Sources
FAQs
What does occupancy mean on a PBSA scheme?
The share of beds that are let and paying for a defined period — usually an academic year or a term. Ask whether the figure is beds, income, or room nights, and whether vacant but nominated rooms count as filled.
What is direct-let versus nomination?
Direct-let is the operator marketing rooms to students. A nomination is a university contract on a tranche of beds. Many buildings run both. Income quality depends on the contract, not on the mix label.
When is the UK letting cycle?
Marketing typically builds in the first half of the calendar year for a September move-in. Returning-student rebooking sits beside new first-year demand. Summer conference income is upside, not the core underwrite.
Is there a national occupancy rate I should use?
No. Occupancy is a scheme and city fact. Use the rent roll, applications, and competing stock. A national average hides empty buildings next to full ones.
What do lenders want to see?
A history of fill by year, the nomination book if any, and a stress that assumes the university can walk. They will not take a marketing occupancy slide without the underlying tenancy file.