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How does amenity creep actually price into rent on a purpose-built deal

Looking at a 64 bed purpose-built near a mid-size state school in Ohio, listed at $890 per bed per month. That includes a rooftop deck, coworking lounge, package lockers, and a bike room. Comparable units three blocks away with none of that are at $760. So the developer captured maybe $130 of the gap, not all of it. I'm trying to figure out whether the $130 holds at renewal or whether students just stop caring about the rooftop after year one and the effective premium compresses. The last two years of rent rolls on this thing show one $15 bump and one flat year, which does not answer my question cleanly. I want to know if anyone has watched amenity-heavy student product hold its premium past the third or fourth lease cycle, or if the gap narrows as the building ages and the shiny stuff starts feeling ordinary.

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Watched a 72-bed purpose-built in Bowling Green hold about $90 of its original $120 premium through year five, but the rooftop HVAC started failing in year three and they basically stopped marketing it. That decay wasn't amenity fatigue, it was deferred maintenance eroding the perception of the asset, which is a different problem but it compounds fast in student product because the tenant pool resets every year and new kids have no loyalty to what it used to be.

The thing I'd want to know before I touched this deal is what the school's enrollment trend looks like over the next four years, because in a shrinking enrollment market that $130 gap is the first thing operators cut to fill beds, and then the comp set reprices down and your premium is gone structurally, not cyclically.

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