PBSA Operators in Poland — Who Manages the Private Dormitories

Investing in a private dormitory is not just buying a unit — it is a partnership with an operator who runs the property, recruits tenants, and ultimately determines the return on the investment. The choice of operator is one of the investor's most important decisions.

In this article we map the PBSA operator market in Poland on the basis of a full audit of our database (2026-05-28), verified against each operator's website.

14 active PBSA brands in Poland

In total, 34 PBSA properties currently operate across Poland's 8 largest academic cities. Breakdown by brand:

Brand	Parent company	Properties	Cities
Student Depot	Kajima Student Housing (Japan)	8	Warsaw (2), Kraków, Wrocław, Gdańsk, Poznań, Łódź, Lublin
Basecamp	Xior Student Housing (Belgium)	7	Warsaw (2), Kraków, Wrocław, Łódź (2), Katowice
Zeitraum	Zeitgeist Asset Management	3	Warsaw, Kraków (2)
Tribera Living	Tribera (ex-Milestone)	2	Wrocław (2)
StudentSpace	Signal/Griffin/Echo Investment	2	Kraków (2)
LivinnX	Golub GetHouse	2	Warsaw, Kraków
SHED Living	1 Asset Management	2	Warsaw, Kraków
Collegia	Collegia Group	2	Gdańsk (2)
Noli Studios	Noli Studios	1	Warsaw
Next Door	Réside Etudes (France)	1	Kraków
The Eagle	Magis Real Estate	1	Poznań
Akademik Praski	independent	1	Warsaw
Zeus Apartments	Transhurt	1	Lublin
Start Park	Start Park	1	Wrocław

All properties verified directly on the operators' websites (audit 2026-05-28). After the audit, 2 ghost records were removed from the database (Collegia Warsaw — the operator works only in Gdańsk; Zeitraum Wrocław — the operator has no property in Wrocław).

The biggest players — key profiles

Student Depot (Kajima Student Housing)

The largest PBSA operator in Poland by number of properties (8 locations in 7 cities). The parent company — Kajima Student Housing — is a Japanese real-estate group with a PBSA portfolio in many countries.

Profile:

• All-in standard (utilities, internet, security, gym included)
• Prices in EUR (twin studio from ~EUR 310 in Lublin to EUR 450 in Gdańsk, single from EUR 460-660)
• A "Work & Chill" zone as a signature feature
• Online booking in English — strongly oriented towards international students

Basecamp by Xior

The second-largest operator (7 properties). The parent company — Xior Student Housing — is a Belgian firm listed on Euronext Brussels, one of the largest PBSA groups in Europe.

Profile:

• Premium standard (gym, cinema, shared kitchen, coworking, sauna)
• Two properties in Warsaw (Wenedów in Powiśle + Wolska in Wola)
• The cheapest option in the database: Basecamp Łódź Rewolucji PLN 1,300/month (Shared Mezzanine)

Zeitraum / Zeitgeist Asset Management

3 properties in Poland (Warsaw Solec 22 — 214 beds, Kraków Racławicka 58, Kraków Koszykarska 33). Zeitgeist Asset Management is a Czech investment fund, with the Zeitraum brand dedicated to students.

Solec 22 (Warsaw) is the flagship property, opened in 2025.

LivinnX (Golub GetHouse)

2 large premium properties:

• LivinnX Warsaw — Jagiellońska 82, Praga-Północ, 650 beds, opposite Kozminski University
• LivinnX Kraków — Romanowicza 4, Zabłocie, 290 units, rooftop pool and jacuzzi

Golub GetHouse is a well-known development group — they previously built class-A office buildings (Warsaw Financial Center, International Business Center, PRIME Corporate Center).

Tribera Living (ex-Milestone)

2 properties in Wrocław:

• Tribera Wrocław Ołbin (Bolesława Prusa 9)
• Tribera Wrocław Fabryczna (Fabryczna 24)

Important for investors: the Milestone brand was rebranded as Tribera Living in 2025 (part of the Tribera group). Older marketing materials may use the old name.

StudentSpace (Signal/Griffin/Echo Investment)

2 properties in Kraków, delivered in 2025:

• Wita Stwosza (2 buildings, A and B)
• Al. 29 Listopada 98 (Prądnik Czerwony)

A consortium of three investors: Signal Capital Partners, Griffin Capital Partners, Echo Investment. Echo Investment is one of the largest Polish developers (listed on the GPW).

SHED Living (1 Asset Management)

2 co-living properties:

• SHED Warsaw Sky Living — Żwirki i Wigury 31 (Ochota), 733 beds, conversion of the Lipowy Office Park office building
• SHED Co-living Kraków — Aleja 3 Maja 51A, close to Błonia and AGH, a co-living concept

Specifics: SHED properties also operate in Prague and Vilnius — an international co-living operator.

Local / independent operators

Part of the market consists of smaller operators with 1 property:

• Collegia Group — operates exclusively in Gdańsk (Sobieskiego 1 + Grunwaldzka under construction in 2026), 474 rooms in total
• Noli Studios — Warsaw Mokotów, premium/hotel standard
• Next Door (Réside Etudes) — a French operator, its only property in Kraków (3 Maja 47B by the Błonia meadows)
• The Eagle (Magis Real Estate) — boutique SmartLiving in Poznań, Al. Niepodległości 6
• Akademik Praski — independent, Praga-Północ, billing model: rent + utilities separately (not all-in)
• Zeus Apartments (Transhurt) — Lublin Czechów, a hybrid model (long/short-term letting + sale)
• Start Park — Wrocław Al. Paderewskiego 35, micro-apartments

Operators' business models

PBSA operators in Poland work under one of 3 models:

1. Operator-owner (dominant). The parent company is at once the owner of the property and the operator. Examples: Xior (Basecamp), Kajima (Student Depot), Golub (LivinnX). The individual investor has limited access — mainly through funds or SPVs.

2. Operator for external owners. The operator manages a property belonging to another investor (e.g. a fund, a developer). A model available to individual investors via the purchase of a unit + a management agreement.

3. Hybrid. Some properties owned by the operator, some managed for external investors. Zeitgeist (Zeitraum) operates partly under this model.

For the individual investor, the most accessible is model #2 — in condo-type projects (selling units to student-residents + management by the operator). Still niche in Poland, but developing.

What to verify when choosing an operator

1. Experience and portfolio. How many properties does the operator have in Poland? How many in Europe? How long has it been operating? Xior, Kajima, Zeitgeist have a decade-plus portfolio. Local operators may have 1-2 properties with no long history.

2. The parent company. Listed on a stock exchange? A fund? Independent? Listed firms (Xior on Euronext Brussels) have better financial transparency.

3. Locations. Is the property in a good location relative to the university? Check the map + verify the districts. (The 2026-05-28 audit detected incorrect district descriptions in 4 properties in our database.)

4. Standard and pricing. Are prices all-in or + utilities? What is included? What room types? What is the minimum price vs the market average?

5. Conditions and contracts. Minimum lease term, penalty for early termination, deposit, rent-indexation policy.

6. Occupancy track record. Does the operator show historical occupancy? Year-on-year rent rates?

Summary

The Polish PBSA market is dominated by two international operators (Student Depot / Kajima Student Housing and Basecamp / Xior Student Housing), with 15 properties between them = more than 40% of the entire market.

The remaining 12 brands are smaller operations or niche models (co-living, sale-hybrid, local independents).

For the individual investor — the most accessible are condo properties (buying a unit + a management agreement), offered mainly by Polish developers entering PBSA (Echo Investment, Signal/Griffin, local projects).

For the institutional investor — direct access is possible to the Xior, Kajima, and Zeitgeist funds or participation in new pipeline projects (+9,000 beds by 2028, Savills).

Sources

• PBSA operator audit Poland 2026-05-28 (data/audit-2026-05-28.md)
• Operator websites: studentdepot.pl, basecampstudent.com, zeitgeist.re/students.zeitraum.re, livinnx.com, triberaliving.com, studentspace.pl, shedcoliving.com, nolistudios.com, collegia.pl, nextdoor-housing.pl, theeagle.pl/magisrent.pl, akademikpraski.pl, zeusapartments.pl, startpark.pl

Full citations in data/sources.md.