The folding bunk beds of this invention fold between a horizontal sleep position and a vertical storage position. The various embodiments, both manually operated and power operated, of the folding bunk beds use vertically shifting pivot points to accommodate larger bed decks. The bed decks are hinged to carriages that slide on vertical shafts mounted within a wall frame. Bed decks are mounted to support arms that are pivotally connected to the carriages. A linkage mechanism or guide track allows the bed decks to pivot simultaneously between a horizontal sleep position and a vertical storage position as the carriages shift along the shafts. The vertically shifting pivot point allows the bed decks to kneel down, that is to fold up at a pivot point lower on the wall.