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College-Area Rents Are Falling Behind as Schools Move Online…

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College-Area Rents Are Falling Behind as Schools Move Online
In these areas with a high share of college trainees, typical lease rates were growing 4.7% year over year in February. By August, when lots of trainees would usually move back near school, leas were down 0.5% from the year prior to, marking the very first time because at least 2017– the earliest Zillow information is readily available– in which college-area leas were lower than the previous year. By August, that space had actually broadened to 3.4% as leas continued to fall in college locations however increased somewhere else.

In these communities with a high share of college trainees, typical lease rates were growing 4.7% year over year in February. By August, when numerous trainees would normally move back near school, leas were down 0.5% from the year prior to, marking the very first time because at least 2017– the earliest Zillow information is offered– in which college-area leas were lower than the previous year. In May, the typical lease was just 1% lower in college locations than non-college locations. By August, that space had actually expanded to 3.4% as leas continued to fall in college locations however increased in other places. Costlier locations with a high share of college trainees are typically seeing steeper lease decreases.

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