Analyzing the Effects Remote Learning Had On The Housing Economy

Remote learning was and still is one of the worst debacles of the last two years. Aside from school performance metrics and overall student morale being abysmal, the effects remote learning had on local economies was significant in many areas nationwide. Few metro markets saw the same housing market upheaval as did Boston, where the apartment vacancy rate soared to a record 8% in September 2020.

I suppose that shouldn’t be a surprise in a city where it’s estimated that nearly half of all leases are signed for 9/1. Boston’s many area Universities account for roughly 138,000 residents, a large percentage of which seek off campus housing in various neighborhoods around Boston. When campuses mandated remote learning for Fall 2020, the effect it had on the demand for apartments in Boston was seismic.

Not only did vacancies soar to record levels, apartment availability hit an unprecedented 13.4% in March of 2020. That same month, many of Boston’s largest schools announced plans to eliminate remote learning for Fall of 2021. As a result, if you analyze apartment supply data from April 2020 through today, you’ll see one of the fastest market corrections in history. Over 85% of the available inventory was absorbed and we’re now seeing some of the lowest apartment supply on record in many neighborhoods.