Beacon Hill real estate market is seeing another demand-side factor disappear – international students. The data shows international student permit holders admitted, made a sharp decline in Q2 2020. The decline will continue into the fall, or drop further, as the government warns students may not be admitted due to the pandemic. Americal typically has hundreds of thousands of international students, which applies demand pressures on housing. With their extended absence, hundreds of thousands of apartments will be sitting empty throughout the country.
In Beacon Hill, in late July we have 278 Beacon Hill apartments for rent starting September 1, 2020
Canada has warned international students they may not be admitted into the country. Instead, the government is suggesting international students prepare for online lessons. Under the current travel ban, valid study permits may be denied entry, unless they can prove the travel is non-discretionary. Instead, the government will apply online hours towards a work permit upon graduation. The government isn’t just telling people they can’t come, they are incentivizing study abroad. All of this can have a big impact on the Boston real estate market.
Every year the USA accepts hundreds of thousands of international students, creating demand for housing. This means the students are a demand-side factor for a number of a large number of downtown Boston neighborhoods.
Boston’s warmer at this time of year usually begins a strong interest in Beacon Hill apartments and condos. The period starting with spring and going into summer is referred to as “the real estate season” in the industry. But COVID-19 (Coronavirus) is changing the seasonal trends, forcing people into isolation, and drastically shifting renters’ priorities.
I recently looked at Google Trends as well as traffic behavior on our website since the Coronavirus outbreak. The results:
Looking at the traffic the numbers drastically dropped by approximately 25% compared to the previous week, a stark contrast to what a typical traffic season would be during this time of year.
It’s no doubt that the pandemic has already put the brakes on Beacon Hill apartment and condo searches as renters/buyers are trying to figure things out. Here at Ford Realty, we’re still showing apartments, but only if they’re vacant. In the past. we’ve had renters lease out apartments by just viewing pictures or via YouTube videos.
My name is John Ford the owner of Ford Realty. Please feel free to contact me and I can explain how I can save you money on renting a Beacon Hill apartment. My cell/text is 617-595-3712. My email is firstname.lastname@example.org.
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