CHICO, Calif. - With Chico State's transition to online classes for the fall, we will likely see impacts in our local housing market.
Some landlords told Action News Now they plan on lowering rent to fill their vacancies. While others aren't being impacted because some people had already signed leases before the transition.
David Halimi, who is a landlord in Chico says if the situation continues we will likely see drops in rent prices. "There will be a lot of vacancies and prices will come down to attract the few who are looking for places," said Halimi.
Halimi says he hasn't seen major impacts at this time because some students had already signed up for leases before the announcement was made and some still plan on moving to Chico.
While the university has announced that the majority of classes will be online, there has also been discussion about offering a few in-person classes.
Another landlord who did not want to go on camera but owns houses across the street from the university says he already started reducing rent prices. He says some students who had signed leases opted out and he is seeing more vacancies than in the past.
Action News Now reached out to nearby apartment complexes and most declined to comment at this time.
Chico State President and other university officials are holding a coronavirus related Zoom meeting Thursday night with Vice Mayor Alex Brown and councilman Randall Stone, student housing will be discussed during that meeting.