Macroeconomic depression. People's income has not increased, but has decreased relative to the price increase. In this way, college students don't have much money. As soon as prices go up, they spend all their money on food and drink, so they have less money to open a house.
Convenient transportation leads to less accommodation for college students. Previously, due to underdeveloped public transportation, the university town was remote and inconvenient to go back and forth. If it is too late, I have to stay. I don't need it now.
Nowadays, college students have improved their awareness of sexual safety and the requirements for opening a house. They don't just go out and get a room like college students used to. When they check in, they may go to more upscale hotels in the city. It will also cause bad hotel business in the university town.