Most post-secondary institutions have moved online either completely or in some capacity, which has reduced the need for students to rent in Toronto to attend classes.
U of T reported just shy of 23,019 new international students entering their St George campus Fall 2019/2020. Ryerson University reported 2,564 new international students beginning Fall 2019/2020 as well. Assuming the same number of students transition into their second year of schooling, that is over 25,000 students who likely would have pursued rentals in the downtown area to attend their second year of school, that now may not have to or want to. This does not even take into consideration the large number of non-international students that elect to rent close to the university, nor other education institutions in Toronto.