What happens if the universities don't return in the fall?

[Chabane Maidi]

Universities across America are online-only right now, as well as for the summer. What if they stay online-only in the fall?

There are many college towns whose economies and rental markets depend heavily on students being in town, to the point where the vast majority of leases are August to August or July to July. What do you predict will happen to those economies and markets if a gigantic fraction (some cities are 1/3 or more) of the population (i.e. students) stay out of town?

To back up further, how likely do you think it will be that universities stay online-only in the fall?