Augsburg is a city in the south-west of Germany, in the Bundesland of Bavaria. It is a former Free Imperial City and the third-largest city in Bavaria after Munich and Nuremberg. Augsburg is now home to around 270,000 people. The city is famous for its Fuggerei, a walled enclave of narrow streets and houses which was founded in 1516 by Jakob Fugger. Fuggerei residents still pay a nominal rent which has been unchanged since the enclave’s foundation. The city is also home to the University of Augsburg, the Augsburg Trade Fair and the Schwabenhalle. Augsburg is a popular tourist destination due to its proximity to Munich and the many historic buildings and sites in and around the city.