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Multifamily is thriving in Las Vegas, but the market still hasn’t returned to its peak levels from the prior cycle. According to a recent market report from Colliers International, the multifamily market in Las Vegas has seen increased vacancy rates and waning new construction activity.

Multifamily is growing again, but not at the level that we had seen a decade ago. We are definitely seeing people struggling to afford a home, and that has driven them towards multifamily. As a result, we have seen a tremendous amount of multifamily been built,” John Stater, research and GIS manager at Colliers International, tells GlobeSt.com. “The real story is that people like to live apartments in their 20s and they like to live in single-family homes in their 30s. People like to live separately or have their own space when they can.”

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance writer and editor living in Los Angeles whose work has appeared in such publications as Travel + Leisure, Angeleno and Los Angeles Magazine.

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