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Demand for Multifamily Housing Predicted to Increase

A study by the Southern Nevada Home Builders Association predicts that the demand for single family housing will go down in the next five years while the demand for condominiums, townhomes and condominiums will increase. They further predict that owner occupied units will fall from nearly 60% of all housing units in 2007 to 57% in 2012. Renter occupied units are predicted to grow from 40% to 43%.

The reasons for this are various: the decline in the number of families, the increase in single women in the workforce, baby boomers down sizing their housing requirements, longer life spans, a growing population and an increased desire for convenience and time savings, which includes a shorter commute to work.

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