Chances are, if you’re driving around the Las Vegas area, you will see some apartment building going up. The real estate boom of the 90s and 2000s was fueled mostly by houses, but as you know, that market has experienced problems since 2007. But one person’s bad news is another’s good news. Houses are hard to rent and people who rent don’t like cutting lawns, and that means that people who were buying are now renting. The change is focus is natural: most of the people who were buying weren’t really in the market, but interest rates were so low they couldn’t resist. Now they are looking to get out from under their underwater mortgages and into a much cheaper apartment.
Commercial apartment complexes are now a great way to break into the commercial real estate market in Las Vegas, because they are reasonably cheap to build and they are generally closer to the downtown area.