Below is the working solution of the problem,
SSMS in general uses several connections to the database behind the scenes.
You will need to kill these connections before changing the access mode.(I have done it with EXEC(@kill); in the code template below.)
Then,
Run the following SQL to set the database in MULTI_USER mode.
USE master
GO
DECLARE @kill varchar(max) = '';
SELECT @kill = @kill + 'KILL ' + CONVERT(varchar(10), spid) + '; '
FROM master..sysprocesses
WHERE spid > 50 AND dbid = DB_ID('<Your_DB_Name>')
EXEC(@kill);
GO
SET DEADLOCK_PRIORITY HIGH
ALTER DATABASE [<Your_DB_Name>] SET MULTI_USER WITH NO_WAIT
ALTER DATABASE [<Your_DB_Name>] SET MULTI_USER WITH ROLLBACK IMMEDIATE
GO
To switch back to Single User mode, you can use:
ALTER DATABASE [<Your_DB_Name>] SET SINGLE_USER
This should work. Happy coding!!
Thanks!!