In 2015, it took an average of 14 months to complete an apartment building beginning from obtaining authorization. This is just under one month longer than it took in 2014 and two months longer than 2013, NAHB’s Eye on Housing reports.
From the time construction actually began to completion, it took 12.2 months in 2015, slightly longer than the 11.7 months it took in 2014. Meanwhile, the time between authorization and construction beginning rose to 1.8 months, up from 1.4 months in 2014.
The number of units in a building plays into how long it took to complete. A building with 20 or more units took an average of 16.2 months to complete from the time of obtaining permits in 2015. Properties with 10 to 19 units took about 14 months, while buildings with five to nine units took 13.2 months. Buildings with two to four units were, unsurprisingly, the quickest to build with a time of 12 months.
Time of construction also varied based on region with the Northeast having the longest average build time from authorization to completion of 15.8 months. The Midwest had the shortest time at 12.4 months. The South and West were sandwiched in the middle with times of 14.4 months and 13.1 months respectively.
For the full breakdown and for accompanying graphs and charts, follow the link below.