According to the Census Bureau’s 2024 Survey of Construction (SOC), the average time it takes to finish construction of a multifamily complex after gaining authorization decreased in 2024.
On average, it took 19.6 months from permit to completion, 0.3 months less than in 2023.
While building timelines remain long, this minor decrease happened despite the industry’s ongoing dearth of experienced personnel.
The average time it takes to develop a multifamily home varies depending on the number of units.
In general, the higher the number of units, the longer the construction time. Buildings with 20 or more units took the longest to construct in 2024, taking 22.1 months after receiving approval.
In contrast, 2-to-4-unit buildings took the least time to complete, averaging 15.3 months.
Mid-sized projects fell in the middle, with 10-to-19-unit buildings taking 19.2 months and 5-to-9-unit structures taking 19.1 months.
Year-over-year changes reflect a mixed picture. Completion times for 2-to-4-unit buildings were reduced by 2.3 months, whereas projects with 10 to 19 units took 2.3 months longer.
The most significant increase came for 5-to-9-unit structures, which required 2.2 more months to complete than in 2023.
The average construction duration of multifamily buildings varies significantly across regions, according to SOC data for 2024.
The Northeast took the longest from authorization to completion (23.4 months), followed by the West (19.9 months) and the South (18.5 months).
The Midwest had the shortest permit-to-completion period of 17.3 months.
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