According to a Bloomberg report released in 2017, electric vehicles will make up 54% of all new light-duty vehicle sales globally by 2040. While that may seem a long while from now, the reality is that property owners and managers need to plan ahead. By offering EV charging stations as an incentive to residents, you can be ahead of the curve and ensure any available units won’t stay that way for long. But before you decide to offer car charging stations for an apartment complex or other rental property, you’ll need to take certain factors into consideration. We’ve highlighted a few of these below.
- Property Location: We know that electric vehicle owners will charge at home 95% of the time — so if your tenants own EVs, they’ll definitely be interested in having the opportunity to do it in a convenient spot. But deciding whether to install EV charging solutions may come down to the location of your property. EVs don’t currently represent a large portion of vehicles out on the road; they’re often found in specific pockets, particularly in large metropolises with eco-conscious residents. If that sounds exactly like where your rental property is located, that’s a sign that EV stations might be in higher demand. However, those who own properties in rural areas with a less-defined emphasis on sustainability might need to consider the costs associated with installation and assess whether there is currently a demand for these services. Keep in mind that even if there isn’t a demand for them currently, that will likely change in the coming years.
- Tenant Interest: If your rental property is located in an up-and-coming area and you want to attract a certain demographic, EV charging solutions can provide you with a means to do so. But it’s important to discern whether your tenants have an interest in this service — and whether they might bear the costs. Many tenants are so eager to have access to their own charging station that they will gladly support the installation and usage costs through monthly fees. Having convenient access to a way to recharge their vehicles may outweigh the payment. Some states actually require property owners to let their residents install their own EV charging solutions if they pay for the installation and take out an insurance policy. If you have several tenants who already have EVs, this can give you a good indication as to whether residents might be willing to support the costs of installation and maintenance.
- Housing Compliance: Because electric vehicles have only recently become more common, legislation has been a bit slow to catch up — but we’re getting there. California, in particular, has been pushing for legislation pertaining to EV charging solutions. While it used to be that EV charging stations could not be installed or used in property parking spaces, that changed in 2016. Now, cities can mandate that electric vehicle spaces represent at last 3% of parking for newer multi-family dwellings that have 17 units or more. As these vehicles become more prevalent, these same kinds of laws will likely make their way to other big cities. Of course, you’ll need to ensure that your plan for implementing EV charging solutions fits in with local ordinances. If you can balance legal obligations with leading the charge (pun intended) on installing these changes, you might be able to fulfill a need and attract families to your property chiefly due to your dedication to sustainability and innovation.
Ready to get in on the EV trend? Installing a charging station on your property can provide a valuable service to your residents. Contact us today to learn more.