Multifamily data research shows that tenants want to live in communities that allow them to charge their electric vehicles (EVs). EV chargers are special parking spots equipped with electrical connections that charge electric cars. It’s like filling up at the gas station for traditional cars. With more and more people investing in EVs, now may be the time to install EV chargers at your multifamily property. In this article, we’ll discuss the current demand as well as some other things to know about EV chargers.
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Multifamily Data Research on the Demand for Electric Vehicle Charging
You may have noticed a lot more electric cars on your morning commute over the last few years. These vehicles are becoming more available, more affordable, and more popular. Many people say their next car will be electric or hybrid to save on gas and be better for the environment. Right now, there’s an estimated 1.5 million electric vehicles on the road. With more and more people driving electric cars, it may be time for your multifamily community to install EV chargers.
Multifamily data research suggests that with the increase in the number of EVs on the road, there’s also a huge demand for apartments with EV chargers. People with electric vehicles need access to special charging stations so they can drive their cars. Some people charge away from home, like at work or while grocery shopping. However, the vast majority of people prefer to charge their cars at home. As such, EV charging stations are quickly becoming a necessity for people when looking for an apartment.
Not only that, but the demand is expected to grow as more people start driving electric vehicles. It’s currently an in-demand amenity, but it will soon likely become a necessity the same way that access to fast internet or a good package handling system is for today’s tenants.
Key Things to Know About EV Chargers in Multifamily Communities
Of course, investing in EV chargers for your multifamily property requires a good deal of thought and planning. Multifamily data shows that these amenities are becoming more and more popular, but installing these chargers is more than an afternoon project that your maintenance team can handle.
The first thing to think about is how many charging stations you need. Some states even have mandated numbers of EV chargers, like a certain percentage of the parking spaces. Otherwise, you’ll have to determine the number yourself based on the demand in your area.
You’ll also need to decide the type of charging stations to install. There are three different levels of charging. Level one chargers charge the slowest and come with the lowest upfront costs. Level three offers the fastest charging and tends to be the most expensive. As you may have guessed, level two is somewhere in the middle for charging speed and cost and is the most popular option for multifamily communities.
Also, keep in mind that multifamily data research shows that people are willing to pay more to live in communities with EV chargers. So, you need to think about how you can take advantage of this potential for extra revenue and profit. The most popular solution is to charge for EV charging station use, usually at two or three times what you pay per kilowatt hour. For instance, if you pay 10 cents, you might charge tenants 20 or 30 cents per hour they’re parked in the spot.
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