Why EV Charging is the Ultimate High-Tech Amenity for Modern Multifamily Residences

In the current evolving real estate landscape, tech-friendly amenities are becoming indispensable. While robust internet connectivity, smart home IoT, and advanced security systems have become standard offerings, one amenity is emerging as a new requirement for new building codes and tenants looking for their next vehicle: convenient charging for electric vehicles (EVs).

The EV Revolution and Multifamily Housing

The electric vehicle market is experiencing unprecedented growth. Industry projections suggest that by 2030, half of all new vehicles sold will be electric. This shift in transportation is transforming resident expectations, particularly in multifamily housing.

New gas-powered cars have fallen by 4 million in five years, while EVs and plug-in hybrids have grown to 3.3 million faster than Bloomberg and EIA initially expected. A recent report by JD Power shows that 83% of EV owners prefer home charging. However, convenient charging options are often lacking for the 31.4% of Americans residing in multifamily housing, such as apartments, condos, and townhomes.

This disparity presents a significant opportunity for forward-thinking property owners and managers. You might even say that it’s no longer an option for regions with high EV growth where you are losing out to residents by not offering a place to plug in or where you can’t build without meeting increasingly aggressive building codes. This July, CalGreen 2024 took effect, requiring 50% of multifamily and workplace parking to be EV-capable to get a new project approved.

The Rising Demand for EV Charging

The National Multifamily Housing Council (NMHC) and Grace Hill 2024 Renter Preferences Survey highlight a dramatic increase in demand for EV charging. In just two years, the percentage of renters expressing interest in or simply relying on EV charging has jumped from 27% to 34%. This trend underscores the growing importance of eco-friendly amenities in modern living spaces.

Beyond Just an Amenity: The Strategic Advantage of EV Charging

Installing EV charging infrastructure offers multifamily properties a variety of benefits:

1. Competitive Advantage and Higher Property Value: The availability of EV charging adds a competitive edge in an already crowded market, potentially increasing its overall value and appeal to buyers and investors.
2. New Revenue Stream: Implementing a cost recovery model for EV charging can create an additional income source, with the potential for the system to pay for itself in five to seven years.
3. Sustainability Commitment: EV chargers demonstrate your property’s dedication to environmental stewardship, appealing to the growing demographic of eco-conscious renters.
4. Futureproofing: As EV adoption accelerates, properties with existing charging infrastructure will be well-positioned to meet future demand and comply with potential regulations.
5. Financial Incentives: Take advantage of federal, state, and local incentives, tax credits, and rebates to offset installation costs.
6. Enhanced Resident Satisfaction and Retention: EV charging is particularly inviting to remote workers and environmentally conscious residents, potentially boosting satisfaction and retention rates. Most EV drivers won’t consider an apartment without EV charging already.
7. Energy Optimization: Modern EV charging systems can integrate with building management systems, optimizing energy usage and potentially reducing utility costs.
8. Data-Driven Insights: Advanced chargers provide valuable usage data, enabling property managers to make informed decisions about future expansions or adjustments.

Meeting the Demands of Modern Residents

The multifamily sector is experiencing a surge in demand for high-tech amenities, driven by several factors:

• Technological Advancements: Smart home technologies like digital locks and IoT-enabled devices are now expected as standard features.
• Remote Work Trends: With 52% of renters working remotely, reliable high-speed internet and dedicated working spaces are necessary.
• Health and Wellness Focus: State-of-the-art fitness centers, air purification systems, and outdoor spaces are increasingly valued.
• Sustainability Priorities: Energy-efficient appliances and green spaces align with residents’ environmental values.
• Convenience and Efficiency: Smart delivery systems, automated lighting, and efficient parking solutions streamline daily routines.

The Road Ahead: A Vision for the Future

Imagine a future where every parking space in your property is EV-ready, where charging is as seamless as parking, and where your property is a key player in a cleaner, more sustainable urban ecosystem. This future isn’t just possible, it’s inevitable. The question is: will your property lead the charge or be left behind?

As we move towards a more electrified future, the question isn’t whether to install EV charging, it’s how quickly can you make it available to your residents? In an increasingly competitive market, EV charging is the high-tech amenity that can truly set your property apart. It’s an investment in resident satisfaction, sustainability, and the future of urban living.

The time to act is now. Your residents, and your bottom line will thank you.