Electric vehicle ownership is expanding. There are now over 3.6 million EVs in the United States, with millions more on their way. As electric vehicle ownership expands to the public, EV charging at residential and multifamily communities is critical. Here are three reasons why you should consider EV charging at your apartment community this year.
EV Charging Helps You Meet the Growing Demand
The US federal government has set a goal of 50% of all new car sales being electric by 2030, or 48 million EVs according to McKinsey. With 80% of all charging taking place at the home, single and multifamily homes must install EV chargers for residents. PwC forecasts that in 2030, 17%, or about 6 million, of all charging points in the US will be located at apartment buildings. (In this calculation, another 80% will be located at single-unit homes.) Thanks to funding programs such as the New and Used Clean Vehicle Tax Credits, EV ownership is growing, making EV charging a must-have amenity for renters and homeowners.
EV Charging Helps You Attract and Retain Residents
Electric vehicles represent a shift in fueling, where drivers now eliminate the weekly visit to the gas station in favor of plugging in more often at home. In a 2021 Multifamily Design+Construction survey, property managers named EV charging the third most popular convenience amenity upgrade. Residents who already drive an electric vehicle are moving to residential communities that have EV charging. If your community does not have chargers yet, installing them is an effective way to increase tenant retention. As NELSON Worldwide’s Loren Nelson said in a Multifamily Executive article on the top nine emerging trends for multifamily, “EV charging stations have moved from being an amenity to a necessity for developers wishing to attract and retain residents and foster an environmentally sustainable community.”
EV Charging Helps You Generate Additional Revenue
Not only can EV chargers increase tenant retention and allow you to charge higher rents, but an EV pricing policy can also generate additional incremental revenue. With the Blink Network, property managers can offer free or paid EV charging. Charging drivers a duration or energy fee for usage can add another stream of income for your property. Electric vehicle charging is the next major upgrade for multifamily properties. Get started with Blink today. Connect with a Blink sales manager to schedule your consultation.