There is a revolution happening, and it’s happening in our driveways. Nearly every major automaker has released or announced plans for an all-electric vehicle, and even luxury brands have joined the movement. We’re on the cusp of a new era, where electric vehicles (EVs) will be the norm, not the exception.
If you’re a landlord or apartment owner/manager, it’s important that you understand the trend toward EVs and how they will impact your business. Here are reasons landlords should install multifamily EV chargers on their property.
Why Install Multifamily Ev Chargers on Your Property
1. You Can Grab an Electric Car Rebate Before they Disappear
Just as electric cars have become more popular, so have federal and state tax incentives to install charging stations. The electric car rebate has been set up to encourage electric vehicle adoption, but they may not be around forever —so it’s best to take advantage of them while you still can. Check out the Database of State Incentives for Renewables and Efficiency(DSIRE) for electric car rebate information in your area.
2. Future-Proof Your Properties
Electric vehicles are the future of transportation, and multifamily landlords should know how this shift will affect their properties. While EV ownership is still relatively low, many experts expect mass adoption will occur over the next decade. Today, EV owners comprise a small part of your tenants and prospective renters. But if you’re a property owner or manager, you should be thinking about how to prepare for a future where every one of your residents owns an electric car.
3. Increasing Property Value
Installing electric car charging stations on your property will increase its value. This will make your property more attractive to potential buyers and renters. Including an electric car charger on your property listing can be a great selling point for your property.
4. Sustainability Is Easy With EVs
Sustainability has become an increasingly important issue as consumers consider where they want to live. Sustainability is among the top priorities when looking for a new home. Installing EV charging stations is an excellent way to achieve sustainability goals because they can help reduce carbon emissions and air pollution. By installing EV chargers and EV charging cables, you can help make your property more attractive to current and future residents looking for a place that aligns with their sustainability goals.
5. Generating Additional Revenue
When you add an EV charger to your property, you have the option to charge tenants for using it. By doing this, you can increase revenue by billing tenants for EV charging station use.
Another way to use your multifamily EV charger to generate revenue is by allowing non-tenants to use it for a fee. You can advertise this service and make yourself known as someone who offers this service within the community. Doing so will allow you to generate revenue from people who may not live on your property but need charging services while visiting.
Summary
EV charging stations are gaining ground in the real estate market because they align with the environmentally savvy brand that many people seek. Landlords can enjoy the extra revenue afforded by these chargers while also edging out their competition. EV charging stations make sense for landlords looking to prepare for the future.