Whether you’re a property owner, manager or commercial investor, you might know that EVs are here to stay but are unsure what to do. The sooner you can join the EV revolution, the better your assets will be positioned to grow in value, drive resident satisfaction and exceed your occupancy goals. Let’s unpack why.
Your current and future residents want EV charging
Why is EV charging essential to the future of multifamily housing? Let’s look at the global growth of EV sales. The numbers don’t lie. In 2023, one in five new cars purchased globally was an EV. And that’s only last year. By 2030, approximately 50% of light-duty vehicle sales will be electric in the United States. Energy research firm BloombergNEF predicts that U.S. EV registrations will continue to grow at an average rate of 40% annually over the next five years, potentially reaching 26 million by 2028.
An increasing majority of residents are also overwhelmingly younger voters who support EV mandates – and are more likely to buy an EV. Millennials are far more interested in EVs than boomers. Nonprofit Coltura has also found stronger support for EV mandates among younger voters, likely motivated by the urgency of climate change. These demographics represent nearly 70% of renters. These EV supporters are your current and future residents. As they phase out their internal combustion engine (ICE) vehicles, they’re looking to buy an EV. They will not settle for housing that does not support their EV lifestyle and values.
The millions of new EV drivers in your key demographic will need a place to plug in and charge up while they sleep at night. That means your multifamily properties must offer EV charging as an amenity to attract these premium residents.
Understand residents to attract residents
These current and future residents are choosing – and continuing to choose – EVs for reasons ranging from environmental benefits to cost and time savings.
One recent study estimates that the life cycle emissions of an EV are potentially 70% lower than those of a traditional ICE vehicle. Choosing an EV instead of a polluting fossil fuel-powered car is a concrete, actionable step for many drivers. And it’s already paying off. In fact, Bay Area emissions are already dropping thanks to EV adoption. Other drivers are choosing EVs to save thousands of dollars on gas and maintenance and through federal, state and local tax incentives and rebates.
That’s even before considering that the price of new and pre-owned EVs continues to drop and become more attractive and attainable to more drivers.
According to NMHC, smart features are the number one type of benefits residents want in addition to standard amenities. Number two? Sustainability and green living. EV charging checks both boxes, delivering the unparalleled convenience of smart technology while lowering driver costs and emissions in one fell swoop.
Beat the competition
At the end of the day, whether current and potential residents choose EVs for their wallets, the planet, or both, they’re still choosing them by the millions. And where do these millions of EV drivers want to charge? 80% of all charging occurs at home or work, which means your residents will need to be able to charge their EVs from your parking lot or garage if you intend to attract or retain them. If not, they will look to a different apartment complex or condo property that does. It’s that simple. EV charging isn’t a beer-on-tap or infrared sauna luxury amenity – it's as essential as providing Wi-Fi, gym access and laundry facilities.
Make investing in EV charging easy with ChargePoint
Investing in EV charging for your property doesn’t need to be overwhelming or complicated. Strategic planning and collaborative partnerships are crucial to avoiding pitfalls as you begin investing in EV charging for your multifamily properties. ChargePoint works with property investors, owners and managers, plus the industry’s most extensive network of electricians and partners, to ensure a successful EV charging implementation every step of the way:
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Site design. Get expert advice about on-site design based on organizational and employee needs.
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Incentives. Receive guidance on finding federal, state and local incentives to help pay for the implementation.
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Installation. Connect with local ChargePoint-certified contractors who can work quickly to install the necessary infrastructure.
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Support. Count on proactive monitoring, maintenance and 24/7 driver support, freeing your staff to focus on what they do best.
Do right by your residents, multifamily properties and bottom line, and invest in commercial EV charging today.
