Property Management

EV Charging Basics for Multifamily Owners

by Robyn Friedman

Once desirable by multifamily owners and operators as a differentiator for their communities, electric vehicle charging stations are now a necessary amenity and demand is expected to increase dramatically.

Electric-vehicle sales are expected to surge due to incentives contained in the Inflation Reduction Act. According to Cox Automotive, sales of EVs jumped 66.4 percent between the second quarter of 2021 and the second quarter of 2022, despite an average EV price in June 2022 of $66,000, well above the industry average.

More important to apartment owners and managers, however, is data in the 2022 NMHC/Grace Hill Renter Preferences Report, which found that 27 percent of respondents were interested in electric car charging stations, up from 25 percent in 2020. The respondents also said they would pay more in rent for this amenity–an additional $28.12 per month.

Read Robyn Friedman’s article in Multi-Housing News.

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