Across the U.S. drivers are choosing to switch to electric vehicles. Over the past few years, EV adoption has reached a 5% rate. It means 5% of vehicles on the road are powered by electricity. While an estimated 1 in 130 homeowners drive an electric vehicle, the numbers are much lower for renters. On average, only 1 out of 370 renters own an EV.

A primary reason for the gap in EV ownership is a lack of charging access. An estimated 70% – 80% of EV charging occurs at home or work and multi-family complexes often do not offer residential EV charging. Even California, the state with the highest EV ownership rate, only has around 40% of new apartment complexes with EV charging stations.

While laws are slowly being adopted requiring new multi-family complexes to offer EV charging, landlords don’t need to wait. There are advantages to installing EV chargers in older and new complexes. Let’s take a look at the benefits of EV charging for apartment residents and owners.

Benefits of EV Charging for Apartment Residents

Homeowners are not the only ones benefiting from at-home charging. It also applies to apartment residents.

Reduce Range Anxiety

A key factor preventing drivers from EV adoption is range anxiety. It’s the fear of running out of battery power before reaching their destination. The U.S. is expanding its EV infrastructure, but charging typically starts at home. When apartment residents can charge their vehicles at the complex, it helps reduce their range anxiety.

Simplifies Charging

Offering charging at multi-family dwellings simplifies life for residents. Instead of locating a public station, they can go home and charge their vehicles. Residents get more time in the comfort of their homes, without worrying about where they are going to charge their EVs.

Remove Obstacles Preventing EV Adoption

Along with reducing range anxiety, offering EV charging at the complex gives renters the same freedom as homeowners. It’s easier to charge at home and apartment owners can help close the EV ownership gap.

It’s Less Expensive Than Most Public Charging Stations

Renters unable to charge at their apartments must use public stations. They may also be able to charge their vehicles at work. However, charging rates vary and the cheapest option may not be the most convenient.

Landlords can include charging costs in rental fees. It can also be offered at a discount for tenants.

Renters May Be Able to Take Advantage of Additional Modern Amenities

Multi-family complexes offering EV charging often have additional amenities renters can take advantage of. It can include smart home technology or high-speed Wi-Fi.

Benefits of EV Charging for Apartment Owners

Apartment owners can also benefit from offering EV charging.

Attract Tenants

A 2016 survey by Multifamily Executive finds an estimated 15% of renters are planning on purchasing an EV in the next five years. Installing EV charging stations now gives your complex a competitive edge. The charging stations can attract new tenants and help retain current ones.

Offset Costs with Incentives

Utilities, Local, state and the federal government offer incentives to apartment owners installing EV charging stations. Some utility providers also offer financial incentives. These credits and incentives help offset the costs associated with purchasing and installing the charging stations.

Increase Revenue

EV charging stations are also a source of additional revenue. Apartment owners can offer different charging rates for residents and the public. The new revenue stream will help offset costs and the extra money can also go to additional projects around the complex.

Boost Property Value

Installing EV chargers does more than meet residents’ needs. As the number of renters with electric vehicles continues to grow, the chargers increase the value of your property. When you are ready to sell the complex, the chargers make it easier to ask for a higher price.

Be Part of a More Sustainable Future

Installing EV chargers shows the complex is interested in supporting a more sustainable future. Sustainability is also something renters often look for in an apartment complex. The charging stations may even help complexes manage energy usage more efficiently and count as points toward LEED certification.

Contact Us Today to Learn More About the Benefits of EV Charging for Apartment Renters and Owners

As EV ownership continues to grow, renters deserve the same privileges as homeowners when it comes to vehicle charging. We can help apartment owners navigate the costs of EV charging installation. We can even help find incentives in the area. Contact us today to learn more!

To speak with an Apogee Charging Solutions, EV charging specialist for MUDs, call 484-816-2076, email [email protected], or schedule a call that fits your needs by clicking the button below.