Multifamily housing sustainability groups are increasing their interest in EV charging stations, as they look for ways to decrease their carbon footprint. Electric vehicle demand is on the rise, and it means more residents are choosing to drive EVs.

MUD owners and managers are frequently left with the question should they offer EV charging as an amenity.

While some view EV charging as a necessity in their complexes, others note only a small portion of residents drive electric vehicles. However, industry experts expect the number of electric vehicles in multifamily complexes to continue to increase.

Offering EV charging as a MUD amenity can also come with benefits that include retaining current residents and attracting new ones to the complex.

The Growing Number of Electric Vehicles and EV Charging Stations

In 2008, Tesla introduced its first electric vehicle. The high price tag labeled it as a luxury vehicle. Combined with limited sales, skeptics wondered about the long-term survival of the car manufacturer.

Not only have Tesla car prices dropped in recent years, making the cars more affordable for all drivers, but other vehicle manufacturers are also releasing EVs, some in $20,000s like Chevrolet, Ford, and Nissan.

Costs for battery replacements and charging fees are also becoming more affordable. On average, owning and operating an electric vehicle is around 60% less than driving a car or trunk with an internal combustion engine.

Currently, EVs account for a small percentage of vehicle sales, but market analysts predict more than 30 million eco-friendly cars and trucks will be on the road by 2030.

The Director of Ancillary Services at AvalonBay Communities, Angela Keckler, states,

“We’ve heard a lot about electric vehicles and frankly, the predictions haven’t panned out, but we’re seeing a lot of new models coming out. I don’t know how many people are thinking about (electric charging stations) now but it’s something to get going on because in five years we’re going to have a lot more EVs on the road and residents looking to charge them.”

To support EV ownership, the U.S. Department of Energy is investing in nationwide charging infrastructure. EV charging stations are popping up along highways, in neighborhoods, and businesses. The infrastructure includes both Level 2 and DC fast-charging stations.

EV Owner Demographics are Changing

EV owner demographics are evolving.

A 2019 study shows the largest group of EV buyers is 55+, followed by those in the 25-54 age group. Generation Z comprises around 1% of sales, they are also the newest group of renters.

Most electric vehicle owners have annual salaries of around $100,000 or more. An estimated 20% of EV buyers make less than $50,000 annually.

Three-quarters of EV owners are male.

Baby Boomers frequently own Tesla Models S or X and own their homes. While younger drivers tend to purchase the less expensive Tesla Model 3 and half of these buyers are also renters.

The study also shows the majority of EV owners (80%) prefer charging their vehicles at home. It includes multifamily complexes.

Sustainability in Multifamily Complexes

These trends in EV owner demographics are promoting MUD owners and managers to start investing in EV technology to accommodate current and new residents.

Level 2 chargers are often the best choice for MUDs that want to offer EV charging as an amenity. Level 2 stations typically have networking capabilities and can balance electrical loads. The chargers typically cost between $4,000-$7,500. MUDs may also have lease opportunities that can lower initial costs.

MUDs can also open the stations up to the public. By charging a fee for non-residents, EV chargers can become a new stream of revenue for the complex.

Angela Keckler says, “People come home from work and want their own charging station so they can plug in at night. That’s what we call dedicated parking. You can charge additional renters fees for having their own station and residents can pay their electricity to the provider.”

“The best time to think about installing stations,” says Gail Corder, Fairfield Residential’s Ancillary Services Manager, is when new properties are being developed. It’s better to consider future electrical needs and wiring now rather than attempt to retrofit in a few years.”

Older complexes may run into challenges. They may not have the electrical capacity to support EV chargers. Upgrading the current electrical system is expensive and may be beyond the complex’s budget.

To help offset installation costs, look for financial incentives and tax credits. MUD owners and managers will also want to see if the municipality has guidelines that need to be followed.

Give EV Drivers a Reason to Stay in the Multifamily Complex

When EV drivers know they can charge their vehicles at home, it gives them a reason to stay in the complex. It is also an effective way of attracting new tenants.

Contact us to learn more about offering EV charging as a MUD amenity. We can also answer any questions concerning EV chargers and MUD lease opportunities, as well as incentives and rebates. Call 484-816-2076, emailing [email protected], or schedule a call that fits your needs by clicking the button below!