As electric vehicle sales continue to increase, more renters are looking for apartments that offer charging options.
EV sales increased by 67% from 2021 to 2022, and are projected to account for nearly 30% of vehicle sales by 2030. Renters who own or are considering buying an EV are willing to pay higher rents for charging capability. A 2022 National Multifamily Housing Council survey found that 27% of renters would pay $28.12 more per month for access to chargers.
Multifamily owners also face regulatory pressure to install chargers. The U.S. Dept. of Energy adopted an International Code Council provision requiring apartment communities to provide EV charging infrastructure for up to 20% of lots with 25 or more parking spaces.
Multifamily properties can install two types of chargers: Level 1 are the most affordable costing $300 to $1,500 each, but can only provide about 5 miles of range per hour. Level 2 models, the most common in apartment buildings, cost up to $7,500 and offer 16 to 25 miles of range per hour.
Some states have government and utility rebates and incentives, and the federal Inflation Reduction Act reinstated a tax credit of up to 30% of the cost. Applying for these incentives, though, is a complex process.
Related Stories
MFPRO+ News | Mar 2, 2024
Job gains boost Yardi Matrix National Rent Forecast for 2024
Multifamily asking rents broke the five-month streak of sequential average declines in January, rising 0.07 percent, shows a new special report from Yardi Matrix.
MFPRO+ News | Mar 1, 2024
Housing affordability, speed of construction are top of mind for multifamily architecture and construction firms
The 2023 Multifamily Giants get creative to solve the affordability crisis, while helping their developer clients build faster and more economically.
MFPRO+ Research | Feb 28, 2024
New download: BD+C's 2023 Multifamily Amenities report
New research from Building Design+Construction and Multifamily Pro+ highlights the 127 top amenities that developers, property owners, architects, contractors, and builders are providing in today’s apartment, condominium, student housing, and senior living communities.
Affordable Housing | Feb 26, 2024
Biden-Harris Administration announces historic homelessness assistance funding
The Biden-Harris Administration allocation of $3.16 billion in homelessness assistance funding will be administered by the U.S. Department of Housing and Urban Development through the Continuum of Care Program.
Designers | Feb 23, 2024
Coverings releases top 2024 tile trends
In celebration of National Tile Day, Coverings, North America's leading tile and stone exhibition, has announced the top 10 tile trends for 2024.
MFPRO+ Special Reports | Feb 22, 2024
Crystal Lagoons: A deep dive into real estate's most extreme guest amenity
These year-round, manmade, crystal clear blue lagoons offer a groundbreaking technology with immense potential to redefine the concept of water amenities. However, navigating regulatory challenges and ensuring long-term sustainability are crucial to success with Crystal Lagoons.
Building Tech | Feb 20, 2024
Construction method featuring LEGO-like bricks wins global innovation award
A new construction method featuring LEGO-like bricks made from a renewable composite material took first place for building innovations at the 2024 JEC Composites Innovation Awards in Paris, France.
Student Housing | Feb 19, 2024
UC Law San Francisco’s newest building provides student housing at below-market rental rates
Located in San Francisco’s Tenderloin and Civic Center neighborhoods, UC Law SF’s newest building helps address the city’s housing crisis by providing student housing at below-market rental rates. The $282 million, 365,000-sf facility at 198 McAllister Street enables students to live on campus while also helping to regenerate the neighborhood.
Multifamily Housing | Feb 16, 2024
5 emerging multifamily trends for 2024
As priorities realign and demographic landscapes transform, multifamily designers and developers find themselves in a continuous state of adaptation to resonate with residents.