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
Senior Living Design | Apr 24, 2024
Nation's largest Passive House senior living facility completed in Portland, Ore.
Construction of Parkview, a high-rise expansion of a Continuing Care Retirement Community (CCRC) in Portland, Ore., completed recently. The senior living facility is touted as the largest Passive House structure on the West Coast, and the largest Passive House senior living building in the country.
Student Housing | Apr 23, 2024
Student Quarters selected to manage 502-bed student housing community
Student Quarters, a leading student housing owner and management company, announces the newest addition to its portfolio: The Armory Sam Houston Apartments.
MFPRO+ News | Apr 18, 2024
Marquette Companies forms alliance with Orion Residential Advisors
Marquette Companies, a national leader in multifamily development, investment, and management, announces its strategic alliance with Deerfield, Ill.-based Orion Residential Advisors, an integrated multifamily investment and operating firm active in multiple markets nationwide.
Student Housing | Apr 17, 2024
Student housing partnership gives residents free mental health support
Text-based mental health support app Counslr has partnered with Aptitude Development to provide free mental health support to residents of student housing locations.
MFPRO+ News | Apr 15, 2024
Two multifamily management firms merge together
MEB Management Services, a Phoenix-based multifamily management company, and Weller Management, a third-party property management and consulting company, officially merged to become Bryten Real Estate Partners—creating a nationally recognized management company.
MFPRO+ News | Apr 12, 2024
Legal cannabis has cities grappling with odor complaints
Relaxed pot laws have led to a backlash of complaints linked to the odor emitted from smoking and vaping. To date, 24 states have legalized or decriminalized marijuana and several others have made it available for medicinal use.
Multifamily Housing | Apr 12, 2024
Habitat starts leasing Cassidy on Canal, a new luxury rental high-rise in Chicago
New 33-story Class A rental tower, designed by SCB, will offer 343 rental units.
MFPRO+ News | Apr 12, 2024
Greystar becomes top apartment owner, manager, and developer in 2024
One firm set records for this year’s National Multifamily Housing Council Top 50 roundup of multifamily firms. Greystar now sits at number one in the NMHC’s lists for top apartment owner, manager, and developer in 2024.
Student Housing | Apr 12, 2024
Construction begins on Auburn University’s new first-year residence hall
The new first-year residence hall along Auburn University's Haley Concourse.
