With the growing popularity of electric vehicles, it's no secret that adding EV charging stations to your property is becoming a necessity for any modern multifamily property owner or manager. Not only do you attract eco-friendly tenants, but you also add value to your property.
However, recent studies show that properties in the Southeast are lagging behind in this trend.
In this blog, we'll dive deeper into why it's essential for multifamily property owners and managers in the Southeast to hop on board and add electric vehicle charging stations to their properties.
Addressing the rapidly expanding EV market
As electric vehicles become more widespread, so do the needs of EV owners. The expectation for accessible charging infrastructure will only increase. According to a new study by BloombergNEF, EVs are estimated to hit 10% of the global passenger vehicle market by 2025. This number will further increase by 28% in 2030, 58% in 2035 and 85% in 2050. It's crucial to keep up with this trend to attract new tenants and retain the ones you have. *https://about.bnef.com/blog/electric-vehicle-fleet-set-to-hit-100-million-by-2026-but-stronger-push-needed-to-stay-on-track-for-net-zero/
The importance of providing charging infrastructure
One of the significant selling points of multifamily properties is their convenient location, often paired with easy access to public transportation. But with the growth of EVs, charging infrastructure is becoming a significant factor in choosing a property. Tenants expect easy accessibility to charging stations, and it can be the deciding factor in choosing between multiple properties. By providing this infrastructure, you also increase property value, so it's a win-win.
Time is running out to upgrade
While some may think adding charging infrastructure on their property is an option that can wait, they couldn't be more wrong. Many states in the US have incentives in place to help finance these upgrades, such as tax incentives, grants, and rebates. The longer you wait, the more behind you'll be compared to other multifamily properties in the area. Don't miss out on these incentives and the potential increase in property value.
Satiate the eco-friendly market
As a generation, millennials, who prioritize sustainable living, are now in their prime for purchasing and renting homes. Eco-friendly lifestyles are non-negotiable for many of these individuals, making properties with charging infrastructure and other energy-efficient measures highly desirable.
Forward-thinking is rewarded
Adding EV charging infrastructure to your property may come with upfront costs, but it's essential to invest in the long-term. Multifamily property owners and managers who make these investments now will be ahead of the curve, future-proofing their properties. Furthermore, make your property more appealing to eco-friendly tenants, and increase overall value.
With the EV market expanding rapidly, adding electric vehicle charging stations to your multifamily property is essential. The time to upgrade is now, and it's a decision that will not only enhance tenant satisfaction and retainability. Property owners and managers who make these changes will positively position themselves in the market and reap the benefits long-term. So, what are you waiting for? Call Green Property Advisors today for a FREE consultation!