If you’re in the real estate development business, you should consider installing EV chargers in your multi-family housing units. Here’s why.
Cost-Saving Green Energy Amenities Attract Tenants
As a February 2025 United Real Estate Investor post estimates, 2025 marks the year that 85% of US tenants will hunt for living spaces with “green credentials.” It’s no wonder. With 40% savings on energy consumption and a 20% gain in efficiency in these rentals, tenants have much to gain by moving to these greener spaces.
But why stop there? Cost-conscious tenants will likely look for the same kind of efficiency in the cars they drive. Enter EVs, whose drivers can expect to save 40% to 65% on fuel over their gas-guzzler-owning counterparts. Even better, EV owners can save around 40% on repairs and maintenance.
As a result, the number of EV owners is inching upward. In the first three months of 2025, EVs made up 7.5% of new US car sales. You can expect that percentage to rise over the next few months as car dealers offer buyers deep discounts to clear out their 2025 inventory to make room for 2026 models, as it did in 2024.
The bottom line, as an Edison Electric Institute (EEI) report predicted, is that over 26% of all cars on US roads will be EVs by 2035. By 2040, EVs will comprise more than half of new car sales, as a BloombergNEF report forecasted.
Are your rental properties prepared for this coming influx? Have you included EV charging in plans for your new builds?
Accommodate the Rise in EV Adoption with More Chargers
We’ve long advocated that real estate developers and managers should consider installing some EV chargers in their parking lots. Many have heeded that advice – and have benefited from it by attracting well-heeled, dependable tenants.
But with only a few chargers available, EV-owning tenants will have to share them with their neighbors. Since most EV owners want to charge their cars overnight, that arrangement isn’t practical.
That’s especially true as EV adoption continues to rise. One of the benefits of driving an EV is the ability to fuel a vehicle hassle-free, right at home. If you have more EV-owning tenants than EV chargers, your tenants might rethink their decision to live in your complex.
Look at the predicted rise in EV usage – and get proactive. Expand the EV chargers in your parking spaces accordingly.
Consider Installing EV-Capable Infrastructure in New Developments’ Parking Spaces
If you have new building plans in the works, consider including at least EV-capable infrastructure in all your parking spaces. EV-capable parking spots include most of the infrastructure required to support EV charging, including:
- Junction boxes
- Breaker spaces
- Conduits
- Raceways
Preparing all the new parking spots with the necessary infrastructure to install EV chargers avoids costly retrofits later. You’ll have everything in place to add actual chargers once you get closer to opening your building to tenants.
As for installing EV-capable infrastructure in existing parking spaces in established apartment and condominium developments, it’s still well worth the effort and cost. Here’s why:
According to an EV Connect post, more than 88.4% of EV owners are 30 years old or older. Seventy percent of them are university graduates, likely with “well-established…careers” or retirement income – exactly the kinds of tenants you want to attract and retain.
In addition, if you install EV-capable infrastructure, you could give existing clients permission to purchase and install their own chargers until you have the funds to buy actual chargers for your tenants.
Survey Existing Tenants to Determine Demand
Start your move toward EV charging for every tenant by conducting a survey of your current tenants. Once you have EV-capable infrastructure in each parking spot, you can look at your budget to see if you can install EV chargers for those tenants who own EVs.
If you can afford to, include a couple of extra charging spots for your tenants’ EV-owning guests. That way, as you add new tenants who drive EVs, you’ll already have a charger for them the day they move in. As soon as they arrive, install a new charger for your tenants’ guests. That way, you’ll grow your charger inventory organically while keeping your bottom line solid.
Consider the Revenue EV Chargers for Every Apartment Unit Can Generate
Having EV chargers available for every unit doesn’t only attract dependable new tenants. EV charging stations can also create passive revenue for your real estate management or development company. Whether you bill your tenants monthly or by kWh, it can provide you with an extra income stream.
And, if your EV charging stations are vehicle-to-grid (V2G)-capable, you can feed energy back into the grid during peak usage times. That’s a perfect arrangement for apartment buildings, whose tenants usually charge at night when grid usage is lower.
EV Chargers for Every Tenant Keep Everyone Safe and Satisfied
Regardless of your rules, EV-owning tenants might occasionally pull out an extension cord to charge their cars overnight if you don’t have on-site chargers. But as a Blink Charging post points out, you’ll eventually find out.
And unless you want to foot the bill for your tenants’ “borrowing” your electricity, you’ll have no choice but to bill the tenant. That doesn’t exactly scream “customer satisfaction,” even though clearly, they broke the rules.
More critical, however, is the safety factor. As a Beltrami Electric Cooperative article shows, “extension cords cannot handle the amount of amperage that car chargers require.” Using them runs the risk of the cord overheating, thus posing a fire hazard. Multiply that risk with EV batteries’ risk of thermal runaway in case of fire, and you could lose more than a customer.
You could lose a building – or even tenants’ lives. At that point, lawsuits would follow, and your reputation as a builder and landlord would tank.
Installing EV chargers for your EV-owning tenants will help you avoid that risk. Installing enough chargers for all your tenants will make your apartment complex or condominiums the preferred location in your community for EV owners to live. Your reputation will grow, and so will your bank account.
How Can I Afford EV Chargers for Every Unit?
While installing EV chargers and supporting infrastructure isn’t cheap, you can still find funding sources to help you get your project up and running. Local utilities, who have a vested interest in increasing their own bottom line by selling more power, will often provide some funds to help you offset the costs.
Local and state governments, too, will benefit from the increased taxes that new infrastructure and construction generates. More importantly, they also have an interest in their communities’ health. Increased EV usage means better respiratory health since EVs have no toxic emissions. For that reason, many communities’ governing authorities offer rebates, grants, or other funding for new EV charging infrastructure.
The federal government, too, offers a tax credit to businesses that install EV charging stations on their properties. Under the Alternative Fuel Infrastructure Tax Credit, your real estate development or management company could receive anywhere from 6% to 30% of your depreciable costs, provided your installation and labor policies meet its criteria.
But What If I Don’t Have the Time or Expertise to Manage EV Charging?
We get it. You’re in the real estate business, not the EV charging space. The good news: you don’t have to manage anything.
Along with the growth EVs have experienced, a wealth of EV charging companies have sprung up to help businesses like yours make the most of their properties. Whether you need help installing chargers or managing the billing process, you can go hands-free and still realize the benefits of providing EV charging to your tenants.
After I Install EV Chargers for Every Tenant, How Do I Get the Word Out?
Start with your local car dealers. Offer to partner with them to promote your apartments and condominiums to their EV-buying customers. Get creative – like offering a month of free charging or a discount on their first month’s rent to boost business for both the car dealers and your company.
Secondly, revise your promotional brochures, website, and social media content to feature your new EV chargers, boosting them with Google and Facebook ads to reach targeted local audiences. If you run radio and TV ads, feature your “EV charging for everyone” housing in those ads, too.
Finally, get to know the leadership staff at your local utility. EV owners moving to your community will likely ask the local utility about charging availability around town. Knowing that your apartment and condominium complexes offer charging to all tenants will keep you top of mind when they provide new residents with information about charging options in their service area.
Discover More Benefits of EV Charging for Multi-Family Housing at the Summit
If you’re curious about how your multi-family housing developments can benefit by offering EV charging to your tenants, there’s one place that’s a one-stop shop for the charging industry – the EV Charging Summit. Reserve your spot at the Summit today!
