Landlords in Multifamily Preparing for the Arrival of Electric Cars
- Commercial Real Estate
- CREtech Blog
As electric cars become more popular and more plentiful, an increasing number of landlords are looking to the future and preparing their multifamily properties to accommodate a new generation of vehicle. Dedicated to corporate sustainability, multifamily properties with an eye toward preparing for the arrival of green vehicles are installing electric-vehicle charging stalls. Now that vehicles such as the Toyota Prius have become increasingly more mainstream, multifamily property owns are rising to meet tenant demand. In many instances, landlords are opting to bundle electric charging station access as a tenant package, believing that such charging stations serve as a vital amenity. Adding such stations could even help multifamily properties to become more competitive.
Meeting Increasing Demand from Tenants
For the landlords eyeing the number of electric and plug-in hybrid vehicles currently on the roads, the decision to add charging stations to their multifamily properties is a necessity to keep up with rising demand. At the same time, multifamily properties are also able to reduce their own carbon footprints through the addition of charging stations.
Still, the process of adding charging stations to a multifamily property is no small measure. Landlords must decide which type of charging station will be the best choice for their property. There are typically three classes of charging stations available. The first type of charging station offers wall-socket plug-ins that allow users to charge their vehicles overnight. Level two charging stations are often considered the best option. These 220-volt machines give users the ability to charge their vehicles in just a few hours. Fast charging stations are also available; providing 480 volts and are able to charge vehicles in as little as thirty minutes.
Overcoming Barriers to Installing Charging Stations in Multifamily Properties
One company attempting to assist apartment complexes with the process of installing charging stations is NRG eVgo. Currently, the company has installed some 150 charging stations across California and is working to install approximately 10,000 such stations in multifamily properties. NRG eVgo has offered to cover the wiring costs necessary for the apartment complexes to be outfitted with charging stations through the end of May; a project worth a total cost of about $30,000. Such an offer could certainly help to remove a significant hurdle for many landlords who would like to offer such an in-demand amenity but who are concerned about implementation costs.
The demand for such charging stations has been increasingly on the rise, particularly in California, which currently accounts for about 40 percent of the plug-in market in the United States. While there has been an increase in the number of public charging stations, the lack of charging stations at multifamily properties has proven to be a detriment for many electric vehicle owners, who are often at a disadvantage compared to homeowners.
In highly competitive markets, tenants are increasingly looking for innovative amenities in buildings. By providing charging stations, landlords and managers