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
Mixed-Use | Jan 19, 2024
Trademark secures financing to develop Fort Worth multifamily community
National real estate developer, investor, and operator, Trademark Property Company, has closed on the land and secured the financing for The Vickery, a multifamily-led mixed-use community located on five acres at W. Vickery Boulevard and Hemphill Street overlooking Downtown Fort Worth.
Affordable Housing | Jan 18, 2024
Habitat tops off second apartment building at 43 Green
The co-developers of 43 Green celebrate the latest milestone for the $100 million, mixed-income, mixed-use project in Bronzeville: topping off Phase 2 while reaching full lease-up of the Phase 1 apartment building.
Adaptive Reuse | Jan 12, 2024
Office-to-residential conversions put pressure on curbside management and parking
With many office and commercial buildings being converted to residential use, two important issues—curbside management and parking—are sometimes not given their due attention. Cities need to assess how vehicle storage, bike and bus lanes, and drop-off zones in front of buildings may need to change because of office-to-residential conversions.
MFPRO+ News | Jan 12, 2024
Detroit may tax land more than buildings to spur development of vacant sites
The City of Detroit is considering a revamp of how it taxes property to encourage development of more vacant lots. The land-value tax has rarely been tried in the U.S., but versions of it have been adopted in many other countries.
Student Housing | Jan 12, 2024
UC Berkeley uses shipping containers to block protestors of student housing project
The University of California at Berkeley took the drastic step of erecting a wall of shipping containers to keep protestors out of a site of a planned student housing complex. The $312 million project would provide badly needed housing at the site of People’s Park.
Sustainability | Jan 10, 2024
New passive house partnership allows lower cost financing for developers
The new partnership between PACE Equity and Phius allows commercial passive house projects to be automatically eligible for CIRRUS Low Carbon financing.
Apartments | Jan 9, 2024
Apartment developer survey indicates dramatic decrease in starts this year
Over 56 developers, operators, and investors across the country were surveyed in John Burns Research and Consulting's recently-launched Apartment Developer and Investor Survey.
Giants 400 | Jan 8, 2024
Top 60 Senior Living Facility Construction Firms for 2023
Whiting-Turner, Ryan Companies US, Weis Builders, Suffolk Construction, and W.E. O'Neil Construction top BD+C's ranking of the nation's largest senior living facility general contractors and construction management (CM) firms for 2023, as reported in the 2023 Giants 400 Report.
Giants 400 | Jan 8, 2024
Top 40 Senior Living Facility Engineering Firms for 2023
Kimley-Horn, Olsson, Tetra Tech, EXP, and IMEG head BD+C's ranking of the nation's largest senior living facility engineering and engineering/architecture (EA) firms for 2023, as reported in the 2023 Giants 400 Report.
Giants 400 | Jan 8, 2024
Top 80 Senior Living Facility Architecture Firms for 2023
Perkins Eastman, Hord Coplan Macht, Lantz-Boggio Architects, Ryan Companies US, and Moseley Architects top BD+C's ranking of the nation's largest senior living facility architecture and architecture engineering (AE) firms for 2023, as reported in the 2023 Giants 400 Report.
