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.
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