Why Having EV Charging At Your Property Will Be As Important AS WiFI
Multifamily apartment property managers are used to getting the question: “does the property have WiFi?” Potential residents want to know if they will have access to the internet at their new home.
In the future, though, individuals looking for rentals, or apartments, will follow up with a second question: “does it have EV charging stations?”
The reason this is happening is simple: people will soon view electric charging as an essential amenity, just like the internet in the late 2000s. Therefore, all apartment complexes will need to offer it to attract new residents.
But why is this happening? Let’s take a look.
Legal Mandates Are Driving EV Sales
In 2022, California regulators passed a ruling banning the sale of new gas-powered cars by 2035. Pundits applauded the move as a significant milestone in the battle against climate change, aligning the state with many European countries implementing similar measures.
Given this precedent, bans on gas-powered vehicles will likely spread across the country over the coming years, particularly as EVs become more affordable. Politicians will want to show their voters they are serious about the environment and taking action.
That means property managers and owners need to think now about installing electric charging stations. Consumers are already buying more electric cars than ever before, and that number is only set to increase once new regulations come into force.
EVs Are Becoming More Affordable
In addition, the price of electric vehicles is coming down. According to an article in Consumer Reports, 2023 EVs are considerably cheaper than in previous years, despite rampant inflation elsewhere. Nissan, Chevrolet and Hyundai all announced price cuts last year, while Tesla slashed its MSRPs by between $3,000 and $19,000, depending on the model.
If this process continues, the cost of purchasing an EV will likely fall below that of gas-powered vehicles by 2030. When this flip happens, the price will no longer be a barrier, encouraging millions of consumers to switch, and causing EV charging station demand to grow dramatically.
Consumers Have More EV Choice Than Ever Before
Lastly, today’s consumers have more EV choices than ever before. Ten years ago, the only viable electric vehicle options were the Tesla Model S, Chevy Bolt, and Nissan Leaf. Now there are many models available from the world’s top brands, including the BMW i7, Mercedes-Benz EQS Sedan, Kia EV6, Hyundai Ioniq, Genesis GV60, and even electric pickups, like the Ford F-150 Lightning.
Because of this, more consumers will enter the market, driving demand for charging stations. Property managers who don’t install this must-have amenity may find it more difficult to attract new residents or keep existing ones.
Ultimately, the world is moving towards EVs. And just like the need for WiFi, EVs will dominate in the coming years, making this amenity a necessity.
Property managers must adapt apartment complexes now to accommodate the new demand. The availability of electric charging stations might be the difference between securing a long-term residency or losing residents to competing properties.