EV Charging for Multifamily Properties
Whether you own a small duplex or a massive apartment complex, keeping tenants happy is a major key to the success of any multifamily property. Happy tenants are much more likely to renew their leases, as well as provide positive reviews and referrals—helping you keep vacancies down and revenue up.
Most multifamily property owners and managers invest in a range of strategies to enhance tenant satisfaction. One effective approach is introducing new property upgrades and amenities designed to improve comfort, convenience, and the overall tenant experience. Here, electric vehicle (EV) charging presents an exciting opportunity to meet tenants’ evolving wants and needs.
Powering up your multifamily property
In the United States, EV sales are rising fast. By 2025, 25% of all new car sales could be electric. And by 2030, we may have as many as 26.4 million EVs on the road. By installing EV charging stations at your multifamily properties, you’ll be better positioned to:
- Satisfy tenants: As more of your tenants go electric, they’ll want convenient and worry-free ways to charge their vehicles. With on-site charging stations, you’ll offer the peace of mind that comes with being able to charge at home.
- Attract prospects: EV charging capabilities will soon make or break the leasing decision for many potential tenants. On-site charging stations will make your property an attractive option. Charging stations will also boost your reputation as a sustainable, eco-friendly property. You’ll be able to attract today’s young, environmentally conscious renters who value sustainability more than any generation before them.
- Boost revenue: Charging infrastructure will increase your property value, and surveys have shown that EV drivers are willing to pay higher rent for units with on-site EV charging. Plus, charging stations can be monetized for tenant and public use, creating an additional revenue stream for your property.
While the benefits are clear, many multifamily property owners and managers are unsure where to start when installing EV charging stations. Fortunately, the right EV charging consultant can make the process fast, simple, and affordable. That’s what we do here at Blue Whale EV.
5 steps for successful EV charging implementation
- Evaluating charging needs and setting a budget
First, we’ll help you calculates what percentage of your total parking spaces would ideally become EV charging spots. Next, a load study on your current electrical setup will determine how many chargers you can add to your existing infrastructure and if any upgrades to your power source are necessary to meet your goals.
Then, we’ll explore any applicable incentive programs for purchasing and installing EV charging equipment. So many great rebates are offered by federal, state, and local governments, as well as utility companies, which will really help make the most of your budget!
- Deciding on amenity versus monetized versus hybrid
Next, comes another major consideration: Will EV charging stations be an amenity or monetized? Or a mix of both? Some multifamily property owners offer free charging to renters, while others provide charging at a discounted rate. Some even open a percentage of their charging stations to the public, so anyone can pay to charge with a credit card. We can help you balance the best of all words to maximize tenant satisfaction and revenue generation.
- Applying for permits and conducting necessary studies
More groundwork comes next. This includes applying for permits, conducting an engineering study, getting an engineer-stamped drawing of the plans, and, depending on your property size, getting final approval from a parking planner and your county. As your partner, we’ll take care of it all!
- Selecting a manufacturer and installing your chargers
You’ll need to choose a charger manufacturer and product. As a certified reseller for leading charging companies like blink and Xeal, we provide access to reliable products and help you choose the optimal fit for your unique needs. When it’s time for installation, Blue Whale EV will serve as your general contractor and ensure the installation goes off without a hitch.
- Ensuring uptime and scaling in the future
EV chargers won’t benefit you or your tenants if they’re not working properly. That’s why we provide ongoing monitoring and maintenance for all our clients. If a problem occurs, we’ll receive a notification. We’ll either fix it remotely or dispatch a technician to get you back up and running before you know it. Plus, we’ll keep you up to date with any new patches or upgrades to your devices’ software. And as your EV charging needs grow in the future, we’ll be there to help you scale quickly and cost-effectively.
Act now for a competitive edge
While EV charging stations may still seem like a “nice-to-have” for multifamily properties, it won’t be long until they’re a “must-have.” There’s no better time than now to get started and set your property ahead of the competition.