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
Affordable Housing | Apr 1, 2024
Chicago voters nix ‘mansion tax’ to fund efforts to reduce homelessness
Chicago voters in March rejected a proposed “mansion tax” that would have funded efforts to reduce homelessness in the city.
Standards | Apr 1, 2024
New technical bulletin covers window opening control devices
A new technical bulletin clarifies the definition of a window opening control device (WOCD) to promote greater understanding of the role of WOCDs and provide an understanding of a WOCD’s function.
Adaptive Reuse | Mar 30, 2024
Hotel vs. office: Different challenges in commercial to residential conversions
In the midst of a national housing shortage, developers are examining the viability of commercial to residential conversions as a solution to both problems.
Student Housing | Mar 27, 2024
March student housing preleasing in line with last year
Preleasing is still increasing at a historically fast pace, surpassing 61% in February 2024 and marking a 4.5% increase year-over-year.
Adaptive Reuse | Mar 26, 2024
Adaptive Reuse Scorecard released to help developers assess project viability
Lamar Johnson Collaborative announced the debut of the firm’s Adaptive Reuse Scorecard, a proprietary methodology to quickly analyze the viability of converting buildings to other uses.
Green | Mar 25, 2024
Zero-carbon multifamily development designed for transactive energy
Living EmPower House, which is set to be the first zero-carbon, replicable, and equitable multifamily development designed for transactive energy, recently was awarded a $9 million Next EPIC Grant Construction Loan from the State of California.
Adaptive Reuse | Mar 21, 2024
Massachusetts launches program to spur office-to-residential conversions statewide
Massachusetts Gov. Maura Healey recently launched a program to help cities across the state identify underused office buildings that are best suited for residential conversions.
Multifamily Housing | Mar 19, 2024
Jim Chapman Construction Group completes its second college town BTR community
JCCG's 200-unit Cottages at Lexington, in Athens, Ga., is fully leased.
Multifamily Housing | Mar 19, 2024
Two senior housing properties renovated with 608 replacement windows
Renovation of the two properties, with 200 apartments for seniors, was financed through a special public/private arrangement.
MFPRO+ New Projects | Mar 18, 2024
Luxury apartments in New York restore and renovate a century-old residential building
COOKFOX Architects has completed a luxury apartment building at 378 West End Avenue in New York City. The project restored and renovated the original residence built in 1915, while extending a new structure east on West 78th Street.
