The ability to recharge an electric vehicle while it’s sitting in a driveway or garage is a valued convenience for most EV drivers and a necessity for many. It’s no wonder more than 80% of EV charging takes place at home.
A large group of EV owners and would-be owners, however, don’t have access to charging where they live. They’re the residents of apartment buildings and condominiums that have not yet enabled onsite EV charging. Some of these “multi-unit residential buildings” (MURBs) lack the necessary electrical infrastructure to set up charging stations. Others may have the infrastructure but not the charging equipment. Consequently, their EV-owning residents must rely on workplace or public stations, which can cost more per charge and be less convenient.
EV Charging rebates that save you up to 75% are available for Multi-Unit Residential properties. We can help you apply.
Yet, a growing number of MURB residents are purchasing EVs, motivated by more affordable EV models, climbing fuel prices, and government incentives. A Consumer Reports survey found that 71% of respondents would consider purchasing an EV in the future. That means EV charging has an increasingly important role to play in attracting new residents and retaining existing residents who may be eyeing other buildings with charging capabilities. It can also provide a new revenue stream for building owners.
Let’s take a closer look at the advantages to providing MURB residents with what they need: EV charging at home.
Stand out in a crowded market
As the number of Canadians who live in apartments and condos has risen in recent years, so has competition over the most desirable tenants and co-owners. These include EV drivers, who tend to have higher incomes and a sense of social responsibility. To create connections with prospective residents, apartment and condo buildings need attractive perks and effective messaging about their target occupants, community, and core values.
Just as fitness enthusiasts use filters to find MURBs with pools and gyms, EV owners narrow their searches to buildings with charging stations or concrete plans to install them. Charging stations project a strong brand identity to non-owners, as well, signaling a commitment to the environment, equitable access to green energy, and attentiveness to residents’ needs.
Meet residents’ present and future needs
Given the option, many MURB residents will pay a premium for at-home charging, as they do for top-rated appliances or hardwood floors. A recent survey found the majority of renters who are planning to purchase an EV in the next five years would pay higher rent for onsite charging.
In addition to boosting revenue for developers and property managers, EV charging supports the retention of residents. As EV ownership spreads, at-home charging is shifting from a luxury amenity to must-have. Its convenience and affordability are becoming so prized, EV owners are willing to move to get it. Rental properties are particularly vulnerable to tenant turnover, as renters tend to move much more frequently than homeowners.
The process of installing EV charging offers further opportunities for building management to engage residents and demonstrate concern for their present and future needs. For example, a good first step is conducting a survey to gauge interest in EV ownership and onsite charging, learn about preferred charging options, and establish a timeframe for completing the work. An advisory committee of residents can participate in decisions such as where to install charging stations, usage guidelines for shared stations, and in some instances, how costs may be shared between residents and the building’s owners.
Navigate decisions with expert guidance
For many developers, owners, and managers, the biggest hurdle to EV charging is getting started. Each building has its own considerations and requirements: the existing electrical capacity, local codes and bylaws, safety and accessibility, and feasible locations. Hypercharge can help you navigate these options to create a long-term strategy that meets your residents’ current needs while avoiding costly upgrades down the road.
We can also show you how to offset start-up costs with rebates & incentives, as well as revenue-earning opportunities, such as per-charge fees for guest parking.
Contact us today to learn more about how you can harness the dual trends of MURB dwelling and EV ownership to benefit your building and its residents.