It’s no surprise that electric vehicles (EVs) are becoming increasingly popular as time goes on and technology develops. However, it seems as though there’s an accessibility gap between renters and homeowners. After all, you need to have regular access to a charging station or an at-home charger to power an electric car. There’s just one issue for renters–not all rental properties offer EV charging stations. But that doesn’t mean it’s not possible. In today’s article, we’ll go over the benefits of offering EV charging, different types of charging, and how much it may cost at your rental property.
Contents of This Article:
- Should You Add EV Charging at Your Rental?
- Benefits of Adding Electric Vehicle Charging
- What Level Of Charging Do You Need?
- How Much Does It Cost to Add EV Charging?
- Managing EV Charging at Your Rental
Should You Add EV Charging at Your Rental?
With the rising popularity of electric vehicles, it poses one question for landlords and property managers in Baltimore–how can you accommodate tenants that have them? Well, installing EV charging stations at your properties is the obvious answer. However, there are obviously more questions to follow. For instance, you have to consider the benefits, costs, and level of charging power you need.
One way to evaluate the needs of your renters is by asking them. How many drive electric cars or plan to buy an electric vehicle in the future? Remember, the need for charging stations is usually greater in cities compared to more rural areas.
Additionally, you’ll want to consider the potential repercussions of not installing appropriate charging for electric vehicles. For example, some renters may resort to charging their car using extension cords or other unsafe methods, elevating fire risk or electric shock.
Ultimately, deciding whether to add EV charging to your rental or not depends on several factors. In today’s article, we’ll go over some of the main benefits, different charging options, how much they may cost, and more considerations for landlords.
Benefits of Adding Electric Vehicle Charging
Adding EV charging at your rental can offer several benefits for both property owners and tenants.
- Attracting Tenants- Offering EV charging can make your rental property more attractive for tenants with electric vehicles. After all, more people buying electric vehicles means more renters looking for properties with EV charging stations.
- Higher Rental Value- Adding EV charging to your rental can enhance the value of your property. As EVs become more mainstream, properties with charging stations may be worth more, allowing landlords to charge higher rents.
- Competitive Edge- Having EV charging stations can give your property a competitive edge in the market. It can set your property apart from others and potentially lead to higher occupancy rates and rental rates.
- Tenant Retention- Providing convenient amenities like EV charging can contribute to tenant satisfaction. So, by installing an EV charging system, you can increase the likelihood of longer lease durations, reducing turnover and associated costs.
- Eco-Friendly- Offering EV charging aligns with sustainability and environmental initiatives. As such, it shows your commitment to eco-friendly living and can attract tenants who share the same values.
What Level of Charging Do You Need?
Determining the appropriate level of charging for your rental property depends on various factors. For instance, you’ll want to consider tenant needs, your budget, and the available electrical infrastructure. That said, there are three primary levels of EV charging, each with different charging speeds and requirements.
Level 1 Charging
This level of charging is the slowest option, usually providing 2 to 5 miles of range per hour. It uses a standard 120-volt household outlet, so extensive electrical work typically isn’t necessary. Level 1 charging is most suitable for rental properties where tenants have longer parking periods, like single-family homes or townhouses.
Level 2 Charging
Level 2 charging is faster, typically providing 10 to 50 miles of range per hour. It’s a practical choice for multi-unit properties, apartment complexes, or condos. While it requires a special 240-volt outlet, it offers faster charging for tenants with daily commuting needs.
Level 3 Charging
Level 3 charging, also known as DC fast charging, offers rapid speed, up to 100 miles of range in 20-30 minutes. This type of charging is most commonly used for commercial rental properties with high traffic or public access. For instance, shopping centers, office complexes, and retail spaces can benefit from offering quick charging. However, it requires specialized high-power equipment, making it harder and more expensive to install.
Other Considerations for Landlords
If you’re trying to decide which level of charging to install at your rental property, consider the following factors:
- Tenant Needs- Assess the types of electric vehicles your tenants drive and ask them about their driving habits. For instance, if they commute to work or travel long distances frequently, a faster charging option might be more beneficial.
- Property Type- The type of rental you have, whether it’s a single-family home, apartment complex, or commercial building, can influence the charging needs. Larger properties may need faster charging or a mix of charging levels to cater to various tenant needs.
- Budget- Level 1 charging is the most cost-effective option due to its lower electrical requirements. However, if you have the budget and electrical capacity, Level 2 charging provides a better balance between charging speed and installation cost.
- Electrical Infrastructure- Consider the availability and capacity of your property’s electrical system. You may need to upgrade the electrical infrastructure to accommodate higher charging levels.
- Future-Proofing- It’s important to consider the present and anticipate the growth of electric vehicles and advancements in charging technology. For instance, installing higher-capacity charging stations could provide a longer-lasting solution as EVs become more popular and battery capacities increase.
- Local Regulations- Research local regulations and zoning requirements related to EV charging installations. Some areas may have specific rules or incentives for EV charging.
How Much Does It Cost to Add EV Charging?
One of the main concerns around installing EV charging to a rental property is the cost. However, you’ll probably find that the most expensive part of charging an electric vehicle is the cost of electricity–not the installation process. That’s not to say the installation isn’t costly, but it’s generally a one-time cost. Then, depending on who pays the utilities, your tenant will pay for the post of electricity, which can get expensive when regularly charging a vehicle.
The initial cost to install an EV charger or charging station depends on the level and type of charger you choose. That said, the average cost of installing EV charging stations is around $1,000 to $2,500. However, if you just need Level 1 charging, you might not need any equipment, as it can be plugged into a standard 120-volt outlet. If anything, you may need to buy a replacement charger, which is usually around $300 to $600.
Level 2 charging is a bit more expensive. For instance, most people pay anywhere from $600 to $1,200 for a 240-volt outlet, a Level 2 charger, and a wall mount. However, the costs are often worth the faster charging speeds and convenience for renters.
Finally, a Level 3 charging station can cost anywhere from $12,000 to $35,000 to install. As you can probably tell by the price, these systems are very powerful. As such, they often work best for commercial use, as most homes don’t have the space or power to adequately accommodate them.
Managing EV Charging at Your Rental
As electric cars become more popular, it’s no surprise that landlords are considering installing EV charging stations at rental properties. After all, it can be a great way to attract more tenants and increase the value of your rental property. However, it’s important to consider the cost of installation as well as your property’s needs. Additionally, you’ll want to consider how you’ll advertise, maintain, and price rentals with EV charging stations available.
If you’re looking for a comprehensive rental management team to handle it all, consider Bay Property Management Group. Our team of qualified professionals offers full-service rental management, so you don’t have to stress about the day-to-day tasks of owning properties. So, if you’re looking to maximize your rental business and overall success, contact BMG today. Learn more about our services throughout Baltimore, Philadelphia, Northern Virginia, and Washington, DC.