Electric vehicles (EVs) are becoming increasingly popular. As the number of EV drivers grows, so does the number of tenants looking for apartments that can accommodate EV charging. Since it’s still fairly new, installing EV chargers at your apartment complex will help your rental stand out for years to come. Today, we’re reviewing whether or not rental owners should install EV chargers, the benefits, levels of charging, and how much it may cost.
Contents of This Article:
- What Is EV Charging and How Does It Work?
- Should Rental Owners Install EV Chargers?
- Benefits of EV Charging Stations
- Different Levels of EV Charging
- Cost of EV Charging at Rentals
- Choose Smart Rental Upgrades With BMG
What Is EV Charging and How Does It Work?
By now, most people have seen electric vehicles on the road, whether they’re Teslas, Rivian, or well-known car brands like Ford. More and more car companies are coming out with EVs to reduce carbon emissions and make driving more affordable.
That said, instead of filling these cars with gas, they’re battery-powered and must be charged to continue working. To charge an EV, the driver must connect it to an external power source with a cable that fits the vehicle’s charging port. Depending on the car brand, this can differ, so it’s important to know which cable your car needs.
Once the car is plugged in, the car starts to charge, and the system monitors the battery’s state, temperature, and charging speed to optimize performance and protect the battery. After all, it takes a lot of electricity to charge these types of vehicles. Then, once the car is done or reaches the desired battery percentage, it’ll automatically stop charging.
Should Rental Owners Install EV Chargers?
Should you install EV chargers at your rental property? It’s a question that many apartment complex owners and Richmond property management companies are asking themselves right now. After all, electric vehicles are only becoming more popular and more accessible. However, tenants living in apartments often don’t have a place to charge their vehicles while they’re home, which can be really inconvenient.
However, it’s not that simple. To be as efficient as possible, it’s important to understand what your tenants want. For instance, how many tenants drive electric vehicles? What level of charging should you install at your apartment complex? There are several things to consider, like the benefits, costs, and level of charging power you’d need.
When you don’t accommodate renters with electric vehicles, they may resort to unsafe charging methods. For instance, they may try charging their car with extension cords, which can be a fire and safety hazard.
So, deciding whether or not to install EV chargers at your rental depends on several factors. Next, we’ll review some of the main benefits and then discuss different charging levels and how much it’ll cost you to install them.
Benefits of EV Charging Stations
If you’re looking to install EV chargers at your apartment complex, know that there are several benefits to doing so. Here are some of the main advantages for tenants and rental owners.
- Attract EV-Owning Tenants
- Increase Property Value
- Retain Tenants With EVs
- Become More Eco-Friendly
- Stand Out From the Competition
Attract EV-Owning Tenants
One of the most obvious benefits is that you’ll attract more tenants with electric cars. Many people with EVs don’t have access to charging at their rental properties, meaning they must use public chargers. This means they have to drive to a different location to charge, and they may have to wait for a charger to open up if they’re all in use. As more people purchase electric cars, more people will be looking for properties with EV charging stations.
Increase Property Value
Installing EV chargers can increase the value of your rental property. Properties with EV charging stations are generally seen as more modern and technologically advanced, which increases appeal and market value. Additionally, as EVs become more mainstream, landlords can charge more for rent if they have amenities like charging stations.
Retain Tenants With EVs
If tenants can charge their cars at your rental complex, they may be less inclined to leave. After all, most apartment complexes don’t offer this amenity, which can help your property stand out and keep tenants there longer.
Become More Eco-Friendly
Choosing to install EV chargers shows that you’re working toward sustainability and helping to reduce the property’s carbon footprint. Properties with eco-friendly amenities attract tenants who prioritize sustainability, increasing the property’s appeal.
Stand Out From the Competition
Offering EV charging stations sets you apart from other rentals that don’t offer this amenity. If someone drives an electric car and has to choose between two rental properties, they’ll likely choose the one that accommodates their vehicle and provides the convenience of on-site charging.
Different Levels of EV Charging
If you’re looking to install EV chargers at your rental complex, it’s crucial to understand the different charging levels. To determine which would work best, consider your tenant’s needs, budget, and the electrical infrastructure available at the complex. That said, here are the three most common levels of EV charging.
Level 1 Charging– Level 1 charging is the slowest form of charging, using a 120-volt household outlet. It provides around 2 to 5 miles of range per hour.- Level 2 Charging- Level 2 charging is a bit faster than level 1 and uses a 240-volt outlet, similar to what’s used for large home appliances like a washer or dryer. This option provides around 10 to 60 miles of range per hour. This option is probably best for apartment complexes, as it offers fast charging for tenants without breaking the bank on a commercial charger.
- DC Fast Charging- Also known as level 3 charging, DC (direct current) charging is the fastest option. It can provide 60 to 100 miles of range in just 20 to 30 minutes.
Cost of EV Charging at Rentals
If you’re thinking about installing EV charging stations at your rental, your main concern is probably cost. However, the most expensive part of charging electric vehicles isn’t necessarily the installation–it’s the cost of electricity. While installing charging stations can be expensive, it’s usually just a one-time cost.
The initial cost to install an EV charger depends on your desired charging level. That said, the average cost for a Level 2 charging station can range from $500 to $1,000. However, the initial cost is usually worth it, as you can also charge tenants for using the charger, as you’ll continue to pay electricity costs.
Choose Smart Rental Upgrades With BMG
Are you looking to upgrade your apartment complex’s amenities to stand out? One great way rental owners can do this is by installing EV chargers. After all, electric vehicles are only getting more popular, meaning more renters will look for homes that will accommodate their charging needs.
Choosing smart rental upgrades helps keep your rental property desirable and reduces vacancies. Another way to keep your rentals occupied is by hiring professional management. A comprehensive rental management company like BMG can help market your properties effectively, screen tenants, and choose qualified renters. We also cover inspections, maintenance, rent collection, and more.
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