5 Reasons Electric Vehicle Charging is Great for Residential and Commercial Real Estate
If you're considering investing in electric vehicle charging stations for your commercial or residential real estate, you need to be aware of the growing trend of electric vehicles. After all, you want to offer the type of facility that appeals to the typical EV customer (a young, upscale crowd).
Here are those five reasons.
1. Many rental communities lack adequate charging infrastructure
Surveys have found that today's college students are more environmentally conscious than ever before. Fifty-two percent are "very or extremely concerned about the impacts of climate change". When this group of students enters the job market, they will likely put their ideals into practice when they buy a car or rent an apartment. If they choose an electric vehicle, they may find charging facilities difficult to find. The lack of EV charging facilities in rental communities could be a problem for tenants who own EVs. And with EV infrastructure funding primarily covering locations along highways, it's even more important for tenants to have easy access to charging around their homes. Many tenants use extension cords to charge their EVs, but this can pose risks such as fire and electrocution. That's why installing charging facilities in rental neighborhoods can reduce risk and increase the appeal of rental properties.
2. Using a third-party EV charging provider is convenient and cost-neutral
Large corporations aren't the only ones investing in rental properties; smaller landlords are also looking to add EV charging infrastructure to their rentals. Adding chargers to older properties can be a financial challenge, and cash-strapped landlords can look to third-party EV charging providers. Charging providers rent parking spaces from landlords and install charging equipment there, then lease those spaces to tenants with electric vehicles. This type of partnership allows even small landlords to stay competitive by investing in EV charging facilities!
3. EV Charging Adds Customer Appeal to Your Commercial Property
Having an on-site EV charging station is more appealing to EV owners, whether they are leasing the commercial property to other businesses or using it for their own company. Being able to charge your electric vehicle while eating, shopping, going to the doctor, or conducting financial transactions is a convenience and can be a reason to choose your business over others. Adding EV charging infrastructure to your commercial property can make your property more valuable to potential tenants, allowing them to enjoy the convenience of EV charging without having to install it themselves. If your tenants plan to convert their commercial fleet to electric vehicles, it's imperative that you install EV charging facilities on your commercial property in order to retain their business.
4. EV charging stations help businesses attract quality employees
APA surveys show that finding and retaining top employees is the biggest challenge for businesses. Installing on-site electric vehicle charging stations for employees and customers can give your company a recruiting advantage. Employees can be less stressed and more productive knowing that there are charged electric vehicles waiting at the end of the workday. Reducing stress in the workplace is one of the main factors in employee retention, and providing EV charging capabilities can help accomplish this. Offering employees the ability to charge their electric vehicles can entice them to return to the office from working remotely.
5. Single-Family Investment Properties Also Need EV Charging Capabilities
If your real estate portfolio includes single-family homes, consider installing EV charging equipment before selling or renting. More and more people are choosing electric or hybrid vehicles, and installing charging equipment can add to the property's appeal. In rural areas, charging facilities are more important to EV owners, who may choose properties with charging capabilities. Without charging facilities, EV owners in rural areas may overlook your property.
