New data shows an uptick in home and luxury rental listings that advertise at-home electric vehicle (EV) charging stations.
In 2023, 0.9% of for-sale homes listed on Realtor.com were described as EV-friendly, up from 0.1% five years ago. Though modest, these figures suggest a growing demand for the green amenity – a demand even more pronounced (and catered to) in markets such as San Jose, where one in five homeowners owns an EV.
Meanwhile, renters lag behind in EV ownership in general, partially due to limited access to charging facilities in multifamily complexes. To bridge this gap, rental communities – particularly luxury ones – in major metros like Austin and Los Angeles are increasingly offering EV-friendly amenities.
EV legislation paves the way
Recent regulatory initiatives further encourage developers to install EV charging points.
Since 2022, California has mandated new multifamily dwellings to allocate a percentage of parking spaces for EV charging. And as of January 1 of this year, all newly constructed single-family homes and multifamily residential buildings in Illinois have to incorporate EV charging systems.
Additionally, a recent IRS ruling classifying income from EV charging stations as "rents from real property" for Real Estate Investment Trusts (REITs) is an incentive for them to invest in EV charging for their rental properties.
Property managers keen on offering at-home EV charging stations have a choice: either encourage owners to make rental properties EV-friendly now to gain a competitive advantage, or wait until EVs become even more widespread.
Either way, it may be wise to conduct a tenant survey to gauge demand first, including preferences for shared vs. dedicated chargers, and other relevant questions.
More tenant preferences headlines
How green amenities in SFR keep landlords and tenants happy – PayProp
Renters take online reviews seriously – Multi-Housing News
What renters want: more pickleball courts and fewer fitness centers – GlobeSt
