EV Charging: Turning Property Management Challenges into Profitable Opportunities
Property managers can transform EV charging from a challenge into a valuable asset for multi-family developments. With over 80% of EV charging happening at home and 44 million U.S. tenants representing untapped potential, implementing charging infrastructure is becoming increasingly important.
Two EVs charging in garage
Current Challenges:
- Limited electrical capacity in older buildings (50% built before 1980)
- High installation and equipment costs
- Concerns about tenant demand
- Less than 5% of properties have charging stations
- Nearly half of EV owners in multi-family developments lack access to home charging
Why It Matters Now:
- States are introducing "Right to Charge" laws mandating EV infrastructure
- 40% of potential buyers delay EV purchases due to charging concerns
- EV charging is becoming a crucial amenity for tenant attraction and retention
- Properties can generate new revenue streams through charging services
Key Implementation Considerations:
Hardware:
- Strategic station placement
- Appropriate number of charging points
- Power requirement planning
- Equipment selection based on property needs
Software:
- User access management
- Energy pricing systems
- App-based scheduling
- Network management
- Customer support integration
Making It Work:
- Partner with experienced providers for turnkey solutions
- Utilize available incentives and rebates
- Consider third-party ownership to reduce costs
- Implement comprehensive warranty and maintenance plans
- Focus on user education and support
The transition to EV charging infrastructure represents a significant opportunity for property managers. By embracing this change and working with experienced partners, multi-family developments can create a win-win situation: meeting tenant needs while generating additional revenue and increasing property value.
Rather than viewing EV charging as a burden, forward-thinking property managers can use it to differentiate their properties, attract environmentally conscious tenants, and position themselves at the forefront of sustainable transportation solutions.