With millennials and Gen Z prioritizing work life balance, an increase of remote work opportunities, and a housing market that makes renting the best option for many, rental communities including MDUs and condos are being called on to provide impressive amenities. In fact, many amenities that were once seen as extravagant years ago are now commonplace.
Property owners and developers who are looking to increase occupancy are looking more closely at the amenities they can provide that help differentiate their properties from all the others on the market. One such MDU amenity many are starting to consider, especially as more and more services are bundled and included in rent prices, is EV charging.
Quick Links
- Why is the Future About Rental Amenities?
- Is EV Charging an Amenity?
- Which Rental Properties Can Offer EV Charging?
- The Future of Rental Properties and EV Charging
Why is the Future About Rental Amenities?
The rental market has, in many ways, focused on improving amenities even prior to the arrival of COVID-19. Then, the pandemic pushed those efforts to the forefront as more and more people were relegated to home and their local communities. While community feel and connection to neighbors was already something residents were craving, the pandemic intensified that.
While the pandemic pushed the need for MDUs and management companies to find ways to deliver services to residents on lockdown, the end of the lockdown and freedom to move about and relocate is pushing the envelope on the amenities properties can provide.
For example, during the pandemic, residents were desirous of outdoor spaces, or proximity to walkable spaces. For many this outdoor time included pets, especially those among the millions adopted during the pandemic itself. 3 years later? We see more and more properties allowing pets and providing dog parks, dog walking areas, dog bath areas, and even dog sitting or walking services.
We’re also seeing an increase in demands for amenities that address a variety of needs, and not just the dog’s. More and more potential MDU community residents are seeking:
- Storage spaces both in the unit and separate units on-site.
- Outdoor spaces such as walking paths, gardens, fire pits, gazebos, and gathering places
- Improved in unit amenities such as washers and dryers and smart devices
- Proximity to public transportation and shopping, bars, restaurants (mixed use buildings are very popular for this reason)
- Designated parking areas such as lots or structures
- Fireplaces (both real and electric) and AC regardless of geography
- Technological upgrades from wifi and smart homes to keyless entry and enhanced security
And, that final amenity? That’s the one where there is significant opportunity to differentiate. From bundling tech services to including cable, wifi, and smart home devices, MDUs have the opportunity to set themselves apart by offering technology upgrades that other buildings and properties don’t have, like EV charging.
Is EV Charging an Amenity?
Of course. As noted above, demands for technological upgrades are increasing and EV adoption is growing faster than properties can keep up. What does that mean? That means that EV charging for MDUs is still an open market and buildings that can offer EV charging for residents will really stand out. And, as the need, and demand grows, MDUs with existing EV charging capabilities will lead the pack.
We already know most EV charging occurs at home and increased EV adoption rates will inevitably lead to a scramble for MDUs without charging to manage and handle the residents who need it. In fact, apartment listing sites are already starting to include EV charging as an amenity to their list of filters.
However, implementing and installing EV charging stations doesn’t come without challenges and so forward and future thinking MDU owners and managers should start thinking about how EV charging amenities can be configured, and how they can be marketed to a growing segment of the population.
Which Rental Properties Can Offer EV Charging?
You may be wondering which rental properties can offer EV charging and that comes down to a site analysis. Obviously, the first and most important requirement is designated parking. Whether it’s a lot or a parking garage, the MDU must have access to and control over the lot in order to put EV charging stations.
Similarly, grid capacity may also limit an MDUs ability to install EV charging stations, so working closely with a local utility company will be vital. While upgrades to power stations and capacity are possible, it may also limit the number or type of EV charging stations your MDU can manage.
While there are challenges, community and business partners with existing relationships to EV charging solution providers can help streamline and simplify the process. For example, NovaCHARGE is collaborating with Comcast to help MDUs and businesses add utility-grade EV charging stations to their properties or communities.
The Future of Rental Properties and EV Charging
So what does this mean for the future of EV charging and MDUs? Let’s take a quick look at some numbers.
- There are currently 1.7 million electric vehicles on the road in the United States.
- EV sales increased by 65% in 2022.
- There are approximately 56,000 EV charging stations in the U.S. with an estimated 148,000 charging ports.
- About 5,000 of those existing EV charging stations are DC fast charging.
- Approximately 83% of EV owners charge at home according to JD Powers.
And, when it comes to MDUs? First, an increase in interest rates has dampened the real estate market and, with a record number of MDUs under construction, both demand and supply suggest that finding ways to stand out among competition will become vital over the next few years.
Further, more and more attention is being paid to how MDUs present a unique opportunity to bundle services and technology. This means there are more opportunities for partnerships and increased investments from a variety of stakeholders. In short, MDUs should be getting significant attention from not only property developers, but also suppliers of goods and services that can be purchased as well as implemented or installed in bulk.
It’s this exact opportunity that makes EV charging solutions a good opportunity for MDU owners and managers. In addition to partnerships providing pathways to implementation, there are significant potential benefits, including increased occupancy, to property developments and management companies.
If you’re in the MDU space and are looking to leverage EV charging to boost your property and occupancy rates, then we’re ready to help. NovaCHARGE not only has the experience and expertise you need, but also the network and relationships to help you implement and grow an EV charging solution at your apartment or condo complex. Reach out to our team today and let’s get going!