Multifamily Looking Differently at Electric Car Market, EV Charging Stations

A budding topic in multifamily housing sustainability circles is accommodating residents with EV charging stations. Demand is up for battery-powered vehicles as Americans embrace the concept of leaving a smaller carbon footprint. For apartment operators and owners, the question has become: To charge or not to charge. EV charging is what some view as a necessary amenity. Others note that only a small segment of vehicles on the road today run on batteries and therefore that it doesn’t pay to invest in charging stations. But the electric vehicle (EV) already has a presence in apartment parking lots, and experts believe it’s only the beginning. The idea of owning an EV is gaining speed, and technology is getting less expensive. Some multifamily housing operators say the industry needs to think more about accommodating EV drivers in its pursuit of higher retention and new lease opportunities. The topic is one of many addressing multifamily energy and sustainability practices to be covered at the RealPage Energy Summit 2021, Feb. 24-25. The virtual conference will feature panel discussions on innovations impacting energy and water usage, as well as interconnected communities. U.S. electric vehicle, EV charging stations growing When Tesla rolled out its first electric vehicle around 2008, the six-figure price tag quickly established it as a luxury car, which limited sales and fueled skepticism about the company’s long-term survival. Since then Tesla has proven itself more than viable, and new players have entered the market, driving the price tag for ownership down dramatically. Consumers can still sink $70,000 to $80,000 into a Tesla, but Nissan, Chevrolet and Ford are delivering EVs in the $20,000s. Battery and charging costs are becoming more reasonable, too. Operating an EV now costs about 60% less than driving a gasoline-powered car or truck. Eco-friendly vehicles, although they account for only a small percentage of U.S. auto sales, are sh...