Beyond an amenity: EV charging for multifamily communities

What the EV revolution means for your multifamily property

The choice to offer residents electric vehicle (EV) charging could go a long way toward preparing your apartment or condominium property for the future. Today, EVs are becoming more common and the tipping point for their mass adoption is right around the corner. BloombergNEF (BNEF) predicts that EVs will represent nearly 30% of new vehicle sales in the U.S. and Europe by 2025. That’s a nearly tenfold increase from the beginning of the decade. By 2040, it will be 85%.

According to real estate consulting giant RCLCO, “Many real estate owners already are, or should be, responding to this dramatic growth in EV sales by increasingly offering charging stations at their properties.”

For multifamily property owners, managers and HOAs, that means the days of taking a wait-and-see approach to electric vehicles are over. For residents contemplating an EV, charging is an amenity that can help them decide where to live. For the growing number of people already driving one, it’s an absolute necessity. That’s because over 80% of people worldwide charge where they live or work. And why not? Just like every other device you rely on every day — you wouldn’t choose to go to some out-of-the-way location to power it up. You plug it in where it’s most convenient for you. For most people, that’s at home.

EV charging is as required as having a gym.
It’s beyond an amenity, it’s beyond a nice-to-have.

Phil Carmody, head of ESG and corporate programs, GID

What’s coming

EVs are projected to make up nearly 30% of new vehicles sold by 2025 in the U.S. and Europe (compared with 2.6% in 2019). — BNEF Electric Vehicle Outlook 2022
In 2040, over 60 million electric vehicles are projected to be sold globally. — BNEF
47% of millennials, 41% of Gen Z and 38% of Gen X are interested in purchasing an EV. — WardsAuto
80% of EV charging takes place at home, nearly always overnight or while a car is parked during the workday. That’s because over 80% of people worldwide charge where they live or work. — Forbes
A driver plugs into a ChargePoint charger every 1 second. — ChargePoint network

With ChargePoint, our resident EV drivers can use the app and get 24/7 support. There is transparent data and ease of use. It’s very different from other infrastructure we use.

Peter Zadoretzky, director of sustainability, Bozzuto Management Company

Our cars are parked over 90% of the time, so why do we travel somewhere out of the way to fuel them? Unlike gasoline, electricity is safe, affordable and pervasive. In other words, EV drivers fuel wherever it’s most convenient for them — usually where they live, work and play. In fact, a child born today is unlikely to ever drive anything other than an electric vehicle — or to know the hassle of driving somewhere to fuel up just to be able to drive. They’re your future residents and they’ll expect to live in a world that makes sense for them. With the tipping point for the mass adoption of EVs within view, the time to start planning your infrastructure is now.

In a future that’s closer than you think, your residents will expect to top up while they sleep, and if they can’t, they’ll likely find someplace else to rest their heads. Waking up knowing their car is fueled and ready to get them wherever they need to go takes one more concern off busy residents’ plates, making EV charging one amenity they’ll thank you for again and again.

Not only will you attract and keep desirable residents, but you’ll create goodwill and build community among tenants. How? Most EV drivers are passionate about the planet and their cars and can’t wait to tout the many advantages of driving electric to others. They know electricity isn’t free so they’re willing to pay for the convenience of a fuel that’s readily available where they happen to be — and also not subject to the rollercoaster price fluctuations of gas.

Resident behavior is changing

89% of residents in the most recent AMLI Residential Sustainable Living Index Survey said they were concerned about climate change. Nearly half reported choosing the multifamily property developer in part because of its green practices.

Your properties all over the country will see this trend

Top 10 states — Electric VIO EV registrations over time

Bottom 10 states — Electric VIO EV registrations over time

Source: IHS Markit

Customer focus: GID

For more than six decades, commercial real estate firm GID has succeeded by putting its stakeholders — including investors, residents and employees — first. That winning strategy continues today, as the company adds the planet to its list of priorities. By investing in sustainable communities and future-proofing its portfolio with electric vehicle charging solutions from ChargePoint, GID is on track for many more decades of success.

GID operates from offices in Atlanta, Boston, Dallas, New York and San Francisco and manages multifamily communities across the United States. Its portfolio includes more than 120 properties in 13 states, with a combined total of more than 38,000 residents, each of whom are surveyed annually to find out what’s on their minds. More and more, it’s been EV charging, says Phil Carmody, GID’s head of ESG and corporate programs.

The [ChargePoint] platform, the intelligence behind the physical infrastructure, that really was one of a kind. It helps us manage our pricing plans and reporting, which is critical for us.

Phil Carmody, head of ESG and corporate programs, GID

Cities are requiring EV charging infrastructure

The following local governments have incorporated EV charging into their building codes:

View EV-ready building codes

New building codes make EV charging certain

Many cities have already adopted EV-ready building codes for multifamily communities.

In Denver:

5% of parking spaces must have EV chargers installed
15% must be EV-ready
The remaining 80% must be EV-capable

In Honolulu and Chicago:

25% - 20% must be EV-ready

For a parking spot to be considered EV-ready, it usually requires:

A dedicated electrical circuit with sufficient capacity for each charging spot
Installation of the conduit and wire required to run electricity to EV charging spots
Electrical panels labeled “EV-ready” and positioned near where people will park