Mandating EV is a No for Me
From podcast recording studios to indoor dog parks, apartment communities are committed to keeping up with amenity trends. Electric vehicles (EV) remain on trend and charging stations are popping up at apartment properties throughout the country. According to Experian Automotive’s Market Trends third quarter 2023 report, EVs account for one percent of all registered vehicles on the road in the U.S. Are EV charging stations worth the investment or are they simply a fleeting trend?
To get a sense, let’s take a look at the cost for a charging station. The average cost for an electric vehicle charging station is $550-$1,379 according to Home Advisor. With operating expenses at a high, it is no wonder some property owners are hesitant to provide charging stations. Keeping the cost of rent down while providing a safe community is what rental housing providers strive for. Not all owners/operators see the need for EV charging stations at their properties.
However, according to the Environmental Defense Fund, North Carolina has led the U.S. in electric vehicle industry investment. David Kelly, their NC director, said, "We see that in just the last six months, North Carolina has seen $9 billion in additional investment and that's in addition to the $10 billion of announced investment as of last August.” EV purchases are on the rise in North Carolina but should rental property owners be forced to provide charging stations to residents?
Not every state has lawmakers who are multifamily industry advocates like we do in North Carolina. In fact, California requires 10 percent of parking spaces for apartment building to be capable of supporting EV charging. Why is this apartment amenity being mandated? This trend might be energy efficient and good for the environment, but it is financially harmful to rental property owners looking to provide affordable housing. As owners/operators struggle to keep operational costs down, it is a no brainer that mandating EV charging stations is out of the question. Mandating an unnecessary cost could cause some local developers to pull out of Mecklenburg County all together.
How can the Charlotte community be energy efficient without mandating an unnecessary financial burden to rental housing providers? While it is important to be energy efficient, it is crucial EV chargers remain optional. The Charlotte community can find creative solutions for taking care of the environment without mandating unnecessary costs. We can plant trees or pick up trash. Arbor Day is around the corner and now is the time to think outside the box. Mandating EV charging stations is one trend that may not be sustainable.