EV Charger Installations: The New Must-Have for Rentals
Welcome to the world of electric vehicles (EVs), where the future is already here. With the ever-increasing concern for the environment, the demand for these eco-friendly cars has been on the rise. In fact, in recent years, the sales of EVs have seen a significant increase, with global sales reaching a record of 2.1 million in 2019. With more and more people opting for EVs, it’s no surprise that the need for EV charger installations is becoming a top priority for rental properties. In this article, we will delve into the reasons why EV charger installations are the new must-have for rentals.
The Rise of EVs
Before we get into why EV charger installations are essential for rental properties, let’s first understand the surge in popularity of EVs. Not only are they environmentally friendly, but they also offer a host of other benefits. Firstly, EVs have significantly lower operating costs compared to traditional gasoline-powered cars. This is because electricity is cheaper than gasoline and EVs require less maintenance, as they have fewer moving parts. Additionally, EVs provide a smoother and quieter driving experience, making them a popular choice among consumers.
Moreover, with the constant advancements in technology, EVs are becoming more efficient and have longer ranges, making them a viable option for everyday use. The cost of EVs is also decreasing, with more manufacturers entering the market and offering a range of affordable options. All these factors have contributed to the rise in popularity of EVs, creating a need for more charging infrastructure.
The Importance of EV Charger Installations for Rentals
Meeting the Demand
With the increasing number of EVs on the roads, renters are looking for properties that offer EV charger installations. In fact, a survey by the Renter’s Risk Report found that 62% of renters who do not currently own an EV, would consider buying one if their rental property had a charger installed. This shows that having an EV charger installed can make a significant impact in attracting potential tenants.
Staying Ahead of the Competition
With the demand for EV charger installations on the rise, offering this amenity can give your rental property a competitive edge. By being one of the few properties that offer EV charging, you can attract renters who prioritize sustainability and technology. This can help your property stand out and increase its value, especially in areas where EVs are popular.
Attracting High-Quality Tenants
EVs are not only popular among eco-conscious individuals but also among high-income earners. A report by Bloomberg New Energy Finance showed that the majority of EVs in the U.S. are owned by households with an income of $75,000 or more. By installing EV chargers, owners can attract this demographic of renters, who are more likely to pay higher rent, leading to a better return on investment.
The Different Types of EV Charger Installations
When it comes to EV charger installations for rental properties, there are two main options: Level 2 chargers and DC fast chargers. Level 2 chargers are the most commonly installed chargers, as they offer a faster charging time compared to a standard outlet. They also have a lower installation cost and can be easily installed in a parking spot or garage. On the other hand, DC fast chargers are more expensive to install but offer a significantly faster charging time. These chargers are usually installed for commercial properties and can charge an EV up to 80% in just 30 minutes.
Conclusion
There’s no doubt that electric vehicles are here to stay, and their popularity will only continue to rise. As a rental property owner, it’s essential to stay ahead of the game by offering EV charger installations. Not only will this attract high-quality tenants and increase the value of your property, but it will also contribute to a cleaner and more sustainable future. So, if you’re looking to keep up with the ever-changing rental market, it’s time to invest in EV charger installations.
