In 2024, nearly 40% of major multifamily markets experienced declining rents. As competition intensifies, property owners and managers are seeking innovative ways to attract and retain residents. Simultaneously, EV adoption is accelerating, transforming EV charging from a premium amenity into a critical infrastructure requirement for multifamily properties. By installing EV charging stations, property owners can stand out in the market, attract and retain residents, and future-proof their properties. 

Key Considerations for EV Charging Installation 

Installing EV charging across a multifamily property portfolio can be a daunting process. It’s complex and time intensive and involves strategic planning to ensure the infrastructure meets current and future residents’ needs. Here are some critical factors to consider: 

1. Market Prioritization

Not all markets have the same level of EV adoption. Analyze your portfolio to identify which properties are in regions with high EV adoption rates and charging is most important. Prioritizing these locations ensures you address residents' needs where they are most pressing.  

2. Balancing Current and Future Demand

Understanding how many chargers to install at a given property is crucial. Installing too few can lead to tenant dissatisfaction, while overbuilding can result in underutilized infrastructure. Evaluate current EV adoption in your market and forecast growth over the next few years to strike the right balance. 

3. Choosing the Right Partners

Selecting the right EV charging partners can make or break the success of your project. Working with partners who offer the best charging hardware and software will ensure a reliable, long-term solution for residents. Partnering with an experienced EPC (Engineering, Procurement, and Construction) firm ensures the construction process runs smoothly.  

4. Construction and Permitting

The construction phase involves site planning, permitting, and installation. Depending on your charging solution, you may need to upgrade your site’s electrical capacity. Your EPC partner will ensure the project complies with local building codes and regulations. 

5. Monitoring and Maintenance

Residents expect charging stations to be reliable. Implement robust monitoring and maintenance systems to ensure chargers are always operational. Additionally, plan for future upgrades, such as adding more stations as utilization increases or updating software and hardware to provide the best user experience. 

Managing the Complexity with the Right Third-Party Partner 

While EV charging offers significant benefits, managing the process can be burdensome. The process typically takes 1-4 months to finalize contracts and up to 6 months for site planning, permitting, and construction. Property owners and managers should approach EV charging as an ongoing responsibility rather than a one-time project. From researching the right partners to coordinating construction and maintenance, it often requires a dedicated team to ensure the amenity meets resident expectations.   

Working with a third-party owner and operator, versus managing the process yourself, ensures seamless deployment and management. Similar to other property amenities like communal laundry, EV charging is most effective when managed by a dedicated provider focused on maintaining a high quality of service.  

As EV adoption continues to grow, the demand for at-home charging will become unavoidable. Multifamily properties that act now will not only save on costs but also differentiate themselves in a crowded market. By addressing EV charging needs today with the right partner, you’ll future proof your properties and ensure long-term success.