EV adoption isn’t slowing down anytime soon and property owners need to prepare. Here’s why.

The first wave of EVs focused primarily on the premium segment, and drivers continue to cite high EV costs as a deterrent to making the switch. However, by 2026 there will be options from brands like Ford, Volvo, GM, and Kia priced as low as $25,000. EV prices will continue to decrease over time, driven by falling battery costs (the most expensive component in an EV) and competitive pressure from China where there are EV options under $10,000. Battery prices saw their steepest annual decline in 2024 since 2017 and are expected to continue dropping.

Additionally, an influx of pre-owned EVs is expected to come off their leases in the next two years – an estimated 215,000 EVs in 2026 – providing even more cost-effective options for drivers. Leasing EVs has already proven popular among first-time EV drivers – about 45% of EV transactions in Q3 2024 were leases, compared with 24% for the auto industry broadly.

Hundreds of billions of dollars have already been allocated to build clean energy and EV battery factories, many of which will come online in 2025. An estimated 40 U.S. EV and battery factories are slated to begin opening in 2025 from companies like GM, Toyota, Ford, Rivian, Tesla and battery components companies. These investments, in addition to driving hundreds of thousands of new manufacturing jobs, are creating a robust domestic supply chain for EVs and batteries which will create a growing stock of EVs in the market.

Despite potential perceived industry headwinds under the new administration, already awarded federal incentives, new job creation, private investments, and most importantly, strong market demand are driving the industry forward.

These factors all point to increased EV adoption. Globally, EV sales jumped 25% to 17.1 million in 2024. Industry experts expect 2025 to continue breaking records for EV sales, with 1 of every 4 vehicles sold in the U.S. to be electric. As battery technology continues to advance and EV costs continue to decline, more and more EVs will make their way onto U.S. roads each year.

Over 80% of EV drivers charge at home, because it’s the most convenient and affordable way to charge, so access to at-home charging when EV adoption increases will be imperative. Additionally, if public charging investments like the National Electric Vehicle Infrastructure (NEVI) program are sunset under the new administration, the demand for private, at-home EV charging will be higher than ever to keep up with rising EV demand.

Residents in multifamily homes will increasingly expect access to EV charging. Thirty-two percent of residents surveyed said they are interested or won’t rent without EV charging stations at their buildings, and they are willing to pay a premium for it. For property owners, the question isn’t if EVs will impact your portfolio—it’s when.

Without charging infrastructure, property owners risk losing residents to competitors and missing out on increased net operating income and other benefits that EV charging can bring. Providing this amenity not only attracts a growing and loyal demographic but also future-proofs properties for the evolving market. Delaying investment in charging infrastructure now could mean a more expensive fix the longer you wait, missed opportunities to attract desirable residents, and lost competitive edge.

Installing EV chargers, however, can be a daunting process. It’s complex, time-intensive, and costly, taking 1-4 months to finalize contracts and up to 6 months for site planning and construction. Property owners need to start planning in 2025 to stay ahead of the 2026 EV boom.

A partner like 3V Infrastructure can simplify this process. By handling the upfront and ongoing capital investments, managing operations and maintenance, and scaling charging infrastructure to meet demand, 3V makes it easy for property owners to offer reliable EV charging. With EV adoption set to boom in 2026, installing charging in 2025 will put property owners ahead of the curve. Those who wait risk playing catch-up.