Electric vehicles (EVs) are the wave of the future. Experts estimate that there are now 16.5 million EVs on the roads across the globe. This is triple the number of EVs that were on the road just five years ago.
You may be wondering, what does this have to do with real estate? To stay competitive, real estate investors need to offer amenities that attract reliable tenants.
Read on to learn why onsite EV chargers are so valuable to renters. Explore topics such as adding EV charging points and how commercial EV charging makes real estate property more valuable.
Why Install an EV Charging Station?
Before starting an EV charger installation, it is important to understand what it entails. With so many EVs on the road, you are making your rental property more enticing.
Many drivers do not have the ability to charge their EVs from home. Instead, they travel to EV charging stations in the vicinity.
This is not always a convenient process. Sometimes, they have to drive out of their way to charge the EV. Other times, they arrive and there is a line of cars waiting to charge.
Imagine being late for work and having to get off the highway to charge your EV. This makes the possibility of charging at home an enticing amenity.
You will need to appoint a small space in the parking lot for an EV charging station. Also, ensure that it includes all necessary accessories like EV charging cables.
There is an upfront cost associated with buying the charging stations. However, there is a positive return on investment (ROI) over the long run. You can increase the rent by a nominal amount to help pay the investment costs.
What Are the Benefits of an EV Charging Station?
There are many benefits to investing in an EV charging station for your rental property. For starters, United Kingdom data shows that affluent citizens are more likely to buy EVs.
As a real estate investor, you are always hunting for reliable tenants. You want to attract renters that can make full and timely payments each month. Affluent renters fit this mould and are more likely to keep monthly cash flow coming in.
EV charging stations are also going to increase property value. This equipment provides a convenient amenity that many renters are looking for. They are willing to pay more per month for the convenience of charging at home.
You will also see your property value increase. If you decide to sell the property, its value will rise as other investors see the merit behind your investment.
Your Guide to Onsite EV Chargers at a Rental Property
You are now ready to add an EV charging station to your real estate property. It is going to help attract high-income renters. Time is money and people are willing to pay more for this convenience.
If you think onsite EV chargers would be popular for your tenants, contact us today to schedule an appointment for installation services.
