Over the next 12 months, electric vehicle (EV) multi-family owners as well as operators plan to deploy, upgrade or replace EV charging stations at properties, according to new research from market research firm Parks Associates.
This will result in a growing number of communities with onsite chargers as property owners and operators prepare for rising adoption of EVs among residents.
"The environment around EV charger adoption is changing," said Kristen Hanich, director of research at Parks Associates. "The tailwinds are growing in their intensity: snowballing adoption of BEVs and PHEVs among consumers and increased funding opportunities in the form of grants, tax credits and rebates as regulators and key decision makers recognize the opportunity in supporting EV charger deployment in multifamily housing."
Rollout varies
Parks Associates said the rollout of these EV charging nodes are likely to depend on the states and specific consumer segments. Battery electric vehicles (BEVs) and plug in hybrid EVs (PHEVs) adoption is expected to rise quickly in states like California, however, other states are likely to take a longer and more measured approach.
Parks said EVs in California is becoming a decent chunk of the overall new car purchases. In 2023, the state reached 25% of new car sales as inventory in the pre-owned market is growing substantially. This year is likely to continue this growth trajectory.
EV as an amenity
According to the new data, multi-family owners and operators are readying for the EV surge in adoption and will focus on using EV charging as an amenity in properties — like a pool or tennis court.
They must, however, address current charging systems that may be antiquated or risk having resident frustration with the charging experience. This could mean upgrading internet connectivity and increasing availability.
"As EV adoption grows, multifamily properties will increasingly need to compete both on charger availability and on charging experience itself," Hanich said.
The full research can be found in the white paper entitled: “Preparing for EV Adoption in Multifamily: The Coming Wave.”
