The real estate market is quite competitive, and property managers are experiencing an “amenity war.” Your property needs to be attractive enough, so you can gain and retain renters. For that reason, most property managers install attractive features such as gym equipment, refrigerated lockers, quality kitchen appliances, and so on.
However, tenants now have a new demand when seeking residential properties. The latest feature they look for is a home charging station for their electric vehicles. Over the past few years, there has been a steady increase in electric cars on our roads, thanks to environmentally conscious individuals. With many people seeking a sustainable environment, the acquisition of electric vehicles is on the rise.
EV charging stations are no longer for convenience’s sake, but a necessity for rental properties. This article will explain why property managers invest in Electric Vehicle (EV) charging stations.
1. Future-proof the property
There is a surging demand for eco-friendly or sustainable environments. One aspect that is enjoying this growth is the automobile industry. Consumers are shifting from gas-driven automobiles to electric vehicles.
In some states, the government has placed executive bans on gas vehicles a few years from now. This future ban, coupled with the increase in the number of renters who own electric vehicles, means there will be a higher demand for properties with EV charging stations.
If you are a property manager and your house doesn’t have a home charging station, you may be losing tenants and rental income. It would be best to install electric vehicle charging stations on your property and prepare it for the future. That is one of the sure ways to attract and retain high-quality tenants in the future.
2. To earn more incentives
Governments and organizations are seeking to create a more sustainable environment. To achieve this, they offer numerous incentives to properties that have charging stations. The inducements range from rebates to grants and tax credits. Most states and local municipalities give incentives to people who purchase electric vehicles or set up EV charging stations.
These incentives may vary depending on your location. You can take advantage of these incentives to earn more income and recover the cost of investing in EV charging stations. It is essential to note that these incentives will not last forever. That is why you should join the early adopters to enjoy these benefits.
3. Increase the value of your property
Properties with electric vehicle charging stations have more value than those without them. That is because several renters who own electric vehicles are demanding such homes. With this high demand comes more value.
Survey shows that tenants who own electric automobiles earn higher than the average population. That means they can spend more money on your property. With electric vehicle charging stations installed on your rental property, you can collect a higher rent or bill tenants for using the EV charging stations.
Smart EV charging ports also have LED screens that you can use for advertisement. Another way to earn extra income will be to sell this ad space to generate more revenue.
Properties with electric vehicle charging stations do not stay long in the market. If you intend to sell the property in the future, buyers will be more willing to acquire it because of the EV charging station.
4. Improve brand image
Since more people care about environmental sustainability, they now focus on brands that match their values. For that reason, more potential renters that have concerns about lowering carbon emissions and creating a sustainable environment will want to work with your brand. Your business will also earn environmental accreditation, which you can use to promote your brand.
5. Brand loyalty
If you have EV charging stations on your rental property, renters who own electric vehicles will love to renew their tenancy. That is because most properties do not have one, and it will lessen the hassle of looking for where to charge their vehicle. Even when you are managing a commercial property, customers with electric cars will always return to your property regularly so that they can enjoy this facility.
EV owners choose a property that provides charging stations over the ones that do not have. That means you will not worry much about advertising your property. The EV charging stations will connect you to the GPS network and attract visitors. EV owners can always locate your property and the charging station through mobile devices. That is because you put your property on the map when you install EV charging stations.
The bottom line
You will enjoy several benefits if you are an early adopter of EV charging stations. The charging stations will generate free marketing for your brand. In addition, you earn more rental income when compared to those without EV charging stations.