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Top 10 Reasons to Have an EVCS Due Diligence Report When You Buy a Multi-Family Property

Our EV charging station due diligence reports are inexpensive and provide an understanding of what can be done to host EV charging stations with the existing electrical infrastructure. They also give information about what will be needed in the future to increase the number of charging stations on site to meet future demand and identify any grants or incentives that are available to defray the costs. The due diligence report will be free if REVS is allowed to host the EV charging station(s) on your property. Below are the top 10 reasons to have a due diligence report completed when you buy a multi-family property in 2022 and beyond.

  1. As federal regulations to protect the environment are being implemented, more and more residents will be driving electric vehicles. Eighty new electric vehicle models will be coming out this year with sales predicted to be between 800,000 to 1,000,000.

  2. Just one missed lease or renewal, because you don’t have a place on-site for EV drivers to recharge their car, will cost more in rent in a year than the cost to install most charging stations.

  3. Major car manufacturers will stop making gas powered vehicles by 2035 as automakers' investments in next-generation vehicles will exceed $500B by 2030.

  4. 80% of electric vehicle drivers prefer to charge at home. It’s the most convenient and secure place to refuel your electric vehicle.

  5. EV charging stations are currently an amenity in most markets, however as adoption grows, they will become a necessity.

  6. EV charging stations will generate a positive return on the investment and in most cases, be accretive to the investment’s overall returns.

  7. More and more of the new electric vehicles will be priced under $40,000 opening them up to being affordable by EV residents.

  8. The cost to own and operate an electric vehicle is substantially less than a vehicle with a gas engine means more renters will be looking at these vehicles as it saves a significant amount of their disposable income.

  9. Sponsors need the information provided by this report as it is their fiduciary responsibility to know the opportunities and capital costs of their investment so they can provide their residents with the services they will require as well as maximize their investor’s returns.

  10. REVS has inspected hundreds of multi-family properties across the country and here are our key findings:

  • 99% do not have enough spare electricity to host the number of EV charging stations that will be needed to meet future demand

  • Every multi-family property has a different electrical infrastructure

  • Owner’s need to know what can be done and what needs to be done to host EV charging stations


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