Your Residents Can Finally Afford an EV. Where Do They Plug In?

The person touring your property this month is more likely to own an electric vehicle than the person who toured a year ago. Charging is part of how they choose between your building and the one down the street.

The affordable electric vehicle finally exists

Used electric vehicle sales are up 10% from a year ago, according to Cox Automotive, and the reason is price. Cox puts the average gap between a used electric vehicle and a comparable used gasoline car at $2,967.

Three thousand dollars is a difference plenty of drivers will accept in order to stop buying gas. That price gap is what moved the electric vehicle from a car for people with driveways to a car for people with assigned parking spaces.

The tax credits are gone and demand grew anyway

Congress repealed the federal tax credits on electric vehicles, which were $7,500 on a new EV and $4,000 on a used EV. Sales of used electric vehicles grew ANYWAY. EVs are within reach now regardless of incentives and will only continue to grow in popularity.

The cost shows up at renewal

Most owners never hear a complaint about charging, and the first sign of a problem is a lease that does not get renewed. A resident who spent a year working around your parking lot starts their next apartment search with EV charging at the top of the list, and there are properties in your market that already offer EV charging for residents.

What it takes to get started

You don't have to put a charger in every parking space. REVS starts with two charging stations at properties with fewer than 400 parking spaces. More charging stations can usually be added as more residents need them.

For properties that qualify, REVS can install and manage the chargers at no cost to the property. A due diligence report shows you what your property can handle before you spend anything, and financing is available for properties that do not qualify.

The used EV market put electric vehicles within reach of the people who rent from you. Those residents are already on the road, and the only open question is whose parking lot they choose. Contact REVS and we can tell you what your property can handle.