Parks Associates: 32% of Multifamily Owners and Operators Plan on Deploying, Upgrading, or Replacing EV Charging Stations within the Next 12 Months

Parks Associates' latest white paper, Preparing for EV Adoption in Multifamily: The Coming Wave, reveals that 32% of multifamily owners and operators plan on deploying, upgrading, or replacing EV charging stations in at least one of their properties within the next 12 months. In short, the number of communities with onsite chargers is about to grow as owners and operators prepare for rising EV adoption among residents and prospective residents in the coming years.

Developed in partnership with Cox Communities, the white paper examines new trends in EV and EV charger adoption among multifamily owners, operators, and residents. The white paper also shares the plans of key-decision makers for new installations and retrofits.

"The environment around EV charger adoption is changing," said Kristen Hanich, Director of Research, 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."

The timeline and trajectory of EV adoption are likely to depend on the states and specific consumer market segments, with some areas and segments rapidly adopting BEVs and PHEVs and others taking a longer and more measured approach. Demand in the Californiamarket in particular is rising, as EVs make up a continually growing percentage of overall new car purchases – already reaching 25% as of 2023 – and as inventory in the pre-owned market grows.

At present, multifamily owners and operators are readying themselves for the EV demographic by focusing their immediate efforts on offering EV charging as an amenity in their Class A and Class B properties, where they see the highest concentrations of EV owners. However, owners and operators are challenged by poor charger implementation that leaves residents with a frustrating charging experience, plagued by internet disconnections and lack of availability.

"As EV adoption grows, multifamily properties will increasingly need to compete both on charger availability and on the charging experience itself," Hanich said.

Parks Associates | https://www.parksassociates.com