EV Charging Becomes Key Amenity Trend
A major government initiative in Pennsylvania to add $100 million in electric vehicle charging stations highlights a growing national trend. The push for EV infrastructure signals an increasing expectation for such amenities in premium residential buildings as more upper-income tenants adopt electric vehicles.
- The Pennsylvania initiative is part of the National Electric Vehicle Infrastructure (NEVI) program, which will provide the state with $171.5 million in federal funding over five years. The current $100 million is for the "Community Charging" phase, which will be allocated regionally throughout 2026, starting with southeastern Pennsylvania. - Nationally, there is a significant gap between renter demand and apartment supply for EV charging; while surveys show 34% of tenants want the amenity, only 5% of U.S. rental properties currently offer it. The availability of at-home charging is a major factor for potential EV owners, with 31% of non-EV-owning renters citing a lack of it as a barrier to switching. - For luxury properties, the target demographic aligns with EV owners, who are twice as likely to earn over $100,000 annually. A recent survey found that U.S. multifamily residents are 2.5 times more likely to own an electric vehicle if their building provides charging access. - Installing EV charging can directly impact property value. One financial analysis indicates that for a 50-unit building, adding charging stations can increase the property's value by 2.9% to 3.6%. It also allows properties to qualify for sustainability certifications like LEED, which have been shown to correlate with higher market sale prices. - In Chicago's Gold Coast, competitors have already implemented this amenity. The Sinclair and GILD are two neighborhood luxury rental buildings that actively market the availability of on-site EV charging stations. - The federal government offers a 30C tax credit for businesses that can cover up to 30% of the cost of installing EV charging equipment, with a maximum credit of $100,000 per charger. - Under the NEVI program grants, federal funds can cover up to 80% of the project cost for installing charging stations. The total cost for a new public charging site can range from $750,000 to $1.2 million.
