Electric vehicles (EVs) are still a small part of the overall automotive ecosystem, but owners may want to prepare now for their arrival.
We asked more than 84,000 renters if they plan on buying an EV in the next five years, and 15% of them said yes. This level of aspiration is surprising when you consider the market share of EVs was still less than 1% of all new cars sold in the U.S. last year, according to a study by HybridCars.com and Baum & Associates.
Still, Bloomberg forecasts that EVs will represent 35% of global new-car sales by 2040, so some future-proofing of your properties might be in order.
Interest in EVs is higher among the youngest demographic cohorts, millennials, and Gen X, as 16% of each expressed interest in buying one. Meanwhile, Baby Boomers and members of the Silent Generation were less optimistic, as just 11% and 5% said they planned to buy an EV, respectively. Regionally, the West (18%) and Northeast (17%) showed the most interest.
But will renters pay extra to live in a community that offers EV charging stations? Of the 15% of renters who plan to buy an EV in the next five years, the majority (58%) signaled a willingness to pay more each month for this amenity. In fact, 40% of those who said yes would pay at least $10 more per month to have charging stations on site.
The full results of our groundbreaking survey, The Next-Gen Apartment: What Renters Want, done in conjunction with J Turner Research, will be unveiled at the Multifamily Executive Conference in September.
In the meantime, check out our previous Stats of the Week: