As electric cars increase in popularity, the quantity of renters looking for a rental property with an electric car charger has increased. It would be wise for owners to be willing to install one in their rental homes. Over the last few years, Americans have bought nearly 800,000 electric vehicles. There is a constant increase in the percentage of electric vehicles sold every year.
If a resident asks for an electric car charger to be installed in your Mt. Vernon rental home, there are a few things you should take into account before saying yes. First, there is the cost involved in the installation. Second, you need to decide who will do the installation work. Third, you need to consider the potential increase in the value of the rental property. These things need to be considered when you install an electric car charger.
Placing an electric car charger in your rental home would interest the residents who own electric cars. This means that the location plays a big role in making the decision. Some areas have a lot more electric car owners than others. If you can reasonably predict that future residents will need an electric car charger in the rental home, it may make sense to go ahead and have it installed. In these areas, certain types of residents— the ones of high quality— will be drawn to properties with an electric car charger. This would allow you to attract and retain the best residents for your Mt. Vernon property.
If you decide to have electric car chargers placed, it would be a good idea to have somebody qualified to do it for you. Letting your resident do it may seem like a way to save some time and money, but you’d be taking a huge risk. There are specialized chargers for electric vehicles and they require professional installation. Some may even require permits and inspections done by local authorities. There is a lot of work and knowledge required when doing the installation. This important process should not be given to the resident to handle.
If cost is a point of consideration, then it is important to take to account the costs of both options. On one hand, there are the upfront costs of installation; and on the other, the cost of losing a quality resident. Granting the request for an electric car charger may come out more cost-effective than trying to find a replacement renter. In some areas, there are energy credits or other tax deductions for installing an electric car charger, and it would be a good idea to see if these are available for you. Tax incentives like these really help lessen the initial cost of installation.
As with any big decision, it’s good to evaluate the pros and cons of installing an electric car charger for your resident. And you don’t have to figure this out by yourself. At Real Property Management Results, we have the tools and expertise to help you assess the situation carefully and make the decision that is right for you. Please feel free to contact us online or give us a call at 812-461-1676 for more information.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.
