Want to make your rental property even more appealing to tenants? It’s time to think electric. New research shows that landlords are embracing the shift to electric vehicles (EVs) and are keen to install chargers for their tenants.

A recent study by Direct Line revealed that 86% of landlords with suitable properties would consider installing an EV charger if their tenant requested one. This is good news for landlords, as it means you can attract a wider pool of renters who are looking for the convenience of charging their cars at home.

Who Pays for the Charger?

While a fifth of landlords (20%) are willing to cover the entire cost of installation, most landlords expect tenants to contribute to the expense (35%) or share it equally (30%). It’s vital that landlords have a clear written agreement in place with their tenants outlining responsibilities for ownership and maintenance, especially when the tenant moves out.

The Numbers Don’t Lie – EVs are Taking Over

There are already over 960,000 electric cars on UK roads, representing 1 in 40 vehicles. With the government aiming for all new cars to be zero-emission by 2035, the demand for rental properties with EV chargers will skyrocket.

Why Landlords Are Excited About EV Charging

Landlords are seeing the benefits of installing EV chargers, with many citing reasons like:

• Increased property value (40%) – An EV charger can make your property stand out and potentially fetch a higher rent.
• Attracting new tenants (40%) – More and more people are choosing to drive EVs, so offering charging facilities will make your property more desirable.
• Keeping existing tenants happy (40%) – A happy tenant is a valuable asset. Providing an EV charger shows you’re keeping up with the times and meeting their needs.
• Potential for rent increases (15%) – Landlords might be able to charge a premium for properties with EV chargers.

Get Help With Installation Costs

Landlords don’t have to go it alone when it comes to installing EV chargers. The government offers financial incentives to encourage the adoption of electric vehicles:

• Electric Vehicle Charge Point Grant (up to £350 or 75% off installation costs)
• Electric Vehicle Infrastructure Grant (up to £30,000 or 75% off installation costs for multiple chargers)

Is There a Catch?

While installing an EV charger can be a smart investment for landlords, a quarter (26%) are worried about the extra costs and maintenance involved. However, unlike gas boilers, annual servicing of EV chargers is not mandatory, but it is recommended to ensure efficiency and safety.

Don’t Miss Out on the EV Revolution

With the number of electric vehicles on the road increasing rapidly, landlords who invest in EV charging now are positioned to attract a growing pool of tenants and reap the financial rewards.