Last month, 3V hosted a webinar with Corey Cantor, Research Director at the Zero Emission Transportation Association (ZETA), and Aubrey Gunnels, CEO of 3V Infrastructure, to discuss the EV adoption trends and what they mean for multifamily property owners to meet rising resident expectations. 

The EV Market Is Growing Fast 

Corey Cantor opened the conversation with a data-driven look at global and U.S. EV trends. In 2024, global EV sales reached 17 million units, up 25% year-over-year, and U.S. EV sales surpassed 1.5 million. The industry has seen growth increase by 17 times in about a 7-year period – impressive growth for any industry.  

Battery costs have dropped over 90% since 2010, from $1,400/kWh to about $115/kWh. As the most expensive component in an EV, this shift has unlocked more affordable vehicle models and fueled consumer interest. In the U.S., EV share of new car sales rose from just 2% of new car sales in 2020 to 10% last year.  

“It's not a question of if electric vehicles are going to be a thing, but a question of when, and how quickly, will they rise?” Corey explained.  

Proximity to EV charging also plays a key role. Corey cited a Pew Research study showing that people who live within a mile of a charger are significantly more likely to consider buying an EV. And while the number of public chargers has doubled since 2020, the most convenient and preferred place to charge remains at home. 

Multifamily Buildings Are Falling Behind 

That’s where the challenge—and opportunity—for multifamily properties comes in. 

As Aubrey pointed out that over 80% of charging happens at home, but only 5% of multifamily buildings offer EV chargers today, while 30% of Americans live in multifamily housing. 

That gap is already affecting leasing decisions. A recent survey by Greystar found that 32% of residents are interested in or won’t rent without EV charging. “Even if only 10% of vehicles on the road are electric,” Aubrey said, “that’s still 40 EV drivers in a 400-unit building. Those 40 people are going to choose to live in buildings that have EV charging.” 

EV charging at home is more similar to plugging in your phone overnight, than refueling at a gas station. This is a huge benefit and time saver for EV drivers, but only if charging is reliable. Uptime metrics like 97% still mean chargers are offline for more than 11 days per year. People wouldn’t tolerate not being able to charge their phone at home for 11 days out of the year, so why should EV drivers?  

3V’s model makes it easy for multifamily property owners to offer EV charging at no-cost, and with no-hassle. 3V provides the capital, installation, ongoing operations, and maintenance, ensuring chargers remain reliable and residents have the experience they expect. 

What This Means for Property Owners 

The takeaway is clear: EV adoption is accelerating, and resident expectations are shifting. Property owners who delay risk losing prospective residents and may struggle to retain existing ones. 

Ready to future-proof your property? 3V makes it simple to offer EV charging without the cost or operational burden. 

Watch the full webinar here.