Landlords can expect an increase in rental income with an EV charger installed

Landlords who install electric vehicle (EV) chargers at their rental properties can potentially see an increase in rental income and property value. Here are the key points to consider:

Financial Benefits

Increased Property Value: Installing an EV charger could boost a property’s value by up to £5,000, according to some estimates[1][3]. This represents a significant return on investment for landlords.

Higher Rental Income: While not guaranteed, some landlords may be able to charge higher rents for properties equipped with EV chargers. The convenience and cost-effectiveness of home charging make these properties more desirable to tenants[1][3].

Potential for Additional Fees: Some landlords are exploring the option of charging a fee for the use of the EV charger, creating an additional revenue stream[4].

Market Advantages

Increased Desirability: Properties with EV chargers are becoming more attractive to prospective tenants, especially younger renters. About 40% of the UK’s youngest drivers have already opted for electric vehicles[1][2].

Competitive Edge: In a competitive rental market, having an EV charger can help a property stand out and attract a broader range of tenants[3][4].

Future-Proofing: With the UK government’s plan to ban new petrol and diesel car sales by 2035, installing EV chargers now is seen as a smart move to future-proof rental investments[1][2].

Tenant Satisfaction

Cost Savings for Tenants: Home charging is more cost-effective for EV owners, averaging around £13 per charge compared to £26 at public stations[1].

Convenience Factor: The ability to charge at home is highly valued by EV owners and can lead to increased tenant satisfaction and retention[3][4].

Considerations for Landlords

Installation Costs: While some electricity providers may install chargers for free, typical costs range from £300 to £1,000[2][4].

Government Grants: Landlords may be eligible for grants to offset installation costs, such as the Electric Vehicle Homecharge Scheme (EVHS)[4][5].

Lease Agreements: It’s important to update lease agreements to cover EV charger usage, maintenance responsibilities, and any associated costs[4].

While the exact increase in rental income may vary depending on location and market conditions, the overall trend suggests that EV chargers can make rental properties more desirable and potentially more profitable for landlords.