Attention all Chicagoland property managers and landlords! The future of transportation is electric, and the Illinois Electric Vehicle Charging Act (EVCA) is making it easier than ever for tenants to charge their EVs at home. This means big changes are coming to the way you manage parking and energy usage in your buildings. But don't worry, we're here to help you navigate the EVCA and stay ahead of the curve.
Here's what Chicago landlords and property managers need to know:
EV-Ready Parking for New Buildings:
New multi-unit residential buildings in Chicago, whether in bustling downtown or the serene suburbs, must now include a minimum percentage of EV-capable parking spaces.
This means having the electrical infrastructure in place to support future EV charging station installation.
The percentage of required EV-capable spaces has increased in 2024, so make sure your plans are up-to-date!
Tenant Rights in Existing Buildings:
Tenants in Chicago rentals have the right to request the installation of EV charging stations at their own expense, even in older buildings.
As a landlord, you must give reasonable approval to these requests, as long as safety and building codes are met.
Work with tenants to create a smooth and efficient installation process that benefits both parties.
Financial Incentives and Rebates:
The Illinois EPA's Electric Vehicle Rebate Program offers up to $4,000 for the purchase of a new EV, making it more affordable for Chicagoans to make the switch.
This can lead to increased demand for EV charging in your properties, so be prepared!
Resources for Chicago Landlords:
- CHICAGO TENANT SCREENING MASTERY GUIDE
- WHAT YOU MUST KNOW ABOUT THE COOK COUNTY RTLO
- 15 TIPS CHICAGO LANDLORDS MUST KNOW
Stay Informed, Stay Compliant, and Stay Ahead:
By staying up-to-date on the EVCA and proactively adapting your properties, you can attract eco-conscious tenants, enhance your property value, and contribute to a more sustainable Chicago. Embrace the electric future and position your buildings as leaders in the EV revolution!
Level up your property investment game! Dive into our collection of ebooks catered to landlords and investors. Discover insights on property management, investment strategies, and real estate trends. Click now to learn and thrive!
Explore the convenience of hiring a professional property manager for seamless management.
Need More Info?
Should I Rent or Sell