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Demand For Electric Vehicles Is Rising. How Can Building Owners Prepare For The Influx?

via The research is clear: Electric vehicles are the future of transportation in the United States. Adoption of EVs is growing across the country, with 1.8 million electric vehicles registered in the U.S. in 2020, three times the number of EVs in 2016. More than half of respondents to a 2021 CarMax survey said they expected their next auto purchase to be an electric or hybrid vehicle. Read more..

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Show A Tenant A Building’s Energy Efficiency Score, And They Make Greener Choices

via Showing residential tenants how energy efficient a building is when they are looking at rentals nudges them toward making greener choices, a new study has found. The report from The American Council for an Energy-Efficient Economy found that on a mock rental listings website, the presence of energy labels on listings encouraged a nationally representative sample of U.S. renters to select the most efficient listings 21% more often. Read more..

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CPI Updated: New Allowable Increases Go into Effect Under State Law (A.B. 1482)

The good news for those of us subject to statewide rent control, rent increases this year can be greater, but the obvious bad news is that inflationary pressures have led to rapidly increasing prices for all goods and services. And, to add bad news on top of bad news, the allowable increase under state law, Assembly Bill 1482, is limited to just 10%. Under Assembly Bill 1482, annual rent increases are limited to the greater of (i) CPI + 5%, or (ii) 10%.

This week, the U.S. Department of Labor and Statistics published the updated Consumer Price Index (CPI) for major urban areas. The California (as a whole) CPI is still pending from the California Department of Industrial Relations; however, CPI data is now available for urban areas across California such as Los Angeles-Long Beach-Anaheim, Riverside-San Bernardino-Ontario and others.

Please be sure to refer to the footnotes when referring to the chart above. For help on which area to use to calculate rent increases, please contact one of our Operational Advisors for assistance.

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Multifamily Owners Aren’t Putting Enough Juice Into EV Infrastructure

When Ford, General Motors, Mercedes-Benz and other auto manufacturers last year pledged to phase out sales of gas and diesel vehicles worldwide by 2040, the most immediate impact on commercial real estate came in the form of multibillion-dollar plans to build domestic factories and battery plants. But there is more for commercial real estate to facilitate and capitalize on, and it starts at home. Friday marks one Earth Day closer to the 2040 goal and projections that about half of all cars on the road will be electric in 2050. As adoption becomes more common — 1.8 million electric vehicles were registered in the U.S. in 2020, three times the number of EVs in 2016 — more people need more access to charging, and multifamily developers and owners have fallen behind the rate of adoption. “The way we characterize the problem is going to evolve over the next couple of years as EVs become more and more widespread,” said Don MacKenzie, an associate professor of civil and environmental engineering who leads the University of Washington’s Sustainable Transportation Lab. “Rather than this being a problem for people who want to own EVs, this is going to be a problem for landlords and building owners and developers when they realize that they are unable and they have not prepared themselves to provide an amenity that many residents have come to expect.” Most electric vehicles have been sold to wealthy, single-family homeowners, but EVs are becoming more of a legitimate option for more drivers, and 56% of respondents to a 2021 CarMax survey said they expected their next auto purchase to be an electric or hybrid vehicle. Public funds are behind the EV adoption and infrastructure build-out push. In addition to federal, local and state subsidies for drivers buying electric, the Biden administration's Infrastructure Investment and Jobs Act established the National Electric Vehicle Infrastructure Formula Program, which is tasked with deploying $5B over five years to help states fund public charging infrastructure, especially along the interstate highway system. NEVI has another $2.5B available for a discretionary grant program to support deployment of rural chargers and infrastructure in underserved communities, among other priorities. But as EV adoption becomes a more viable option for more people, owners of apartments and other multifamily properties waiting for federal money to trickle down to them aren't positioning themselves for rapidly increasing renter demand. “In the multi-unit dwelling setting, we actually think that the market is behind adoption interest,” McKinsey & Co. partner Shivika Sahdev, who leads the firm’s Center for Future Mobility, told Bisnow. She said the profile of the prospective EV buyer is shifting, and not just along income lines. “We’re also seeing folks that live in different types of settings showing interest in buying EVs, and for them, the biggest enabling factor is access to charging,” Sahdev said. “It continues to be one of the top three barriers to adoption for an individual.” McKinsey projects the overall EV charging market to be $100B in 2030, Sahdev said. Of that, $43B will be spent on residential charging — a smaller percentage of the overall market because a single-family homeowner can buy a charger for as little as $200 while a commercial-grade Level 2 charger can cost $5K to $10K, and upward of $150K for faster, direct current chargers. Of the $43B expected to go toward residential charging infrastructure, McKinsey predicts $2.5B will be spent for implementation at multifamily properties. Demand is expected to reach 27.4 million chargers in 2030, 1.4 million of which will be for multifamily properties. Camden Property Trust, which owns and operates more than 165 communities with more than 59,000 units across the country, is among the large-portfolio multifamily owners that have begun to advance EV charging, but the process isn’t simple. “In our new developments, we’re outfitting our garages with electrical service that can handle a substantial amount of cars,” Camden Chairman and CEO Ric Campo said. “It’s more challenging, for sure, in older developments where we have to upgrade our electrical

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ULAA x Scott Properties Group Happy Hour for Real Estate and Finance Professionals

Please join the UCLA Latino Alumni Association (ULAA) and Scott Properties Group for an evening of learning and networking. The theme of the evening is generational wealth. This event is open to all UCLA alumni, faculty, staff, community members, and friends. Thursday, April 28th | 6:30 p.m. PDT RUSH at Culver City
9546 Washington Blvd.
Culver City, CA 90232
RSVP required: Cost: $20 per person

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Landlords And Tenants Alike View Commercial Rent Debt With Trepidation

There has been much bracing for and discussion of an impending wave of evictions that some expect to follow the end of the residential eviction moratorium in the city of Los Angeles and other statewide protections for residential tenants, but less broad attention paid to the city’s concurrent commercial eviction moratorium.

There is no official date yet for the end of the moratoriums, but as the daily case counts for Covid-19 decrease in the LA area and masking and vaccination proof requirements are rolled back, city officials are preparing for the eventual sunset of these regulations.

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