As a landlord, your goal is to make money by attracting qualified, responsible tenants to your rental properties, right? Well, having a community laundry room is a great way to do that – especially if you don’t offer washers and dryers in your units. Let’s take a look at how having high-quality commercial laundry equipment on-site can help attract qualified renters and improve your bottom line.
Attract Qualified Renters
A clean, well-maintained community laundry room in your residential building automatically makes your facility more attractive than the numerous rental properties that don’t offer that necessary amenity. When people are looking at apartments, duplexes, and other rental properties, laundry is a top concern. The convenience of on-site laundry is a huge selling point for potential renters who want to avoid the hassle of constantly going out to wash their clothes and planning their schedules according to the nearest laundromat’s hours of operation. They can also avoid the financial and physical burden of purchasing and moving large washers and dryers to and from already cramped rentals that only provide washer and dryer hookups.
They Create a Sense of Community
While socializing may not be the first thing that comes to mind when doing laundry, community laundry rooms can be a great place for residents to meet one another. Communal spaces in a residential building – like laundry rooms – provide a no pressure, non-invasive space for tenants to get to know fellow residents and provide an immediate ice-breaker and conversation starter. Fostering a sense of community and providing spaces for your residents to connect can help to improve building safety and security, avoid major personal conflicts among tenants, and make your apartment complex a more neighborly and welcoming place to live overall.
Every time a tenant moves out, you’re losing money. Not only do you lose monthly income until you find new renters, you’re also likely paying to have the apartment professionally cleaned, advertise the vacancy, and make necessary upgrades in the unit. Every move also increases wear and tear on doorways, flooring, and walls, which can cost you a lot in the long run. While it may not be the only reason a resident stays, a clean and well kept community laundry room is definitely in the “pro” column. On the flip side, the inconvenience of not having proper laundry access on-site may cause renters to look elsewhere rather than renew their lease with you.
Additional Income Opportunities
For many landlords, it comes down to your bottom line. While purchasing high-quality commercial laundry equipment and making the necessary plumbing and electricity adjustments may seem like a big investment, the additional revenue opportunities it provides can pay off in the long run. Here are just a few of the ways you can gain additional income from an on-site laundry room:
- Charge per wash and dry cycle
- Increase prices for wash upgrades and special features using state-of-the-art Quantum Controls from Speed Queen
- Add dispensers for soap and other laundry products for residents to purchase
Browse our website to learn more about commercial laundry equipment solutions for apartments or other multi-housing facilities. If you’re a landlord looking to take the next step to improve your rental property or upgrade existing commercial washers and dryers, contact Coin-O-Matic’s multi-housing specialists today!
Tagged: On Premise Laundry