Is Laundry Room Leasing Right For Your Multi-Housing Property?

Laundry is a key component that many renters are looking for in apartments and condominiums. However, for busy landlords and property managers, managing a shared laundry area and maintaining washers and dryers can be an added stress on an already long list of to-dos. That’s where laundry room leasing can come in handy for your property! Today we’re sharing some insights into laundry room leasing so you can decide if it’s a good fit for your multi-housing facility. 

What is laundry room leasing?

If you’re new to the idea of laundry room leasing, it’s pretty simple. A laundry distributor, like Coin-O-Matic, pays you rent to lease your vended laundry room. They own all the commercial laundry equipment and are in charge of all installation, maintenance, and the laundry room’s overall operation. In exchange for the rental fee, the distributor collects and keeps part of the profits from the vended washers and dryers.  

Pros of Laundry Room Leasing

• The laundry equipment distributor handles installation and customer complaints. You don’t have to worry about refunds, damaged clothes, damage to the machines, or any other issues.

• You don’t need any additional expertise because the laundry distributor handles all maintenance and upkeep — all with minimal downtime. 

• You have a great community laundry area with advanced washers and dryers in your apartment complex, which is a selling point for your property. Tenants will love things like advanced controls and smartphone or card payment systems. 

• There are zero upfront costs to you. 

Read Now: 4 Major Benefits of Laundry Room Leasing for Your Business

Key Things to Watch For

• Note the length of the lease and renewal process to make sure your laundry room stays well-maintained and operational. A standard term for a laundry room lease is 7-10 years.  

• What happens if there’s a change in ownership? You may sell your property. You want to be sure the next steps are noted in the lease agreement so there are no issues should a new owner come aboard. 

• Look at the rent and rent increase provisions. You want to make sure you’re clear on minimums and potential increases so there are no surprises along the way. 

• There’s more to shared laundry rooms than just commercial laundry equipment. Some also have added security systems, sinks, ventilation, furniture, and more that need to be maintained. Who is responsible for what? Leases vary in this regard, so you want to know exactly what’s expected of you as the property owner. 

• Before signing a lease, make sure the distributor you’re working with is knowledgeable and trustworthy. Review their website, check reviews and references, and more. 

If you’re interested in taking your apartment laundry room to the next level and taking some of the stress and responsibility off your plate, laundry room leasing may be a good fit. Coin-O-Matic is noted as a trusted laundry service provider from Property Management Insider and serves all of Northern Illinois, Northern Indiana, Southwest Michigan, and Southern Wisconsin.