If you're a landlord or apartment owner, you might be wondering whether or not to have an on-site laundry room in your building. The answer: absolutely! Here are four reasons why installing vended laundry equipment is a smart move for any apartment building owner.
1. Added Convenience
First and foremost, having an on-site laundry room adds convenience for your tenants. Many renters – especially those without a car – may not have easy access to a laundromat. By providing washing and drying machines on-site, you're offering a valuable service that your tenants can use at any time of day. This convenience can be a major selling point for prospective tenants looking to rent a new space.
2. Additional Income
Furthermore, having a vended laundry room in your building can be a lucrative source of income. You can choose to run the room yourself, keeping all of the profits. Or, you can rent out the space to a third-party vendor who will manage everything for you. Either way, you'll be making money off of your unused space.
In fact, a vended laundry room can pay for itself relatively quickly. While the initial investment to purchase all of the laundry equipment might be steep, the long-term payoff can be substantial. Even if you only charge a couple of dollars per washer and dryer cycle, over time, those payments will add up – especially if you have dozens of units in your building.
3. Attract and Retain Tenants
Another benefit of having vended laundry equipment in your apartment building is that it can help you attract and retain tenants. People are often more inclined to live in spaces where they have easy access to amenities – even ones as basic as a laundry room. By providing this service, you're giving your renters a reason to stay long-term. They are also more likely to refer your apartment complex to friends and family when they see that you're offering convenient services.
4. Benefit the Environment
Finally, having an on-site laundry room can be good for the environment. Many renters have to travel to a laundromat, which can involve driving or taking public transportation. By having all of your tenants wash and dry their clothes on-site, you're reducing the number of emissions that are released into the atmosphere. Plus, some of the more modern models of washers and dryers are energy efficient, which can help reduce your building's overall carbon footprint.
Is Vended Laundry Worth the Investment?
Having a vended laundry room in your apartment building is a smart decision for any landlord or property owner. It provides convenience for tenants, brings in additional income, helps attract and retain renters, and can be good for the environment. If you're considering installing a laundry room on-site, it's definitely worth the initial investment. Over time, the profits and other benefits will make it more than worthwhile. For more information on investing in on-site vended laundry machines, contact Lakeside Laundry today.