If you’re building or renovating a rental property, now is the time to starting thinking about commercial laundry equipment. If you’re on the fence about providing laundry equipment for your tenants, you’re not alone. Many property owners don’t think it’s worth the investment to provide laundry equipment to renters. However, if you dig a little deeper, you’ll find that offering laundry equipment at your apartments, condos, and duplexes can help set your properties apart and increase your overall success. Here’s how:
You’ll earn more money.
Washers and dryers can be a great source of additional revenue for landlords and property owners. More amenities mean you can set your rental rates higher and earn more from your tenants. In fact, research shows that apartments with in-unit washers and dryers command a 10% per month premium on average. If you manage multiple units, those extra funds could add up fast. With a community laundry room, you can earn profits from coin-operated machines and additional amenities in the laundry room, such as vending machines and soap dispensers.
You’ll attract qualified renters.
Everyone has to do laundry, but no one wants to have to go out of their way to do it. Washers and dryers are among the top amenities that renters are looking for, particularly if it’s in the unit. The ability to do laundry in the comfort of their own homes, or at least on site in a community laundry room, is a huge perk. If you don’t already offer laundry services, it’s quite possible that business professionals, families, and other qualified tenants may opt not to rent at your property – leaving you with empty units.
You’ll reduce renter turnover.
Convenience is key! Renters may quickly find that leaving the building to do laundry is more of a hassle than they originally thought, prompting them to search for a new place. When a tenant moves, you lose money. Not only are you losing rent money while the property is vacant, you’re also paying for advertising, cleaning services, repairs, and upgrades to prepare for a new tenant. Property owners also have to take extended time to show the apartment to interested renters, which can mean added stress. While laundry equipment isn’t a guarantee that renters will continue to rent at your property for an extended period, it’s definitely working in your favor – especially if your laundry room or equipment is better than what comparable rentals offer.
It’ll foster a sense of community in the building.
If they’re kept clean and tidy, community laundry rooms can help foster a sense of community at your property. Since everyone has to do laundry at some point, community laundry rooms are a natural, non-invasive space for renters to get to know each other. It can also be a good place to post important announcements and notices that impact your tenants. As residents start to recognize names and faces of others in the building, and even develop friendships, it’ll will decrease turnover and improve safety and security in your building.
Whether you’re looking for in-unit washers and dryers or want to design a community laundry room your tenants will love, we’re here to help. Contact the multi-housing laundry experts at OEM to discuss your needs!