Why Multi-Housing Laundry Facilities Are a Smart Investment
If you are a current owner or manager of an apartment or condominium complex, you may want to consider investing in a common area laundry facility. Not only is a multi-housing laundry facility a means of additional revenue, but it is an attractive amenity for your residents.
Fitting your buildings with commercial laundry machines can be a simple and lucrative addition to your multi-housing property. Additionally, the cost of installing laundry equipment in each individual housing unit far exceeds the cost savings when leasing commercial laundry equipment. In-unit washers and dryers can lead to flooding or wall damage and require more plumbing, venting and electrical wiring.
Providing a central on-site laundry facility avoids these risks and gives your residents a convenient laundry solution.
Why Invest in Multi-Housing Laundry
Multi-housing properties have a consistent demand for laundry facilities. A laundry room investment creates a reliable source of revenue, which is also less vulnerable to economic fluctuations. There are some additional benefits business owners can enjoy:
Recession-resistant: People need clean clothing, even when there are economic downturns. Tenants will continue to use on-site laundry facilities, providing a stable and ongoing source of income. This benefit makes multi-housing laundry a low-risk investment.
Attractive to tenants: An on-site laundry room takes the pressure of finding a laundromat off tenants while offering them a more cost-effective solution. This enhances tenant satisfaction and can significantly increase tenant retention, reducing turnover rates and associated costs.
Privacy and security: Tenants value the privacy and security of doing their laundry on-site compared to public laundromats. This added sense of security can lead to higher tenant satisfaction, translating to more stable income streams for you.
Low overheads: Ongoing expenses primarily come from maintenance, utilities, and servicing the machines. Modern laundry machines use significantly less water and energy, which helps reduce utility costs and increase profit margins. Additionally, many service providers offer maintenance packages, helping manage and minimize unexpected repair costs.
Enhances property value: Access to on-site laundry facilities makes properties more appealing to tenants and investors. This amenity can increase property desirability, allowing you to command higher rental rates and potentially increase the property’s overall market value.
Various payment methods: Modern machines offer coin operation and smart card-operated facilities, so users do not need to carry cash. Many machines also support mobile payment options, which cater to the growing preference for digital transactions.
Increased community engagement: On-site laundry rooms often become communal spaces where tenants can interact, fostering a sense of community within the property. This communal aspect can lead to higher tenant satisfaction, longer tenancy durations and a more pleasant living environment.
Potential for additional services: With an established on-site laundry facility, you can explore offering additional services such as dry cleaning pick-up and delivery, or detergent vending machines. Such services will provide extra convenience for tenants while generating more revenue for you.
How To Get Started With Setting up an On-Site Laundry Facility
Investing in the laundry business when you own or operate a multi-housing property can be as easy as just getting started. By following these steps, you can add laundry facilities to your building, enhancing its appeal to both current and prospective tenants while adding an extra income to your books:
Assess the facility: Evaluate the space available, taking note of plumbing and electrical points alongside ventilation. Take measurements to determine how many laundry machines you can add to accommodate residents’ needs, providing adequate access to machines. Also, consider the layout to ensure ease of use and accessibility for all tenants, including those with disabilities.
Permits and regulations: Get familiar with local building codes and regulations that govern laundry facilities. Understanding these regulations will help you avoid potential fines and ensure your laundry room is safe and compliant with all necessary standards. You can secure the permits you need from local authorities before starting work.
Equipment selection:High-quality, commercial-grade washers and dryers should be able to withstand high laundry volumes while offering energy efficiency perks. Look for machines with features like energy star ratings, water-saving capabilities and advanced technology that allows for multiple payment options. Investing in top-of-the-line equipment will reduce operational costs and provide a better experience for your tenants.
Maintenance plan: Set up a preventive maintenance plan with your supplier to keep equipment in good working condition. Regular inspections can also help to minimize downtime. Establishing a relationship with a reliable service provider who can offer timely repairs and maintenance services will keep your laundry facility operational and efficient for a long time.
Monitor usage and feedback: After the installation, monitor the usage of the laundry facilities and gather feedback from your tenants. Use this information to make necessary adjustments, such as adding more machines if demand is high or improving the user experience based on tenant suggestions.
Key Benefits of Commercial Laundry Machines
Industrial washing machines and dryers can handle up to eight loads of laundry daily, making these an investment with clear benefits. Operating at high capacities is just one of the perks you will enjoy when you lease commercial laundry machines. Other benefits of these machines include:
Quick Operation
Commercial machines offer faster cycle times and their holding capacity means that users can do more laundry in a shorter amount of time. These machines can also hold much more than the standard 20 pounds of domestic appliances. The larger door openings also simplify the unloading process for users.
Energy and Water Conservation
Stock your facility with high-quality units manufactured by trusted brands. Machines that are Energy Star qualified allow your facility to conserve energy and water effectively. Residents who utilize community laundry rooms save more energy than residents who use in-unit machines.
Attractive Amenity
A multi-housing laundry facility in your property serves as an attractive amenity to prospective residents. A well-designed laundry room can be a solid selling point to prospective residents. Laundry is a household necessity and many residents prefer the convenience of having a common area laundry facility in their building rather than commuting to a laundromat.
More Reliable
These appliances will run seven days a week, handling heavy loads at frequent intervals throughout the day. With more support from your supplier and robust machines that can meet your facility’s needs, steer clear of prolonged downtime.
Cost-Effectiveness
The long-term benefits of having commercial laundry machines on-site outweigh the costs of remodeling your property’s laundry room. Commercial machines are designed to last longer and require less frequent replacement, reducing long-term expenses.
Get Custom Commercial Laundry Solutions
Investing in commercial laundry facilities in multi-housing properties provides a reliable income that increases property value while providing low overheads, better recession resistance and lucrative revenue.
