Housing that is split into two or more independent units is referred to as a multi-housing facility, or multi-family housing. Are you the owner of a multi-housing apartment or condominium seeking to develop a new source of income for your apartment building or multi-housing facility? If so, think about making a long-term investment in the building by putting an on-site laundry.
Having top-notch business laundry equipment on site will benefit your existing tenants as well as help you draw in qualified renters and increase your revenue.
There are numerous choices, including coin-operated and smart card laundry machines, both of which provide an additional source of income. When you partner with a seasoned supplier of commercial laundry equipment, this offers an extra source of revenue that is simple to sustain.
Let’s explore the benefits of having an on-site laundry in your multi-housing facility in this article.
Improved Marketability
When potential residents are deciding between your multi-housing community and another complex, a shared, well-designed multi-housing laundry room can be a powerful selling point.
Your apartment becomes much more appealing to prospective renters if there are washers and dryers on-site. Renters benefit from its comfort and accessibility. For families, particularly, a communal laundry facility is an appealing alternative to having to transport laundry to a nearby laundromat, assuming that washers and dryers are not already installed in each unit.
If given the opportunity, the majority of people would select an on-site laundry option. In reality, many tenants won’t even think about renting an apartment in a building without a laundry facility.
Greater Rents
You will be able to charge a higher rent because all on-site laundry machines are such a desirable amenity for renters, enabling you to partially defray the expense of an on-site laundry facility.
Some building owners provide equipment that accepts prepaid laundry cards or coin-operated washers and dryers, while others give them for free in exchange for the tenant agreeing to pay a higher rent. Tenants are never pleased when their rent goes up, but they are more likely to agree if you’re adding a valuable or convenient amenity.
Reduced Turnover
You lose money each time a renter vacates a rental unit. Until you locate new renters, you’re not only losing money each month but also probably paying for:
- Carrying out the unit’s maintenance works.
- Having the appliance cleaned by an expert.
- Advertising the position.
Even though having a tidy, well-maintained community laundry room may not be the only factor in a resident’s decision to stay a long time, the added ease of having a laundry facility on-site encourages short-term renters to do so.
Increase Your Apartment or Multi-Housing Facility’s Revenue
There are several methods to set up an on-site laundry facility so that it generates a new source of income for you if you’ve thought about investing in laundry solutions for your apartments and multi-housing facilities. Choose between washers and dryers that accept credit cards and smart cards, or coin-operated laundry services for flats and multi-housing facilities.