If you own a multifamily housing property or an extended stay hotel, you may be missing out on a great stream of revenue if you don’t have washers and dryers on the premises. The potential income you can earn by installing laundry machines for business operations is well worth the investment.
When you implement on-site laundry, you’re able to continually generate income without lifting a finger. For each machine, you’ll earn a preset amount off of each load. As the business owner, you also have the freedom to set these prices based on what is fair and comparable in the area.
Considering the frequency with which renters do laundry, especially when the facility is in a convenient location, this can add up to big numbers in the end. It’s also worth noting that many individuals sort their clothing into smaller loads, so they’re able to use different water temperatures and spin cycles. Each separate machine they use adds up to even more income.
Higher Rent Value
Another valuable source of added revenue comes through in how much you’re now able to charge for extended lodging and rent. One of the most important features that tenants look for when searching for a place to live. Heaving baskets of dirty clothes across town or even down the street to a local laundromat isn’t always a desirable option. People will often pay a premium for on-site washers and dryers.
An additional positive outcome may be your ability to retain tenants for a longer period of time. This cuts down on expended costs to find tenants and prepare units for new occupants.
Depending on the size of your building and the number of laundry rooms you have, you may even be able to up-charge on units that are closer to the facility. The shorter the distance a person has to walk with heavy bags in tow, the more they’re usually willing to pay.