The ROI of Coin-Operated Laundry in Apartment Complexes
Amenities can make or break a tenant’s decision to rent, and when it comes to apartment complexes, few amenities are as universally appreciated as an on-site laundry room. Apartment coin operated laundry facilities aren’t just about the convenience for the tenant. It is also about unlocking a steady stream of income that could transform the property from just another apartment complex into a profit-generating machine. When it comes down to it, tenants value convenience in their lives, and having to do laundry at an off-premise site is anything but convenient. Deciding to bring on a shared laundry room will not only boost the living experience on the property but could also help the property stand out in a competitive rental market. The return on investment in a coin-operated laundry facility for apartments can be huge when combined with low maintenance costs and consistent usage.
Partnering with the right commercial laundry equipment provider is the most important decision apartment owners and managers can make when deciding to start a shared laundry facility. It’s vital to find more than just a vendor, you need a partner in your investment. Quality machines are built to last and a company that knows the industry can help aid you throughout the process. It’s time to make a decision and create a profit center on your premises that will not only increase tenant satisfaction but also become a viable sense of income.
What Does Shared Laundry Mean in an Apartment?
Shared laundry in an apartment complex refers to a communal space where residents can use washer and dryer units rather than having the units in their apartments or having to do it off-premise. These machines are usually located in a designated location in the apartment complex. This could be on certain floors, at a central facility, or even in a stand-alone building on the property. These shared laundry rooms offer a practical solution for not only the residents but also the owners by providing additional income.
For tenants, shared laundry rooms mean no lugging heavy bags off-site and having to wait for the laundry to finish. Instead, they get easy access to quality laundry machines in a place that is walking distance from their front door.
For a property owner, these machines not only become an attractive amenity for current and future tenants but also a steady stream of income for the property. These machines will pay for themselves over time and continue to bring in income all year long.
With all the benefits that come with one, knowing how to choose the best commercial shared laundry machines for apartments can produce a return on investment and make an impact on the bottom line.
Why Do Apartments Have Shared Laundry?
When it comes down to why an apartment would offer shared laundry, the answers could be for multiple reasons.
- Space and infrastructure: Many apartments, especially older ones, are not designed to accommodate in-home laundry machines, and taking the time to retrofit them could result in very high costs due to the additional electrical and plumbing work required. It makes much more sense to create a room designated for laundry and invest in the required hookups in that area.
- Cost efficiency: The expenses that are endured in retrofitting an apartment for a washer and dryer could build up quickly. A shared laundry room is more cost-effective and can bring in additional income throughout the year.
- Sustainability and resource conservation: These shared laundry rooms can also help reduce water and energy consumption when compared to in-unit laundry machines. High-capacity, commercial-grade laundry machines are more efficient, which will result in lower utility costs.
With so many positives for apartment coin operated laundry facilities, it makes the decision to add one to your property so much easier. Having a guide on how to set up a shared laundry facility can help make the process much more user-friendly.
When Should Landlords Replace Shared Laundry Equipment?
Keeping tenants happy and maximizing revenue from a shared laundry facility can be largely impacted by knowing when to replace commercial laundry machines. Nothing frustrates tenants faster or drives up maintenance costs, than pushing old, inefficient machines past their breaking point. When evaluating whether to replace your machines or not, start by looking at both the age and usage. Commercial-grade washers and dryers typically last anywhere between 10 to 15 years. This can be influenced by the brand and the routine maintenance performed. However, in high-traffic properties, machines can start showing signs of retirement closer to the 10-year mark. If tenants are experiencing longer cycles, loud noises, and recurring breakdowns, it is most likely these machines are reaching the end of their life cycle.
Another factor to consider is rising maintenance costs. If you are seeing more frequent repairs and suffering from lost revenue for down machines, it may be time to crunch the numbers. Replacing outdated machines can often save more money in the long run.
Finally, modern upgrades are worth taking into account to stay competitive in a crowded rental market. Tenants will appreciate up-to-date machines that are more user-friendly.
Does Replacing Shared Laundry Equipment Reduce Electrical and Water Costs?
Absolutely. Upgrading outdated laundry machines in a shared laundry room is one of the easiest ways to cut down on electrical and water costs. Older washers and dryers are just not built to meet current efficiency standards, and the years of use a machine goes through can cause them to use more resources just to get the job done. Older machines require longer cycles, more water, and more power.
A Global study by Nielson stated that 67% of people do laundry a minimum of twice per week, and 31% percent report doing laundry every single day. Furthermore, in North America, 82% of people used a washer machine and dryer instead of laundry services or handwashing. This means that these machines are being constantly used throughout their life cycle.
Modern machines, however, are designed to work smarter. High-efficiency washers not only adjust water levels based on load size but also shorten load times. Newer dryers take it a step further by maintaining consistent heat and therefore drying clothes faster, reducing energy usage. Replacing outdated machines can make a significant impact on the utilities needed to run these machines and bring more money to the bottom line.
Use an Apartment Coin Operated Laundry Facility to Boost Profits and Tenant Satisfaction
An apartment coin operated laundry room can greatly impact any property looking to increase revenue and stay competitive in the rental market. Having up-to-date machines from trusted brands doesn’t just attract new tenants, but keeps current residents happy as well.
The key to maximizing this ROI? Finding a true partner, not just a vendor. You want a company with industry experience, proven reliability, and a lineup of trusted brands like Whirlpool, Miele, Maytag, and Speed Queen. These high-quality machines will deliver top performance for both you and your tenants.
For less investment requirements, leasing options are also available, making it even easier to get started. Our team is here to guide you every step of the way. From setting up your laundry room to choosing the best machines that are suited to your needs, we can guide you throughout the process. Reach out to Commercial Laundries today at 305-889-7966 to see how we can help take your shared laundry facility to the next level.
External Sources
- Speed Queen: 4 Things Renters Look For In A Shared Laundry Room
- Apartment Therapy: How the World Does Laundry
