If your apartment or condo community currently does not offer an on-site Laundromat, you may be missing out on several opportunities. Here are six good reasons to offer laundry services at your apartment or condo community.
1. Attract More Residents
Future residents favor certain property features during their search for a new apartment or condo. Square footage, bedroom count, and proximity to shopping centers and freeways are a few important features potential tenants look for.
When your property offers more resident amenities like covered parking, a swimming pool, internet access, or an on-site laundry facility, you broaden your potential new resident base. An on-site laundry facility gives you an additional selling point when you advertise your property to attract new residents.
2. Increase Your Profits
The addition of an on-site laundry to your apartment community allows you to increase your profits by raising your rent. Property improvements are a good reason to ask for more rent because your monetary investment has increased the value of your property.
You can determine how much to raise your rent based on the average rental rates in your area and the current consumer price index. For example, RentCafe.com says that the average rent amount in Atlanta, Georgia, is $1320. The Bureau of Statistics declared the consumer price index for shelter rose 3.2%. Multiply the two figures to arrive at a rough rental increase amount of $42.00.
3. Acquire Extra Cash
Your coin-operated washing machines and dryers can earn a bit of extra cash for your property. The amount of income from laundry will vary depending on how many machines you provide, how much the machines are used, and how much you charge per load.
If you offer two washing machines and dryers for $1.50 per load and each one gets used 5 times per day, the totals can really add up. For example, one week of laundry usage at these rates results in over $200.
4. Deduct More in Taxes
While it may seem counterproductive to count on a better bottom line from the increased utility costs an on-site laundry room demands, this is simply not so. You will initially pay more for water usage and gas or electricity to heat the water and run your machines. However, you will reap the benefits at tax time.
Utility costs are among the many expenses you as landlord and property owner can write off as a deduction. As you sit down with your tax accountant, don't forget to list your higher utility bills as part of your maintenance and overall expense costs.
5. Easy to Repair and Maintain
When you lease laundry equipment from the right company, you receive more than just washers and dryers. Part of your lease plan can include repair and maintenance for those machines. You don't need to worry about how to replace a broken belt or fried electrical components. Freedom like this allows you to focus on more important community property matters.
6. Enjoy Payment Flexibility
We at SLM Commercial Laundry Products offer machines that accept a range of payment types. If you don't want the liability of on-site coins or change-making machines associated with traditional coin-op machines, you can choose a card swipe method instead.
This flexibility of payment is also better for residents that prefer to not use coins to do their laundry. The absence of coins lessens the likelihood of theft and other associated petty crimes in and around your laundry area.
When you want to find ways to make your apartment community residents happy and raise your revenue at the same time, an on-site laundry facility might be the answer. Visit us at SLM Commercial Laundry Products and see how we can augment your community with laundry services.