4 Ways Adding Self-Service Laundry Can Decrease Vacancy And Increase Revenue For Landlords
If you own multi-family housing, you know one of the main factors affecting your income is vacancy rates. The less turnover you have and the lower your vacancy rates are, the more money in your pocket. Luckily, a self-service laundry can help your bottom line.
No one wants to drive heavy baskets of dirty laundry around town looking for a coin laundry on a Saturday afternoon. Therefore, renting an apartment with self-service laundry in the building is a top priority of most tenants. Being able to wash and dry their clothes on their own schedule without leaving the building is a big selling point that will help you fill your units faster and keep them filled. Additionally, tenants will weigh the convenience of having easy access to the self-service laundry when deciding whether or not to move at the end of their lease term.
Laundry rooms can be dangerous places. In a public coin laundry, strangers come and go at all hours, and you can never be sure who is lurking around. Having self-service laundry in your building can provide a safe and secure environment for your tenants to do their laundry. Make sure that the room is well-lit and that the building manager regularly checks the space to keep an eye on things. If there is an area that you cannot see when you enter or exit the room, install a blind corner mirror for your tenants' safety and peace of mind.
Additional income stream
A self-service laundry can increase your revenue. Adding a few washers and dryers to your building can generate additional income that you can put back into your business. Just be sure to price the machines competitively so that you attract tenants and keep them coming back. You do not want tenants to feel like they are being gouged over a few extra quarters.
Improved property value
Adding a self-service laundry to your building can increase your property's value, especially in an urban area where space is at a premium. Plus, adding this amenity makes your building more attractive to potential buyers, which could lead to a higher sale price down the road.
A self-service laundry is a great option if you are looking for ways to decrease vacancy and increase revenue. You can fill your units faster and generate additional income by providing your tenants with a convenient and safe place to do their laundry.
Contact a company like SpinXpress today to learn more.