Mixed-use properties have gained popularity over the years from both a developer and buyer perspective. The benefits of combining laundromats and housing can be identified for both the property/business owner and the tenants residing in the building. The owner will benefit from an increase in housing desirability and profitability. The tenant will experience unparalleled convenience and greater home security.
Below, David Shulick explores the advantages of combining coin laundry and housing in the same building from two perspectives: the developer/owner and the tenant.
Benefits of Combining Housing and Laundry in One Space
Mixed-use properties are a great benefit to communities in any form, but the owners often have trouble keeping each retail space full. Pairing housing units with a vended laundry business is a great way to avoid the common struggles associated with mixed-use property ownership, and it can do a lot for the housing tenants as well.
Benefits for the Owner
Owners of mixed-use properties have a lot of expenses associated with the management of the building, and when spaces are empty, they may struggle to meet the financial demands of the property. Empty retail spaces can also be a deterrent for housing tenants, as the perceived risk of living there is higher.
Filling that empty retail space with a laundromat can greatly increase the desirability of a building for residential tenants, as they can see that the area is flourishing, and the property isn’t at risk of a management change. Plus, a laundromat is an incredibly attractive amenity for prospective tenants if they don’t have access to laundry facilities in their apartments.
In addition to increasing the desirability of their housing units, property owners will also benefit financially from the addition of coin laundry facilities. The revenue generated from a vended laundry business will be high enough to cover the expenses of the business and also generate profit that can be used for other purposes.
Benefits for the Tenant
Residential tenants will also benefit from the addition of a laundromat to the mixed-use property. The convenience of on-site laundry facilities is unbeatable, especially for tenants that may have difficulty accessing laundry services elsewhere in the neighborhood. Not only is a laundromat a convenient place to take care of a weekly chore, but it also acts as a safe, convenient place for socializing.
Tenants will also benefit from a boost in housing security with the addition of vended laundry units in the building. It will make new tenants more comfortable signing a lease since they won’t be walking past empty retail space (this is considered a red flag for many people), and existing tenants will have more activity in the building to help them feel more secure during their long-term housing commitment.
It is evident that combining housing units and a vended laundry business is one of the best ways to get the most out of a mixed-use property. Given the numerous advantages for property owners and residential tenants alike, it is likely that this style of mixed-use space will continue to gain popularity as time goes on.