Building owners are always looking for new ways to attract and satisfy tenants. Commercial property owners should consider adding vended laundry services to their building as a new tenant benefit and potential source of income. Below, David Shulick explores how offering laundry facilities can enhance tenant satisfaction and attract long-term, quality renters.
Elevating the Residential Experience
Vended laundry services attract not only customers looking to do regular weekly washing and drying, but also those who may have their own washer/dryer at home but need a larger industrial machine to clean bulky items like bedspreads, blankets, and comforters that don’t fit in home appliances.
Having these services available for residents in an apartment building can make renting in that facility far more attractive. It eliminates the need to buy and make space for home appliances, and also have a one-stop shop available in-house for cleaning large items. Using a laundry services within one’s own building can save tenants time and travel, and residents may even be wiling to pay a higher rental fee in order to have access to such services.
A laundry facility can become a communal space for residents looking to connect, as residents may socialize as they wait between laundry loads. Consider adding comfortable seating areas; desks for co-working; entertainment options like TV, Wi-Fi, and games; and food and beverage vending machines for a more elevated community experience.
Vended Laundry Services Attracts More Business
Adding a vended laundry service to a commercial property that also houses other businesses, such as a mixed-use development, can attract additional customers. If folks are stopping by the vended laundry with their daily washing, they may then pop into the café next door, take a yoga class in the nearby yoga studio, hit the local gym for an hour, or do their daily shopping while they wait.
Calculating the Potential Value of Laundry Options in Residential Spaces
Vended laundries in the United States generate nearly $5 billion in gross revenue annually, with more than 29,000 facilities across the country – this comes out to a value of about $172,000 per facility on average. Certain equipment providers allow for owner revenue shares, while also providing equipment installation, maintenance, and upkeep, which will keep owner overhead costs to a minimum.
Such a partnership with an equipment company means building owners will also get expert advice on machine selection. All costs for the equipment are paid upfront, which means added a vended laundry service is essentially a one-time fee that the owner can then reap the profits of for years to come.
Vended laundry services can elevate the tenant experience by providing an essential service available on-site for a low cost. It saves tenants both money and physical space since they no longer need to purchase and install their own appliances, and they can find community by socializing in the laundry area while they use the services. Building owners can make a nice profit from the machines, and the vended laundry will also attract potential customers to other businesses in the building.