What Can You Do
Apartment Developers
As an apartment developer, it’s your job to provide an attractive property equipped with all the amenities current and potential residents desire. But, it’s also your job to provide a property that is continually profitable. For the vast majority of apartment properties, individual, in-unit laundry facilities are not suitable. Here’s why:
• According to the U.S. Census, only 17% of apartment residents have household incomes above $50,000, while 43% have incomes less than $20,000. For these residents of moderate means, extra rent required by in-unit laundry facilities or the purchase of machines themselves is a financial hardship that they cannot endure.
•Installing in-unit laundry facilities sets your property in the top tier of available renters making your property an unobtainable option for much of the renting public.
•As utility costs are on the rise, apartment owners, managers and residents are feeling the pressure to find ways to save on utilities. Many owners are forced to pass utility costs on to their residents which impacts their satisfaction level at the property.
However, if laundry rooms are properly thought out, they can actually attract residents and make money by providing the following benefits:
• Utility Savings – Because in-unit washers use 3.3 times more water and 5 times more energy than common-area laundry rooms per apartment, significant utility savings are possible. There is also comparable savings on sewage.
• Lower Construction Costs – Even if washers and dryers aren’t furnished, you’ll save hundreds of extra dollars per unit that it would cost for in-unit connections in additional tap fees construction, plumbing, electricity and ducting.
• Lower Equipment Costs – By providing common-area laundry rooms, you avoid the substantial capital outlay required every five to seven years as in-unit machines wear out.
• Lower Maintenance Needs – Common-area laundry rooms allow you to avoid the maintenance associated with residents moving heavy washers and dryers in and out, maintenance on the machines and structural, mold and flood damage caused by leaks.
• Increased Property Valuation – A common-area laundry room done right can increase your property valuation considerably.
• Green Status – Various organizations and municipalities reward sound conservation practices for multifamily properties. Utilizing a common-area laundry room is often one of the considerations in earning this "green" status.
• Rebates and Incentives – Many municipalities offer rebates and incentives to property owners that utilize common area laundry rooms.
Installing or retrofitting your common-area laundry room does not have to be difficult. In fact, here are two resources that will guide you through the process and show you how easy and cost efficient this project can be.
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