Do you own multifamily rental property in Beaverton? If so, like most owners you may be thinking about the best ways to generate additional revenue streams from that property.
Coin-op laundry machines are a time-tested way to add value to a property while generating passive income and you will enjoy these benefits when you choose to add these machines to your property:
Reasons To Add A Coin-Op Laundry Machine To
- Marketability – Let’s face it, most tenants are looking for multifamily properties that offer on-site laundry and if your property offers this amenity, it will stand out to prospective tenants.
- Higher Rents – In most markets, it’s not uncommon for owners to rent their properties that have coin-op laundry for up to 20% more than comparable rentals.
- Return On Investment – Since your coin-op machines are providing a valuable service, you can count on a good return on investment from those machines.
Potential Drawbacks From Adding Coin-Op Laundry Machines
As with any investment, there will always be potential drawbacks to consider before adding that amenity to your business.
- Maintenance – With any mechanical device that you may own, it’s going to require quarterly or annual maintenance. The good news is that you can outsource and schedule that maintenance so that your coin-op laundry machines are always running smoothly.
- Potential Damage – Even though it’s unlikely, another thing that you could face from adding coin-op laundry machines to your property is potential damage from those machines should a water line burst or one of your coin-op machines catch fire.
Ultimately, the decision to add coin-op laundry machines to your Beaverton Rental Property is up to you, but when you consider the benefits that come from this decision, it’s easy to see that adding coin-op laundry is a smart long-term investment for any owner.
Contact Rent Beaverton Homes
For more property management tips, or to speak with us about the property management services that we can offer you, contact us today by calling (503) 447-7735 or click here!