4 plex Coin Laundry

[Thomas Fosnaugh]

Just had a long term good tenant tell me that she would gladly pay an extra $25 per month If she didnt have to pay for coin laundry.  The washer/dryer work ok but are older and will need repair/replacement very soon anyway.  If she's serious, it would take rennt from $525 to $550 which would be on the top end for the local area.  Not sure about other tenants, but the idea of an easy rent raise where I know I would keep the tenant seems like a smart idea in a way.  Coin laundry brings in about $20-30 a month or so for the building, but I would probably end up with a bigger water/electric bill with free laundry and I'm not sure about the other tenants but most have kids so they might be pretty receptive too.  Her current lease is up in about 5 months and I could get a good deal on a new washer and/or dryer right now that will be more energy efficient.  Any ideas/opinions greatly appreciated.

[Frank M.]

If you can actually get $100/mo for free machines vs Coin-Op, the numbers look good. 

But. Will the area sustain that? I mean, when there's turnover of tenants, will the new ones pay that higher price, knowing the machines are part of the deal? 

The more general question is whether any amenities with real value can actually result in ongoing premium rent. When you list the apartment for (normal rent)+$25, will you get responses because you list that feature? I can list an $800 apartment, and even with gas/electric included, worth $150, easily, still have a tough time getting responses to a $950 advertised price.