Do I shell out for a washer and dryer?

Question

So I’ve got a rental unit that has in-unit laundry hookups which is great. But only enough room for a stackable washer/dryer. Based on my own survey, most renters own the more common side-by-side(if they own any at all).

Should I shell out several hundred bucks and provide the stackable equipment? If not, could that be enough to deter renters from picking my unit over others where buying equipment would not be necessary? What would you do?

James Mc Ree · Answer

You could provide a laundry option in your lease along the lines of, "Washer and dryer to be provided by landlord for $50/month of additional rent."  That would give your prospects the choice of saving rent or requesting the feature.

If you are more inclined to go without...

Check your competition to learn if comparable properties come equipped with in-unit laundry. That will be your first guide. You will be at a disadvantage if your competition offers it, but you could offset that with a lower price. Also, consider what your tenants will do with their laundry equipment if they have it. Is there room to store it in the unit or do they need to sell/store it themselves? The latter would be another negative.

Find a laundry solution for your prospects and try to learn if that is acceptable.  You might get helpful feedback from your prospects.  Visiting the laundromat next door would be an easy solution.  Driving across town might be less acceptable.

Lastly, think of what this costs you in opportunity? Compare the cost of the equipment to your rent. Could your immediate prospect pool decline your offer for a month for this reason? If so, does 1 month of rent = laundry cost? Your ROI could be 1 month and you lose by not providing it if prospects hold out more than a month. Vacancy will likely be your biggest expense. You will want to minimize that.

Mason Jeffries · Answer

@Spencer Jenkins Thank you Spencer.

Account Closed · Answer

Take the time to pretend you are a renter looking for a place to live in your market.  Who would you be, if a unit had a washer/dryer or whatever your parameters would be.  And would you pay more for a rental that offered that?

Know your market, is my best advice.

Kelly N. · Answer

Same with Theresa, here it's normal to provide appliances, including the washer and dryer if there are hook ups for it.  We have added laundry to several apartments and increased the rent for them.  The rent increase pays for the machines and infrastructure within 2 years, and the apartment is much easier to lease when it has laundry included.

I am not sure how much I'd like tenants hauling appliances in and out of our apartments, and being responsible for hooking them up- they do enough damage just moving furniture!

Kenneth Garrett · Answer

@Mason Jeffries

In my market, we provide the washer and dryers.  If you didn’t you would have put yourself at a disadvantage.  The stackable units are expensive.  I bought a 27 inch refurbished last year for $700, new about $1300-$1400.  Works great.  It’s all about your market.  I like what Account Closed said, put yourself in the renters eyes and what would you be looking for in a rental.

David H. · Answer

@Mason Jeffries

I provide washer and dryer in two of my units and will be doing so in a 3rd.

I believe it has helped justify charging at least $50 maybe even $100 more in rent (2br 1 ba $1850) hard to say for sure though.

For my 3rd unit I have decided to purchase the washer dryer off of Craigslist. I got a high end set less than a year old from a young couple who moved to the area but it didn’t fit in their apartment. I paid $500 for the set (each were $700 new). They work, and even if one didn’t it would be less expensive if the other still worked. Worth the gamble in my opinion. Plus I’ve seen sets for the basic GE or Amanda’s for $200 quite frequently. The same Amanas I’m kicking myself for buying new two years ago. Buy used, plus you can say your saving the environment :)

Michael Noto · Answer

As others have said check out your competition and take it from there. If you determine that you need a washer/dryer to keep up with the other area vacancies then try and work it into the rent somehow while still keeping your rent competitive.

Mason Jeffries · Answer

@Kenneth Garrett

@Sue K.

I think that’s great advice. I’m currently doing more market research. Personally, as someone who had rented most of my life, I would feel discouraged and likely keep looking if I knew I had to buy a stackable unit. Like you said they are expensive. And if you move on from that rental what are the chances that you would still need it or be able to sell it quickly? Low in my opinion. Side by side equipment is easy to come by and affordable. I think I’ll end up providing the stackable unit for my prospects, regardless of what the market calls for. If anything it’s an advantage.  Thank you!

Mason Jeffries · Answer

@John Teachout

It’s a 3br/1.5bth SFH. Personally, I feel that providing the equipment is simply plus for a renter. Providing hook-ups are not only desirable, but absolutely necessary in almost every rental. The only exception is an apartment with on-site community laundry.  Thank you for your input!

Mason Jeffries · Answer

@David Hulit

Yes I’m certainly shopping for a used set. The side-by-sides are a dime a dozen but the stackable makes seem to be a bit harder to come by. Thanks for the input!

Do I shell out for a washer and dryer?

Most Popular Reply