Paid for laundry with shared space- good or bad?

[Briana Peterson]

Hi,

My employer has a rental property with 9 units and is debating removing the washer and drier because it's been a hassle. It's currently coin laundry, but we're concerned about the upkeep and the hassle of needing change- as well as repairs. We're considering either removing the laundry units altogether, or adding something that accepts cards or Apple Pay. But not sure if it'll be worth the maintenance and cost. She's charging $900-$980/room in an area about an hour away from Tampa. Any advice?

Thanks,
Bri

[Kevin Sobilo]

@Briana Peterson, not every cost/benefit decision hinges strictly on the tangible dollars and cents.

With each of my rentals, I want to be offering some things to attract better tenants and to encourage them to stay a long time. Better tenants and less vacancy is near impossible to quantify when making these decisions, but the anticipated benefits do exist.

For example, I include all appliances include in-unit washer and dryer. I also allow small pets (with additional terms, conditions, and costs). Both of those features are not a given in my market and tenants know in most cases if they move they will lose one or both of those things.

I can't quantify that I get better tenants applying, but I believe it to be true. I know pet owners gravitate to my rentals because many of my tenants have had pets. So, I do know that is a motivating factor as well but again I cannot quantify the benefit to me even though I know there is a benefit.