Here's how you run comps for laundramat rates. Check out what all the nearby laundramats are charging. If there is no nearby competition then you can charge a little more for the close proximity of your WD. If there are none in your town, you can charge even more. If there is a deluxe place across the street, then you probably have to charge less.
You have to remember to empty the coin deposits, as they can accumulate faster than you think.
Investor · Chicago, IL · Member since 2012 · 80 posts · 31 votes
12y
I have coin-ops at 2 of my Multis. I charge $1 each for wash/dry. It's a nice amenity for the tenants especially during winter. They all cashflow fairly decent. A buck per seems fair to me both ways.
Specialist · Anniston, AL · Member since 2013 · 59 posts · 32 votes
12y
As the owner of 3 Laundromats I would charge at least the same as the local Laundromat or slightly more. You are providing a convenience to your customers and they do not have to drive or carry their clothes anywhere.
It intrigues me that Real Estate Investors will look at all of the numbers for their rental units and consider principle, interest, taxes, insurance, repairs, vacancy etc and then provide Laundry Equipment at a "fair" price without considering the costs involved.
Space- If that area wasn't a Laundry could you rent it to a tenant as additional storage space?
Utilities- All the normal ones- Power, water, sewer and hopefully gas. If you hot water and dryers are electric your costs will be higher.
Equipment- Washers, Dryers, water heater, additional door locks
Cleaning- The frequency will vary based on usage but it's has to be done. This includes cleaning up the spilled soap, cleaning the soap from the soap trays on the machines, checking the lint filters and picking up dryer sheets.
Repairs and Maintenance- First there needs to be a method for the customer to contact you or someone if there is a problem with a machine that needs to be fixed right away (water leak, door jam, washer didn't spin out) and a method to provide refunds. Or maybe the coin box is full and they got half of there money in. Next is the repair. Local repair places may work on some of the models but most don't. They don't stock the parts or have experience with them. Even though they are not much different they just don't touch them. Trained service techs may not be in that area more than once per week. They normally work on a route system and cover a different area each day of the week. And at some point there will be some vandalism. Normally they don't ever get any money but they may damage the machine trying or it could be "excessive use". People tend to feel they have to slam the doors on everybody else's Laundry Equipment.
Treat a Laundry in your building like a division of your business and charge accordingly. If your prices are too high it means less people will use the equipment and it will last longer and use less utilities. There is a reason people pay $1.69 for a drink at a "convenience store" when they can buy the same one at a grocery store for $0.39.
If you are looking for more information on repairs and other details check out LaundromatHowTo.com
And if you are considering a owning a Laundromat a great place to start is LaundromatHowTo.info