Paid Laundry for 5 tenants in single unit?

Question

I’ve been researching options to add laundry to my unit (there is none now, but I’m doing a kitchen renovation and adding it). I was hoping for it to be paid laundry (since I pay utilities), after reading some horrors on other forum posts. It’s one unit, 4b, 2 bath, shared kitchen and living spaces, with a total of 5 tenants. I need 1 stackable washer and dryer, but have been finding that leasing companies find this to be too small. They have offered the option for me to purchase the machine outright, but all options for units that can accept payment are totaling $4500-$5500. It’s a bit more expensive than I was thinking it would be. Now I’m uncertain if I should offer it for free and spend $2000 on a regular washer/dryer instead, although I would prefer having a paid laundry option so I’m not stuck with a high utility bills. Are there other options I’m missing?

Mario Morales · Answer

Its 3 families with a total of 11 people. I do the dryer for free but when that craps out, I'll get a coin operated dryer and add to the revenue.

Cassandra Vickers · Answer

@Nathan Gesner

This link is 2 dryers stacked. Not a washer and dryer stacked. Fortunately, I don’t need 2 dryers, so this won’t work for me.

Nathan Gesner · Answer

Not sure how I got the wrong link. Try this: https://www.homedepot.com/p/Wh...

You are right: prices have definitely gone up since I bought some a couple years ago.

Cassandra Vickers · Answer

@Mario Morales

It’s a 2-family property. I live in one unit and the other has the 5 tenants. There’s no place to have a common laundry, so my only option is in unit. How many people are using your washer to make $150/month?!

Cassandra Vickers · Answer

@Nathan Gesner

These ones are not able to accept payment. Once you get into that category, prices jump. See this example: https://www.homedepot.com/p/Crossover-Commercial-Laundry-7-cu-ft-Grey-Stacked-Gas-Dryer-Coin-Operated-GAS-DRYER-DRYER-STACK/313658700?g_store=&source=shoppingads&locale=en-US&&mtc=SHOPPING-CM-CML-GGL-D29A-029_008_LAUNDRY-NA-Multi-NA-SMART-4038230-NA-NA-NA-NBR-NA-NA-NA-MajorAppl_Laundry&cm_mmc=SHOPPING-CM-CML-GGL-D29A-029_008_LAUNDRY-NA-Multi-NA-SMART-4038230-NA-NA-NA-NBR-NA-NA-NA-MajorAppl_Laundry-71700000097614791-58700007930902542-92700074322199699&gbraid=0AAAAADq61UdLy_jU6QH9Bc6s1bE46FnYz&gbraid=0AAAAADq61UdLy_jU6QH9Bc6s1bE46FnYz&gclid=CjwKCAjwge2iBhBBEiwAfXDBR8IfPS68xBLQlh99-vr3yhau6KXsov56S1jx-eN4XvPdNbtBX96KahoCt5sQAvD_BwE&gclsrc=aw.ds

Nathan Gesner · Answer

I'm not sure where you are shopping, but I'm finding dozens of options for $2,000 which is standard: https://www.homedepot.com/p/LG...

Mario Morales · Answer

not sure if you mean unit as inside the apartment or the building. If there is a common space, get a coin operated machine, I have one at one and it brings in about $150 a month. The dryer is free, for now.

Nathan Brown · Answer

Methinks you're over thinking it. This article gives a good rule of thumb for cost expectations: https://shrinkthatfootprint.co...

Anywhere from $.05 to $.30 to run a load. Raise everyone's rent $10/month and and you've got yourself covered. Besides, in a shared space as you've described, you can reasonably expect the residents to "self-police" excessive use by any of the others. With all the things for a landlord to worry about, this is should be pretty far down your priority list.

Cassandra Vickers · Answer

@Bjorn Ahlblad

I’ll take a look. It looks similar to PayRange and ShinePay (attachments you can use to make a machine payable), but they require the use of “payment ready machines” which are in the higher price range described ($4500-5500).

Cassandra Vickers · Answer

@Nathan Brown

I’m worried that what I estimate will be wrong bc the tenants will put one article of clothing and be wasteful. I see this with my heating and cooling bill already.

Paid Laundry for 5 tenants in single unit?

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