Rental Property Investor · Arlington, VA · Member since 2015 · 40 posts · 3 votes
Hi
I'm installing a coin-operated washer dryer in my duplex in Baltimore (B to C class). Any idea of how much rent increase the added W/D can warrant?
Thank you
Riverdale, MD · Member since 2016 · 18 posts · 12 votes
9y
I mean, they still have to pay for washing and drying their clothes, the money now just goes to you. I think a rent increase for the convenience of you now making money for their washing seems a bit far. Just my perspective.
Riverdale, MD · Member since 2016 · 18 posts · 12 votes
9y
I mean, they still have to pay for washing and drying their clothes, the money now just goes to you. I think a rent increase for the convenience of you now making money for their washing seems a bit far. Just my perspective.
Investor · Kansas City, MO · Member since 2017 · 791 posts · 1k+ votes
9y
Charging people more to charge them to do laundry is a new one on me.
Also, coin op for a duplex?? Say $3 a load, 8 loads a month, that's only $24 a month.
Does each unit have hookups? In unit laundry can provide value. Buy cheaper, non-coin op units the next time a tenant moves out. See if you can charge an extra $25-50 per month by providing in unit washer/dryer.
Investor · Hillsboro, OR · Member since 2014 · 62 posts · 45 votes
9y
Having a washer and dryer "in unit" is great as renters dont have to go outside.
But the next best thing is having it "on-site" which you do now but its not as good as W/D in-unit. You will make decent money with them anyway but that aside, it will not support any increase in rent.
Investor · Hillsboro, OR · Member since 2014 · 62 posts · 45 votes
9y
But if you still want an increase in rent, throw in some furniture and you can definitely increase the rent, only if there is any demand of furnished units.
Investor · SE, MI · Member since 2013 · 1k+ posts · 461 votes
9y
We have apartments with no access to laundry, coin operated laundry shared by 4 units (one set of machines), laundry shared by 2 units, and in unit laundry.
For us, adding in unit laundry for one apartment that didn't have access previously was worth about $50/month in rent. The units with access to laundry rent faster than the ones without, but the ones with the coin op tell me that they don't always use it: sometimes it makes more sense to haul everything to the laundry mat in order to get it done all at once for the same price per load. IMO, free but shared laundry is probably worth $20-30/month, coin operated might be worth $10/month if anything. And if my coin operated machines break beyond repair, I plan to replace them with regular machines.
Investor · Baltimore, MD · Member since 2014 · 1k+ posts · 688 votes
9y
Zero. And i wouldnt do it...just another hassle you will have to deal with when it breaks, someone breaks it/into it, on top of the increased water/electric use you're paying for.
Rental Property Investor · Carlisle, PA · Member since 2013 · 1k+ posts · 543 votes
9y
None. You can pull in some extra change from the machines, but it wont warrant increased rent. If you want to increase rents, run water lines to each unit so they can have their own washer dryer.
Rental Property Investor · Arlington, VA · Member since 2015 · 40 posts · 3 votes
9y
I appreciate the constructive comments. The sarcastic ones not so much so please refrain. I'm trying to find my way in what is a new experience for me.