How much to charge for coin laundry?

Question

I am a landlord in Cincinnati and am putting in coin laundry.  Does anyone have any recommendations of the ideal amount to charge for a washing and drying load?  These is for student housing near the University of Cincinnati.

Account Closed · Answer

@Brad Babiak charge the same as the nearest laundromat does. I’d rather stay at home and lay than leave and pay the same amount.

Joseph R. Smith · Answer

I owned a coin operated laundromat in Ohio for several years. I think in any business, it's simply a matter of checking local competitors prices. In a college area, I'm sure there are several. Some will vary depending on age of machines and ect. Simply charge a quarter less or the same price since tenants will have the convince of not having to go out. A couple coin operated machines can be very lucrative for any landlord. In an eight unit building, it equates to about the same as an additional units rent. Know that laundromat s run on about 25 percent of gross sales in utility expenses.

Nathan Gesner · Answer

Drive around and look at all the laundromats in your area to get an idea of what they're charging. Price yours competitively so that tenants use them. A coin-op laundry only works if people use it.

Filipe Pereira · Answer

We have a few buildings with Coin opp washers and dryers in our management portfolio in Connecticut. The machines come pre-set at $2.00 a wash and $2.00 a dry. I've not had any complaints from the tenants. I believe that's about what it costs at the local laundromat, if not slightly more. But - if there's anything I've learned in this business, it's that people will pay for convenience if it's affordable. A 25 to 50 cent bump is affordable to most!

Account Closed · Answer

Students will be paying with Mom's money, so don't worry about how much you charge.  The low-income senior apartment building I rent in now in Silicon Valley, charges $2.50 each for wash and dry.  Yeah.  So, don't worry about charging too much for kids who get their parents to pay for it anyway.

But, look for the closest laundromat and see what they're charging.  Then, consider whether or not your tenants will want to actually lug their laundry that far to save a few cents.

Grace Chuang · Answer

I charge $1.50 for the washers and between $1.00 and $1.50 for the dryers.

Joseph Cornwell · Answer

Mine are all set to $1.50 per load, not the highest but not the lowest. I still make decent income off mine after covering added utility cost. My tenants have no complaints.

Karl B. · Answer

Hi, it depends on how large the washers and dryers are. I have smaller, older washers (top-load) and dryers and I typically charge $1.25 for the washers and between $1.00 and $1.25 for the dryers.

If they're larger, you can of course charge more.

Bjorn Ahlblad · Answer

Mine are set to 1.75 each. If I were installing today I'd probably raise it to 2.25-2.50 and maybe go to a card system.

Roni E. · Answer

I would do card and to build some good will with tenants charge .25 only for the next 90 days.

How much to charge for coin laundry?

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