Investor · Chicago, IL · Member since 2013 · 227 posts · 31 votes
I just purchased a set of laundry machines for my four unit.
Just trying to figure out how much is acceptable to charge? is 2.00 alot? I feel like its justifiable to charge more for the added convenience of not having to go to a laundry place.
I charge $1, my goal is cut down on waste but not to maximize income. You can fuel resentment if everytime they do laundry they are giving you money, and they may try to overload. $1 is simple, cheap, convenient for them, and it will cover your costs.
Price ranges depend on area. Not familiar with Lowell, MA. Your best bet is to visit a local laundry mats in area to see what they charge. Then you can charge similar price or slightly higher then local laundry mats for convenience.
Make sure to factor in 1. higher water consumption with higher water bill, 2. electricity usage and 3. annual maintenance to make sure the washer and dryers are in top shop for long term use.
Depending on washer and dryer size capacity typically pricing in NY and SF area is anywhere from $2.00 to $3.00 for washer and $1.00 to $2.00 for dryer for increments of 15 minutes.
Make sure to stop by to collect if coin money in machine monthly to ensure tenants are not trying to break open area to steal change. This may or may not happen, but better to be safe then sorry. Some landlords have switched over to electronic cards where tenants put money are card in building. This is probably not cost effective in a 4 unit building.
I think I'd check the local laundromats in the immediate area of your building. Obviously you can charge at least what they do for the added convenience of not having to drive to the laundromat. Too much over that rate, and they might as well drive, because they can do multiple loads at once.
Hey Samson,
I'm a quarter less than the local Laundramat, so I have to empty the coin boxes twice a month.
Let folks know Canadian coins jam the machines and make them inoperable, until you clear them!
Good Luck Investing, Mike
PS What kind of machines did you get, Huebsch?
I would keep the price the same as the local laundry mat. Tenant saves time by using yours verse driving the the street and hanging around. If the local laundry mat goes up you should adjust accordingly.
We price them the same as the local laundromat down the street. The funny thing is, we have better machines than they do. We bought Speed Queen commercial machines. Yes they were very expensive, but they are as solid as laundry machines get, and they are extremely efficient.
I own 3 laundromats and I get a variety of people from the local apartments. The comments I hear is that they charge about $1 in the building and I charge $2 at the store.
If you are going to offer laundry equipment treat it like a business. There will be increased utilities, repairs etc. Charging a $1 a load might seem like it's making you money but the first repair bill of $150 will eat that up.
Charging the same as the local laundromat will cover the costs and the tenants have the benefit of not driving or walking to the Laundromat. If you want to charge more you will make more money and/or have less use of the machine. Less use equals less repairs (ignoring vandalism).
It's a convenience for your tenants but don't make it a liability to your business by giving them a deal.
Also people with large loads will usually go to the Laundromat.
I charge $1, my goal is cut down on waste but not to maximize income. You can fuel resentment if everytime they do laundry they are giving you money, and they may try to overload. $1 is simple, cheap, convenient for them, and it will cover your costs.