Some landlord-owners of small residential buildings do not have laundry facilities on the premises. In some cases, there never was a laundry, or in others the landlord felt it would be just another thing that had to be fixed, and so removed it.
Landlords, though, should realize that having a laundry on the premises is almost always worth the expense. Why is that?
Well, my first rule of landlording is, “thou shalt always provide a rental that thou shalt wish to live in”. So, would you like to live in a home without a laundry? I think not, and tenants actually do think like you too! A tenant will pay more for a home with this amenity.
Oh, well, maybe if you are prohibitively rich, and you simply send out your laundry, whether you take it all to a cleaner, or a wash-and-fold laundry that are common in urban areas. Or, maybe you are a young, 20-something, where going to a laundromat is actually a social event. And even if you do use a laundromat, you better stick around all the while, you may have a few hundred dollars of clothes in those washers, the price of clothing today. But really, it is primitive, time-consuming, expensive, and inefficient to do your laundry.
As a landlord, having a washer/dryer translates to more desirability, which means higher rent, and a more stable tenancy, since it provides an important service, that perhaps another landlord would not provide.
With this logic in mind, I would advise any landlord who does not have a laundry to think again. It is a huge issue with many tenants, and an absolute essential for any upscale tenant. Sure there is some initial investment for bringing the utilities to the laundry location, and the appliance cost, but this is a long-term investment that should pay dividends a long time.
For a single family home, it is normal to provide either washer/dryer or hookups for same. For a multiple unit building, it is normal to have a coin operated appliances (this can also be a great income source).
If you do not have a laundry facility in your rental, you really should give this some serious thought, and realize how it can really be a winning decision for both you and and your tenant.
Coming to a blog soon: It’s Here! The Coin-Operated STACKING Washer AND