Washer/Dryer in Rentals?
We are reconfiguring our brownstone, and our two tenant apartments will no longer have access to the washer and dryer in the basement. We were wondering what people think about the importance of tenants having access to a washer/dryer in the building. We live in Crown Heights North, and the nearest laundromat is about 3…
We are reconfiguring our brownstone, and our two tenant apartments will no longer have access to the washer and dryer in the basement. We were wondering what people think about the importance of tenants having access to a washer/dryer in the building. We live in Crown Heights North, and the nearest laundromat is about 3 blocks away. Our apartments are one bedrooms, and most people who have applied in the past have been young single people without kids. Specifically, we were wondering:
– How important do people think it is to have access to a washer/dryer in the building?
– How much more do landlords typically charge (and tenants typically pay) for units with a washer/dryer in them?
– Any other important considerations we might not be thinking of?
Thanks for any advice?
As a broker, in my experience removing a washer and dryer as an amenity will not reduce your rents.
Most tenants so far, when choosing to pick between location, size and amenity, will always take the first two. Installing a washer and Dryer in an apartment, on the other hand, will definitely increase the rent roll, coming at an increase in cost of utilities and installation. A lot of the landlords I work with will take this opportunity to install baseboard and have the tenant responsible for utilities. That way the two options cancel each other out, as the cost of the washer and dryer will be cancelled out by the savings in utilities and the price increase for the extra amenity will be mediated by the price reduction for the loss of utilities.
One thing you may want to consider though is by removing the washer and dryer access you will forego the option of ever having a couple, or having a couple and baby. That may or may not be important to you.
We did it, and said afterward we wouldn’t do it over BUT it made the apartment rent for $100 more a month.
We spent nearly $3k on the hookup/vent and combo stackable machine (whirlpool gas 24″ wide).
The Malber units are, IMO, not advisable for rented units. You have to hook/unhook them up to an existing faucet and put the hose into something that can drain (and, the hoses have to be higher/lower than their water sources..etc).
If you can hook them up permanently to their own water/drain lines, maybe they’d be better. As much as I miss mine, they are touchy and aren’t exactly load it and forget it types of washers. I wouldn’t trust someone who was a renter to be diligent enough to keep an eye on them.
Thanks to everyone for the comments. Very helpful. Experiences like this are why I allow the internet to continue to exist.
The Malber units (washer/dryer combo) are ok for small loads. They take forever to dry towels and sheets – it’s only 110 power. They are better than nothing but a separate washer and dryer provides much better performance.
A W/D is a huge amenity and does raise the value of the apartment. It will also make the apartment more attractive to tenants who work long hours which may be attractive to you (less noise). As someone who used to work extremely long hours it was nearly impossible to get to a laundromat when it was open. I still get immeasurable joy from doing laundry in my apartment — five years after moving into a place with a W/D.
I think this depends a lot on what kind of tenants you generally get. A W/D can cause a lot of damage if it overflows (you can get overflow valves and I recommend them). If your tenants tend toward the careless, the W/D is another thing they can break or screw up, costing you money and aggravation.
I am a landlord, I have fantastic tenants, and they have a W/D. It helped us rent the place in a tough market, and I’m glad we did it. The tenants are really good about letting us know whenever something goes wrong, and we reinforce that by pouncing on the smallest problems right away. The apartment is a 3.5br and we thought we’d be renting to a family, so the W/D seemed like a good idea. We have not regretted it so far.
As a former renter until recently, I would totally pay an extra $50, if not $75, for not having to sit in a laundromat all day washing clothes in machines that god knows who has used and what they’ve washed in there. Plus, I hate having to run down to the machines to make sure I’m there exactly when they turn off or running the risk of people carelessly pulling your stuff out.
Great question – we were wondering the same thing for our brownstone.
I’d definitely pay $50/month for a W/D in my apartment. No question.