When leasing apartments, there are some features which have become standard over the years, which were once luxuries. Refrigerators and central air come to mind as good examples. Where once only the best apartments provided these for tenant-use, now only lower-tier units fail to. One feature that seems to be graduating from the “upper-end feature” category is washer and dryers. Where once laundromats and coin-op setups on site would suffice, tenants are now becoming more demanding. In the increasing busy world we live in, most people don’t want to waste time at the laundromat or share coin-op units with other tenants. They want access to their own washer and dryer on demand.
The ideal setup is for the washer and dryer to be located in the apartment itself. Nothing beats the convenience of being able to do laundry near the kitchen and living areas. A basement location is also fine, provided the basement is clean and functional. If the setup will be in the basement of a multi-family unit, trying to provide a secure area for each tenant’s laundry is probably a good idea. Even if you can’t or don’t want to provide the actual laundry units themselves, at least provide the hookups so that tenants can bring their own.
Providing private washer and dryer units for an apartment can easily help fetch an additional $10 to $25 each month for the unit in question. This extra feature will also have additional, less obvious benefits, such as making it easier to both locate and retain tenants. Removing the hassle of going to a laundromat gives tenants one less reason to search for a new apartment when their lease is up. This convenience factor also makes the unit more appealing to new renters. Either way, the washer and dryer will help bring more revenue through decreased vacancies and additional monthly cash flow. So if you’re operating quality apartments, remember that quality tenants may demand onsite laundry.