Landlords are under no obligation to provide laundry services or washers and dryers in rental units. However, having a laundry facility on site for a multi-unit rental is definitely a perk. It can attract more qualified applicants that are willing to pay more for the convenience of laundry facilities.
For landlords that have a laundry area already or are considering one, what is the best coin operated washer and dryer for a rental?
Reviews for best coin operated washer and dryer
Above you’ll see some reviews for the best coin operated washer and dryers on Amazon.
Speed Queen is typically the highest reviewed coin operated washer and it comes recommended by our landlord clients quite a bit.
Any coin-operated machine is going to be more expensive than a normal washer or dryer but it’s also going to create an additional revenue stream for you too. You can read reviews on the Speed Queen washer here.
One option for laundry setup is for the landlord to purchase a standard washer and dryer and add to the rent amount each month or charge a monthly laundry fee. The landlord is responsible for the utility bills to the common area. They are also responsible for the maintenance of the appliances.
Another option is to rent coin-operated washers and dryers. Most companies that rent appliances will set up a monthly contract that covers rent and any service calls. The landlord is usually responsible for collecting the money. These machines can be put in a common area or arranged as in-unit rentals.
Still another option is to lease coin-operated appliances. The companies are responsible for every aspect of the washers and dryers. They collect the money and deduct their monthly cost from the money gathered. Then they send a check for the balance to the landlord each month. They are responsible for insurance, repairs and maintenance.
Pros and Cons for coin operated appliances
The advantages of providing some kind of coin-operated laundry setup for multi-unit rentals is two-fold. Tenants will have the convenience of laundry in the unit and the landlord will subsidize the cost of the appliance each time it is used.
The pros of working with an appliance rental company are that they take care of the maintenance and servicing. Landlords can get some passive income via the rentals plus the increased rent to offset the bump in utilities.
The cons of providing laundry service for multi-unit properties is that there will definitely be an increase in gas and water bills. Also, if landlords are renting the appliances, the monthly contract with the company will take a bite out of any profits from the laundry setup.
Of course, dealing with a laundry setup in any form can cause the landlord some stress and extra work. Each landlord needs to weigh the benefits and the drawbacks of a laundry setup.
RentPrep’s Take On the Best Laundry Setup for Multi-Unit Rentals
The landlords we associate with have several different approaches to the best laundry setup for a multi-unit rentals.
Many like to work with rental and lease companies for larger properties. Smaller places, such as duplexes and triplexes, may be more suited to individual laundry setups.
Still others don’t bother with the hassle and expense of providing laundry facilities. They expect tenants to find nearby laundromat services.
As always, landlords need to decide what works best for their property and themselves.