Should you or shouldn’t you include washers and dryers at your rental property? This is a question many landlords ask themselves.
On one hand, it can be an added value to tenants – another amenity that can be featured on a rental listing. It may even reduce turnover rates. However, on the other hand, it may be more costly for the landlord. There’s the expense of buying the appliances and maintaining them. There’s also the risk of having property damaged because of the units. Anything that hooks up to water could potentially leak and dryers can sometimes lead to fires.
When deciding whether to offer a washer or dryer, you need to determine if the value of a washer and dryer at the property outweighs the cost. That’s really what it comes down to. You also need to see what other rentals, similar to yours, are doing in your neighborhood. If your competitors are offering this amenity, then you will need to if you want to compete with them. If they’re not, then it’s really up to you. It could be a highlight that makes you different from your competitors.
There are several factors that may change your initial and ongoing costs. You could opt for a portal washer and dryer unit (some are combo units that do both), a full-size washer and dryer, washer and dryer hookups or coin-operated machines. What you offer will depend on what you believe your clientele is looking for (again compare with competitors). It will also depend on the type of property you have. Coin-operated machines, for example, are best suited for multi-family units, and won’t work well for a single rental. Also, take into consideration who pays the water bill. You may be more inclined to include a washer in your rental if your tenant is footing the water bill every month.
Keep in mind, if you do decide to add a washer and dryer, you may receive more calls for repairs. You’ll want to encourage your tenants to let you know if there are ever any obvious issues like leaks as well, so they can be handled properly and quickly before a larger problem develops. During regular inspections, look at each unit to ensure there isn’t any evidence of leaks.
Determining whether to install a washer and dryer isn’t an easy decision to make, but if you take the time to consider your property, what your competitors are doing and value versus cost, you can come up with the right solution.
If you’d like help managing your property, please reach out to us. We’re here for you.
