Managing multi-family properties requires being able to identify key amenities to keep current residents renewing their leases and attracting new tenants to keep your occupancy rates as high as possible. One common amenity many people look for when selecting a rental property is whether it includes in-home laundry. This could be a stackable washer and dryer, conventional side-by-side machines, or a combination appliance.
Not all renters have their own washers and dryers, because it is sometimes difficult to find rentals that include washer and dryer hook-ups. Rather, they do not mind paying a higher monthly rental rate if it includes being able to do laundry without having to go to a laundromat or shared laundry area. Research studies and information obtained from landlords and tenants has shown that rental properties with an in-unit laundry have lower turnover rates than comparable communities with shared laundry facilities. These same units also command higher monthly rental rates, ranging from $40 to $100 or more.
The initial investment into an in-home laundry is often fully recovered within a year or two. After that, any additional rent money you receive is pure profit, other than money spent for repairs or maintenance of your stackable washer and dryers or other laundry appliances. There are advantages to considering either combination or stackable LG models over conventional ones, like ventless drying technologies. With this advantage you do not have to worry about investing additional money to install, clean and maintain dryer vents or to satisfy building codes. Further, this means no duct work, no fire-rated chase vent, no finish work inside the apartment, no new holes in the building envelope, no make-up air requirements, no fans, and a greatly simplified building design for installing in-unit laundries in your existing rental properties.
