Are you a property owner that wants to sell their condo, investment property or needs to rent an apartment or retail space in New York City? Call or text me: Sam Moritz, licensed real estate agent, 203–209–3640.
Do you know a property owner that might need real estate help? Refer me! I provide great and professional real estate services across all five boroughs.
A couple of weeks ago, I was featured in an article in Gothamist about how an increasing number of renters in NYC are looking for apartments with in-unit laundry. (Here’s the link to the article).
In NYC real estate, laundry is a big deal. If you’re a landlord or real estate developer, put laundry in the apartments, or at least in the building, if you can. You’ll get more money for rent if you have it in the apartment. You’ll get a little bit more if it’s in the basement of the building.
Personally, I sort of wonder if the whole laundry thing is overhyped by tenants. But hey — I already have an apartment. I’m not shopping for one. If a renter thinks it’s important, then it is. The customer is always right.
My reasoning for thinking it’s overhyped comes from situations like this: I recently listed a large, bright three bedroom, two full bathroom apartment in a good part of Bushwick. This was a great apartment: the living room and the bedrooms were all large and every room received a lot of natural light. An apartment which is both spacious and bright is kind of rare in NYC.
But a few possible sets of tenants asked me before showings: “is there laundry at least in the basement of the building?”
For this listing, there was no laundry in the apartment nor in the building. In this scenario, it didn’t matter that the apartment was great: some clients disqualified it right away because there wasn’t even laundry in the basement of the building.
This has happened a few times in recent years: tenants deciding they don’t want to view (what I think are) great apartments because they can’t go down to a basement to do their laundry and instead would have to walk to the laundromat a block away. Is laundry in the building that important?
For many renters, it is.
Over the years, I’ve had landlords ask me how they can get higher rents in their units. What I tell them is this: the only way to get higher rent is to install a washer / dryer, ideally in the apartment, but if not in the basement or a common area of the building, and to also add dishwasher, central air, and some kind of outdoor space (if they can). And to make sure that the apartment and building in good condition.
Avoid extensive cosmetic makeovers: they do not increase the value of the apartment. Just make sure the unit is clean and freshly painted.
Installing laundry in the apartment can increase rents by as much as $300 per month. If it’s a washer dryer for the whole building in the basement or some common area, rent will go up $100 / month — maybe more.
I’ve been thinking more about potential tenants’ fascination with laundry. I think it’s because tenants want some level of luxury. Laundry is the most common and attainable amenity in the city.
I’ve lived in buildings with both laundry in my apartment and in the basement of the building. Having it in the apartment was nice. It was a worthwhile convenience to only have to take a few steps to the washer dryer. I could do a lot of laundry very easily.
I was way less impressed with having it in the basement of the building — mainly because in these situations, there just wasn’t enough washing machines to accommodate the demand. Back in 2014, I lived in an eight unit building in Williamsburg with one washer and one dryer in the basement. The laundry was nice to use — when it was available. I definitely appreciated my landlord having it there, but I once asked someone in management if they could install more washer / dryers (I wasn’t working in real estate then). They told me that because of limitations with the space (like washer / dryer hookups), they couldn’t add more. Oh well. Too often, I’d go downstairs to find the laundry already in use. I started to drop off clothes at the laundromat. I’d return home from work to have my clothes clean, folded, and waiting for me for not that much more money than the coin operated machines in the building.
This month, I have two apartments for rent listed in a very nice, new building. One of the apartments has a washer / dryer in the apartment, the other one has no laundry, but has a large private balcony. (There’s no laundry in the building).
This will be a good test. Which unit will rent first?
So far, the unit with in-unit laundry has been getting way more interest than the one with the balcony.
If you’re an investor, developer, landlord — prioritize laundry.
If you’re a tenant. It’s your choice if you want to pass up the bright, large, airy apartment because there’s no laundry in the basement. If there’s enough washer / dryers to accommodate the whole building, then I guess it’s worth it.
Are you a property owner that wants to sell their condo, investment property or needs to rent an apartment or retail space in New York City? Call or text me: Sam Moritz, licensed real estate agent, 203–209–3640.
Do you know a property owner that might need real estate help? Refer me! I provide great and professional real estate services across all five boroughs.
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