Normal 0 false false false EN-US X-NONE X-NONE /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin-top:0in; mso-para-margin-right:0in; mso-para-margin-bottom:10.0pt; mso-para-margin-left:0in; line-height:115%; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin;} Washers and Dryers:  When Leasing Makes Sense

Anyone who has leased apartments knows that in-unit washers and dryers are prized by future residents.   This is seen in the increased rents commanded by units with washers and dryers compared to those without.[1] 

Washers and dryers help attract tenants and justify higher rents, however, they also are the most expensive appliances to service and replace.  This is especially true for the stacked washers and dryers found in many apartments.

To better control these costs, an increasing number of property owners and managers are choosing to lease washers and dryers because a lease can make good business sense.  This is particularly true for privately owned properties with fewer than 150 units. 

Why Should I Consider Leasing Washers and Dryers?

To buy or to lease?  A lease’s value is not a mystery – if the monthly lease is less than the cost of buying, servicing and replacing a washer and dryer set, leasing is the perfect option.  

The fact is that over a 7 to 10 year period, there is little difference in total cost of purchasing new washers and dryers, buying them off Craigslist, or leasing them.  

The total cost to buy, repair and replace a washer and dryer set over its useful life is between $15 and $25 per month, depending on the machine (stacked vs. side by side) and use environment (large family vs. single person). 

Leasing machines gives property owners and managers specific advantages over buying that are always fully considered.  Here are the results I’ve seen from leasing residential washers and dryers in my rental properties:

·         Convenience:   With a lease, repairs and installations are consolidated into a single phone number and contact.  If you are managing your own property or are a busy manager, this convenience frees your time to focus on other things on your to-do list.

  ·         Eliminates washer and dryer repair expenses:  All repairs are included in the lease; there are no additional charges for repairing the washers and dryers.  If the machine cannot be repaired or is too expensive to repair, the leasing company will provide a new machine at no additional charge.

·         No lease payments for machines in vacant apartments:   Leasing helps manage cash flow because there are no lease payments for machines in vacant apartment units.  This keeps the leasing company vested in your property’s success and when a unit is not generating income, you are not paying to lease a machine for an un-occupied apartment.   

·         Leasing can help reduce Labors & Industries (L&I) workers compensation claims:  All repairs, service, and relocating machines within apartment complex are done by the leasing company.  This reduces the chance of a workers compensation claim from moving or repairing the washers and dryers.   

·         Better use of maintenance staff time:   Maintenance supervisors do great work but are often not formally trained for washer and dryer repairs and may overlook repairs that, if made, would make the machines as good as new.  Many times apartment owners junk machines that are easily repairable if serviced by trained service technicians.   

Nationally, we have over 15,000 machines leased to apartment complexes and budget for 2% of our install base needing some type of repair each month.  These repairs range from simply teaching the resident how to turn on the machine to having to replace machines that need expensive repairs.

Washers and dryers are important amenities in apartments that stay out of sight, out of mind until a problem occurs.  Leasing makes good business sense for many apartment owners because of the convenience and more predictable cash flows.  In the right situation leasing can actually reduce costs over time while providing residents with the convenience of having a washer and dryer in their home. 

About the Author:  Rod Scruggs works a day job but his real passion is buying and managing multi-family rental properties.  Rod has owned multi-family rental property since 2001, in addition to a full service washer and dryer leasing company serving King, Snohomish, and Pierce counties.  If you are interested in a proposal for services, please contact Rod at (800) 365-8014 or by email.

[1] In disclosure the author increased rents $40-55 per month by installing in-unit washers and dryers in his properties

You apartment or property management company can lease a full size, front load, stackable washer and dryer.  Outside of our standard service areas, leasing is available for $29.95/month with a minimum order of 24 machines.  Installation varies based on location, quantity and building layout. 

These machines are Energy Star rated and can wash over twice as many clothes as a standard 24" top loading stack washer and dryer.  This saves water and electricity while providing a superior laundry experience for your residents.

Below are links to a product brochure on front load stackable washer and dryers and a lease contract for corporate accounts: