Investor · Chicago IL · Member since 2013 · 88 posts · 22 votes
Hi Everyone,
I've got a renovation of a small (~650 sq ft) 1 bed apartment coming up. This unit has one other room, not large enough to be used as a bedroom (can fit a twin bed maybe) and has no closet. Right now it is being used as an office, but during this renovation I could put in a washer dryer. The building does not have any space for a shared washer dryer.
In your experience, what drives rent higher, office space, or washer dryer in unit? Is it worth converting the space to a laundry room?
Investor · Ocala, FL · Member since 2018 · 144 posts · 101 votes
7y
I would look at comps online for your market to determine that. You may get opposite answers in different parts of the country, and even different towns in your state.
In my market, I would say leave it as an office. Even though it's not big enough, people will use it for their children with some sleeping pads and/or a crib. Plus leaving it an office is cheaper and less likely to get water damage.
Investor · Ocala, FL · Member since 2018 · 144 posts · 101 votes
7y
I would look at comps online for your market to determine that. You may get opposite answers in different parts of the country, and even different towns in your state.
In my market, I would say leave it as an office. Even though it's not big enough, people will use it for their children with some sleeping pads and/or a crib. Plus leaving it an office is cheaper and less likely to get water damage.
Rental Property Investor · Member since 2019 · 41 posts · 53 votes
7y
I agree with JD in that you need to look at your market to determine the right answer. In my market, an in-unit washer/dryer is desirable and would be worth a higher rent price. While some renters might appreciate an office, everyone needs to do laundry. If your unit is not near a laundromat, installing a washer and dryer makes sense. If you go this route, make sure to plan for maintenance costs down the line. Appliances don't last forever.
If it's 650 square feet, space is at a premium. Tenants may want to use the space as an office, a nursery, or whatever else they may need. Installing a washer and dryer commits you to keeping them in working order, but it won't cost much to maintain an office space.
Rental Property Investor · St. Petersburg, FL · Member since 2017 · 3k+ posts · 4k+ votes
7y
@Ben Staples I would say office. People renting 1 bed spaces are used to going to the laundromat. The option of another "bedroom" would probably be a better bet
I don't know that either by them self will warrant a higher rent, washer and dryer may make it faster to find a tennat, but I would leave it as a office to allow options for the tenant.
Thanks everyone for the thoughts. I had checked the market but didn’t find any clear indicators either way. I think I may keep it as an office, and when marketing the unit list it as an option for a slightly higher rent.
Rental Property Investor · Red Bank, NJ · Member since 2017 · 1k+ posts · 1k+ votes
7y
In my market I have found demand for an additional room for an office. I hav 3, 2 bedrooms rented by 2 singles and a couple who use the additional room as an office space.
I have the competing interests from the “gig economy” as well as city commuters who are invited to work from home a couple days a week as their corporate jobs increasingly use shared space.
We recently renovated a 1 bedroom and had enough space for a small office with window. It rented very quickly because of this and because the person had typically been forced to look for a 2 bedroom to equip her side business.
Very market specific. With that being said- all renters look at a washer/dryer as the holy grail in my market... I am sure it would rent well, just not in the cards and I have coin-op.
Real Estate Broker · Watertown, NY · Member since 2016 · 1k+ posts · 1k+ votes
7y
@Ben Staples - I lose a+ tenants if my unit doesn't have a washer/dryer in it. This is a non-negotiable for us. We make it a point to figure out a way to get washer/dryer hookups in our units and/or building.
Property Manager · Castro Valley, CA · Member since 2016 · 212 posts · 110 votes
7y
How about putting in the washer dryer connection but not provide the equipment? People that want a washer/dryer can pick one up and put one in the space (without you maintaining them) and someone that wants an office doesn't have to commit to it.
I didn't read all the responses, so someone may have suggested this as well.
Rental Property Investor · Sioux Falls, SD · Member since 2015 · 9k+ posts · 18k+ votes
7y
Washer and dryer in unit. You can setup a home office in a bedroom or living room. When I was in my 20's, I specifically moved due to not having in-unit laundry. Going to the laundry mat sucks and costs $50-100 per month not including time.
Architect · Providence, RI · Member since 2016 · 257 posts · 195 votes
7y
Put washer/dryer connections in one corner. Do a "laundry box" for the drain and water, and put the through wall vent for the dryer. Then, they can either install their own STACK APARTMENT STYLE washer/dryer, or use it as an office, or BOTH. If you want to make it fancy, put the washer/dryer connections in a small closet in the corner. Then, offer to rent them a washer/dryer for $15 or $20 a month.
Rental Property Investor · Naperville, IL · Member since 2015 · 46 posts · 13 votes
7y
Definitely a washer & dryer, especially somewhere cold like here in Chicago. Lugging laundry to the laundromat is a major pain. You could look into a washer dryer combo in a single machine to save space. Make sure you have room so you can route the dryer vent to the outside.
It is 24" standard and basicly like a dishwasher, slightly higher.
You can set up an office space and this machine under a counter - people put it under a counter, too
This way, your Tenants will have both - office space and washer&dryer.
Cons: dryer doesn't dry like regular one - the clothes are slightly dump. However, it's a computer which can work full cycle without reloading - when people at work or sleeping.
Also, it's going to get maintenance or some repairs and more expensive that separate washer and dryer.
However, in small townhouses with no basement it's a selling point for sure.