Hoping for some guidance from the community on the below situation. All thoughts are appreciated!
Last year I purchased a 8 unit building consisting of one bedrooms. The units have been updated in the past 10 years but fall on the smaller side for the market. The rents are slightly below market average and with leases coming due between May and August, I would like to raise rents to fair market value. My tenants are about as good as it gets. The majority have have been residents of the building for at least 2 years, all pay rent on-time, and I rarely hear from them except for the occasional maintenance request.
There is a laundry room in the courtyard of the property that has one washer and dryer for all 8 tenants. In my market in-unit W&D is expected, however the size of my units makes this difficult. My contractor has provided a quote to expand the laundry facility to hold 3 washers and dryers. Once the two largest units are vacant, I plan on remodeling the kitchens and including a W&D combo. This would leave the laundry facility servicing 6 units.
My question for the community is do I proactively expand the laundry facility before hearing the tenants' decisions to resign leases? My concern is that the unit size and lack of W&Ds will prohibit me from maximizing the rent and/or make it difficult to find a new tenant if a lease is terminated. On the flip side, the current tenants don't seem to be hindered by the one washer and dryer.
I have one washer and one dryer for 8, 2 bed and 4, 1 bed apartments all in one building. Machines are coin operated, tenants make the shedules, and no one has said we need more washers and dryers. The Credit Card machines are way more convenient BTW. IMO You do not need multiple machines for 8 units and there is insufficient ROI for more anyway. We provide in unit laundry for our duplexes; they are 3 bed 3 bath.
We tore out old units when we renovated and have 2 sets, coin operated, that 7 of 9 units use. We have no problems either. I agree with @Bjorn Ahlblad that the new blue tooth systems look pretty cool and will only get better. Do you charge for your laundry?
If you have large units and the units will work- then that is a plus. Personally, I don't foresee ever moving off of my set-up because of the give and take of the apartments' sizes...