One of the features that will quickly attract tenants to your Los Angeles rental property is laundry. Residents in multi-unit apartment buildings will want laundry facilities that are clean, spacious, and able to accommodate the number of residents in the building.
Providing a washer and dryer in each unit is even better. You’ll earn more rent and attract great residents. Whether you’re providing in-unit laundry or a communal laundry area in the building, you’ll have to decide whether it’s better to buy the machines or rent them.
We recommend buying them.
Benefits of Buying Machines for Los Angeles Rental Homes
When you buy the laundry machines for your investment properties, they are yours to keep even through tenant turnovers and property sales. You can move the machines from rental property to rental property if the need arises.
While you’ll have some steep upfront costs involved in buying the washing machines and dryers, the long-term savings are well worth that investment. You’re gaining equipment that you can expect to use for a decade or longer. When you buy in bulk, you can often negotiate some great deals from suppliers as well.
Choose a price point that makes sense. You’ll need to decide whether you want to spend more now for a higher-end machine that will last longer and attract better tenants or if you want to stick to economy models. Renters with in-unit machines respond especially well to energy-efficient appliances that will save them on utility costs. If you’re providing a communal laundry space, you may be more concerned with finding machines that will deliver a longer lifespan, even with the wear and tear that comes with high tenant usage.
The reason renting machines can be detrimental to long-term rental property owners is that you end up paying a lot of money to the company you’re renting from. In addition to the rental cost, you may find yourself being charged for insurance and other fees. When you add it all up, buying a new machine is more cost-effective.
Choose App Payments over Coins
Make sure you’re using the best technology that’s available when you install laundry machines. You can download an app that tenants use to pay for laundry services. That money goes directly to you, and there’s no worry about collecting change or funding a card system. The Bluetooth app is user-friendly and convenient for both owners and tenants.
Prepare for Laundry Machine Maintenance
Consider how you’ll maintain the machines you buy. Do you have an on-site maintenance team that can respond immediately to any necessary repairs? Washers and dryers will likely break down from time to time as every appliance does. You’ll want to make sure you can make those repairs quickly and efficiently. If you don’t have access to good maintenance technicians, you’ll find yourself hiring expensive vendors to come out and diagnose and fix the problem. Keep track of all your factory warranties and estimate how long you can expect those appliances to work. You’ll need to know when it makes more sense to replace them instead of continually repairing them.
We can help you select and install laundry machines for your Los Angeles rental property. Don’t hesitate to contact us at EGL Properties.