As a renter, you’ll find yourself making a lot of choices. Is buying a new house more profitable than getting a rental home? What is the difference between a condo and an apartment? Is a condo better than an apartment? Of all the questions, choosing the best one remains the most crucial.
It’s uneasy because both come with a lot of similarities. The only difference between both is that a condo is owned by a landlord and an apartment is owned by a property management company. Still, it’s a close call between the two that heats up the topic.
Below, we’ll dive more deeply into the details to help you understand the difference between a condo and an apartment and which one is better.
Condo vs Apartment – Definitions
Before we move further, let us see both definitions and their pros and cons.
In this section, we’ll discuss condos and apartments’ definitions. We’ll also outline their wins and losses.
Let’s get started.
Condo
A condominium, also known as a condo, is a large property complex rented out to tenants. A condo is usually located in a residential building and owned by a landlord.
However, the owner of the condo has full access and will get finalized to rent his unit. We can say that renting a condo is more of a personal process than renting an apartment. The owner of the condo will not be living in the same site you’re living in. But he will be living in another condo in the same building.
Apartment
An apartment is typically a self-contained housing unit located in a residential building. Compared to the condo, a property management company owns and manages an apartment. The owner and all the units are the same in the apartment building. Moreover, if you’re a tenant looking to rent a unit in an apartment building, you have to follow the same guidelines. If you’re facing any issues, you can report to the property manager, who you will find in the leasing office at the front of the community.
What is the difference between a condo and an apartment?
Now, you must be wondering what the difference between an apartment and a condo is.
Both have various similarities. But the main difference between both is their ownership. The property management company owns the apartment. On the other hand, a condo is owned and managed by a landlord. That means if you’re looking to rent a condo, we want to tell you that the owner of it will be a landlord. On the other hand, if you’re looking to rent an apartment, its owner will be the property manager.
Still, you’re a little confused about making a call between the two. Head over to our condo vs. apartment guide for an in-depth look at the characteristics of both and what criteria they are best for.
I’ll outline some points that will help you better understand the difference between condos and apartments.
1. Amenities
What are the different amenities both condos and apartments offer?
Condo amenities
As I mentioned earlier, the owner of a condo is an individual that is a landlord. So we can say that renting a condo is like a personal process.
However, the condo comes with some updated features like stainless steel appliances and granite countertops with a personal touch, such as paint and backlash in the kitchen. The landlord of the condo itself does all these updates. He has the incentive to perform these updates because he lived before.
Moreover, these updates will also help maintain the property’s value high. The best thing is that it is easier to rent an updated condo. You can even charge more for an updated condo. The bottom line is that the condo comes with luxurious amenities like garage parking, outdoor areas, fitness centers, and concierge services.
Apartment amenities
If we talk about apartment amenities, you will not find any personal touch in them. All the units in an apartment are the same. But nowadays, some apartment communities are offering luxurious amenities such as an outdoor pool, laundry room, gym, tennis court, and indoor mailroom.
2. Cost of Renting
Is a condo more expensive than an apartment?
Or is an apartment more expensive than a condo?
Of all these questions, choosing one that is within your budget is the crucial part. A condo will cost more than an apartment. But if a condo and apartment are located in the same town, the cost for both will be the same.
Although, the cost of renting will depend on the quality of the upgrades each is having. Let us see what is the paying rent for both the condo and the apartment.
Condo
Remember that you’re a part of the condo community’s homeowner’s association if you’re renting for a condo. That means you have to pay monthly HOA fees along with the amenities fees. However, you won’t have any convenience of online payment while paying rent to the landlord.
So before signing your lease, ask your landlord for his preferred way of payment.
Apartment
Talking about the apartment, you can pay monthly rent online on the apartment community’s portal. If you’re taking other amenities or utilities, you must add those extra charges to your monthly rent.
3. Maintenance
Let us discuss the maintenance issues you will face in condos and apartments.
Condo Maintenance
The landlord will be responsible for all the maintenance issues in the condo. However, the charges for maintenance issues can be out of your budget. The landlord can cover these charges from hired maintenance.
Although the HOA also covers the maintenance charges, such as fixing a leaky toilet. Remember that suppose the landlord is out of the station. Then it will take some time to get your issues resolved.
Apartment maintenance
If we talk about apartments, the apartment community will offer free maintenance. That means you’re not responsible for any repairs. You have to do the only thing when you face any issue, you have to put a service request on their online portal. If the issue is paramount, you can also call their office. The best thing is that their services are available 24/7.
4. Rules and regulations
Let us talk about the rules and regulations in condos and apartments.
Condo
The HOA will set all the residential rules and regulations in the condo. Some rules will be that you can’t waste trash outside your door and leave your items around the community.
If you love pets and want them along on your rental journey, make sure that the unit is pet-friendly.
Apartment
Talking about the apartment, the property management company will set all the rules and regulations. Remember, every apartment tenant must follow the same rules and regulations.
Let’s talk about the rules you have to follow. You can’t hang heavy items on walls, and you can’t paint or decorate the walls.
Condo vs. Apartment- Which is best for you?
As I mentioned earlier, the main difference between both condos and apartments is the ownership.
In the condo, the owner will be an individual. So you can create a friendly environment with him. But if you’re not a good renter and not following the rules and regulations, you won’t allow for a lease renewal.
On the other hand, while renting an apartment, you have to deal with several members of the property management company.
So there is no chance of personal touch or creating any friendly environment.
Here, we’ll outline some pros and cons of both condos and apartments. These pros and cons will help you make the right choice between the two.
Condo Wins
- As a first-time homebuyer, you must choose a condo because of its lower prices.
- The landlord of the condo will handle all the maintenance work.
- Most of the condos will be near shopping malls and transportation. If you’re fond of walkability, you must choose a condo.
Condo Losses
- You have to pay HOA fees monthly. HOA fees can also increase over time.
- You will not have your privacy because you’re sharing your wall with your neighbors.
- In the condo, you will get bound to their rules and regulations. Like you can’t decorate your property on your own.
Apartment Wins
- If you’re planning to live in an area for a long time, an apartment will be your best choice.
- The owner of the apartment will charge low or no maintenance fees.
- The apartments are near the city centers. So you have full access to the restaurants and shopping malls.
Apartment Losses
- Compared to condos, apartments come with fewer facilities.
- If you plan to rent an apartment, you’re not making any equity in your home.
- You’ll find yourself living very close to your neighbors in the apartment.
Wrapping up
We hope the information outlined in this article will help you know the difference between a condo and an apartment. However, choosing between the two will depend on your requirements. But remember that a better understanding of the two will make your rental journey smooth.
