Of all the rental property types, condos and apartments are the most difficult to distinguish. Unlike houses or townhomes, apartments and condos lack clear, physical distinctions that set them apart from one another. Still, there are several ways condos and apartments differ, even if they’re not seen on the surface.
To decide which rental property type is for you, you must explore these intangible differences and weigh the pros and cons. To help you get started, keep reading as we break down the differences between apartments and condos and how they may affect your living experience.
Condo vs. Apartment: What’s the Difference?
Though condos and apartments may look the same, trust that there’s more than meets the eye. While their square footage and structure might be similar, these rental property types differ in many other regards, including:
Ownership
Ownership is the primary difference between condos and apartments. Traditionally, condos are owned and managed by private landlords. Meanwhile, apartments are owned and operated by property management companies that rent out and manage all building units. For a renter like yourself, this ownership disparity could greatly impact your living experience.
For example, property management companies are usually more hands-off, while private landlords will have more direct involvement in maintaining and managing your unit. Some renters may prefer the personal touch of a private landlord, while others might appreciate the convenience and professionalism of a property management company.
Maintenance responsibility
Maintenance responsibilities differ between condos and apartments. If you’re living in a PMC-owned apartment community, you’ll probably have the luxury of round-the-clock maintenance. Most apartment budlings have on-call services and a large maintenance staff to address tenants’ needs quickly. This can be especially helpful when dealing with a maintenance emergency like a burst pipe or broken AC.
Renting a condo means having fewer maintenance resources at your disposal. Rather than having a team of professionals on speed dial, you must rely on your landlord to address maintenance needs. This means you’ll likely have to wait longer for repairs, especially if it’s significant enough to warrant hiring a contractor. However, on the plus side, private landlords are more likely to provide hands-on and personalized attention to your maintenance needs.
Fees
Upfront fees are another differentiator between condos and apartments. For apartments, expect to pay the standard rental fees, including a security deposit, application fees, first month’s rent, and pet fee, if applicable. Some apartments may require renter’s insurance as well, but for the most part, those listed are the only fees involved.
Condos, on the other hand, can vary in initial costs. The landlord decides what fees to charge, meaning you could pay any combination of the abovementioned fees plus additional ones like move-in/move-out or amenity fees. Not to mention, you might be responsible for an annual/monthly HOA fee, which is common practice for condominiums.
Layout and floor plans
Renting an apartment means having a common, cookie-cutter layout and design. Even if you have an extra bedroom or a corner unit, your apartment is probably almost identical to every other unit in your building. While some may prefer this uniformity, others may want a space with a more personal touch. This is where condos have an advantage, as they offer more unique layouts and interior styles. Plus, you might have more wiggle room to make customizations, like painting walls or installing fixtures, if your landlord approves.
Pros and Cons of Renting a Condo
Now that you know the main differences between condos and apartments, let’s weigh the pros and cons of each option. First up, we’ll evaluate the condo renting experience and all of its ups and downs.
Pros of Renting a Condo
Personal attention from your landlord
Some renters value having a personal relationship with their landlord. Rather than submitting requests through a resident portal or emailing your leasing office, you can directly ask your landlord about any concerns or issues you may have. When renting a condo, you have a better chance of having this dynamic and receiving personal attention.
More room for customization
If you want to put a personal touch on your living space, a condo might be your best fit. Because you’re dealing with an independent landlord, you may have more room to negotiate customizations and upgrades. Not to mention, your condo might inherently have unique design features already, which is a lot harder to find in an apartment, especially newly constructed ones.
Cons of Renting a Condo
HOA Restrictions
Many condominiums have strict rules and regulations dictated by their respective HOA. Though these guidelines are meant to maintain a certain level of community standards, they can sometimes be frustrating for tenants. For example, you may not be allowed to have pets or hang things from your balcony. Before signing a lease for a condo, make sure to review HOA guidelines to ensure they don’t conflict with your wants or needs.
Unpredictable landlord policies
As mentioned earlier, private landlords vary in how involved they are with their properties and tenants. While some may be hands-on and responsive to your needs, others may not prioritize maintenance requests or upkeep. It’s important to do research on your landlord and get an understanding of their policies before committing to a lease.
Additional upfront fees
While apartment fees are consistent across the board, condo fees can vary depending on the landlord and HOA. Though this won’t always be the case, you may be expected to pay a higher security deposit or an annual/monthly HOA fee in addition to your standard rental fees. These extra costs can add up quickly and impact your budget.
Pros and Cons of Renting an Apartment
Now, let’s move on to apartments. Like condos, apartment living has its fair share of upsides and drawbacks. However, the key is to determine which factors matter most to you and your living preferences.
Pros of Renting an Apartment
Professional management
Some renters prefer professional property management over the private landlord approach. If this is you, you’re probably the best fit for an apartment. Most apartment communities are operated by property management companies that have a large staff for maintenance and other resources. This can provide a hassle-free living experience for tenants who prefer minimal involvement with their landlords.
Around-the-clock maintenance
One of the biggest advantages of renting an apartment is having access to on-call maintenance services. Most apartment buildings have on-site maintenance teams who can address issues promptly, even in emergency situations. This is especially helpful for renters who aren’t handy or don’t want to jump through hoops to contact their landlord and find a contractor.
Availability
Apartment units are more abundant and available compared to condos. Depending on the condo community, there might be in limitations on the number of units available for rent. This could result in a smaller pool of options and potentially higher rent prices. Apartments, on the other hand, often have multiple vacant units at any given time, giving you more options to choose from.
Cons of Renting an Apartment
Less personal attention from management
For some renters, the lack of personal attention from property management might be seen as a downside. Unlike private landlords, who may have more direct involvement with their tenants, apartment property managers are usually less hands-on, which could mean less individualized assistance.
Fewer opportunities for customization or upgrades
Unlike condos, where you can negotiate with your private landlord for certain upgrades or changes, apartments have fewer opportunities for this. Since the apartment is owned and operated by a property management company, they have set policies and standards that may not be open to negotiation.
The Bottom Line
Deciding between renting a condo or an apartment ultimately comes down to your lifestyle and personal preferences. Both provide distinct advantages, like amenity access and maintenance assistance. However, they also each have their own set of drawbacks, such as additional fees and limited space.
Before making a decision, weigh these factors and visit different properties to decide which is right for you. If you need assistance along the way, trust that ForRent has got you covered with our helpful resources and extensive rental property listings.
FAQ
How is renting a condo different from renting an apartment?
Renting a condo typically involves dealing with a private owner, while apartments are usually managed by a property management company. Condos may offer unique layouts and upgraded amenities, while apartments often have standardized designs and shared features.
Is a condo better than an apartment?
It depends on what you’re looking for. Condos often have more personalized touches and privacy, but apartments may offer more predictable costs and maintenance handled by a management team.
What is the downside of living in a condo?
One downside of living in a condo is that rules and regulations are often set by a homeowners’ association (HOA), which may limit personal freedoms and involve additional fees.