As you’re looking for a new apartment, it’s helpful to know the differences between rental types, such as the differences between a condo and an apartment. What’s a condo, you ask? And in what ways is it different from an apartment? We’re here to explain the key differences between renting one from the other.
What Is a Condo?
A condo, short for condominium, is a private residential unit that is rented out to tenants by a landlord. The landlord is the private owner of the condo itself, which is typically located in a residential building or community. The landlord has the ability to act as both the landlord and the manager, which is typical for landlords who own a small number of units. However, the landlord may not be physically located in the residential building, and may even live in another city or state.
What Is an Apartment?
An apartment is a standard rental property that’s usually owned and managed by a property management company. It is located in a residential building, complex, or community. In said location, all apartments will be the same or follow a similar floor plan and design. A property manager and several leasing agents work in the leasing office to assist current and future residents at the front of the community or in the lobby of the complex.
Difference Between Condo and Apartment
Living in a condo versus living in an apartment may not differ much in terms of the appearance of the unit, the cost of rent, or the lease signing process, but a condo differs from an apartment in four key ways: ownership, amenities, maintenance, and rules and regulations.
Who owns and manages the property?
The main characteristic that differs between a condo and an apartment is ownership, meaning who owns and manages the rental. In a condo, the unit is owned and managed by the landlord, unless they prefer to hire a property manager to manage the unit. In an apartment, the unit is typically owned and managed by a property management company. This will alter the way that you communicate with the owner/manager. In a condo, you’ll likely be speaking directly with the landlord, making your renting experience more of a one-on-one situation. In an apartment, you’ll be speaking to the property manager and leasing agents, so it is more of a professional feel.
What amenities are included?
Though the amenities may not differ much between a condo and an apartment, a condo will likely have a personal touch to it because it’s owned by a landlord rather than a company. Each condo in the community will vary in terms of paint color, flooring options, and kitchen appliances, whereas in an apartment, each unit will likely be very similar. Both rental types may offer amenities such as a swimming pool, fitness center, dog park, tennis courts, mail service, and garage parking. However, you’ll likely find a concierge service more often with condos than with apartments.
Who deals with maintenance?
When it comes down to maintenance issues and requests, condos and apartments handle things differently. If your refrigerator is leaking or you’re having pest issues, you’ll have to contact your landlord directly. They will call someone out to handle the issue, whether it be a service company or their preferred vendor. Because the landlord may live in a different city or state, it could potentially take longer to get the problem handled. In an apartment, there will be a maintenance team, with some communities and complexes offering 24/7 emergency maintenance. Often times, apartment maintenance issues are handled within one to three days, depending on urgency and other prior issues within the community. Be sure to check your lease before you sign to be sure you are aware of the condo’s or apartment’s maintenance policy.
What are the rules?
In a condo, renters usually deal with more specific rules and regulations that are created by the landlord and then stated in the lease. Many condos also have HOA regulations, so check your lease to be sure you’re aware of all the rules and regulations of this specific unit or community before you sign. Though many landlords may not approve physical changes to the condo, others may be okay with it, as long as it is approved first. A change in paint color, flooring, or removal of walls are potential changes that could be approved, depending on your landlord. In an apartment, few (if any) changes can be made regarding paint, flooring, or walls. If any changes are approved by your property manager, you may be responsible for returning to unit to its original state. The rules for every apartment in the complex and community will be the same, and they will be outlined in your lease. Rules and regulations for both condos and apartments can include: no pets, no smoking, no trash left outside of the front door, etc.
Though renting a condo versus an apartment comes with its own significant differences, they are both great rental options if you’re looking for a new home. If you prefer personalized touches, a condo may be for you. On the other hand, if you’re interested in 24/7 maintenance, an apartment may be a better option. It all just depends on the owner and/or manager of the unit that you are interested in renting from. Ask the landlord or property manager about the cost, amenities, maintenance, and rules of each option to decide which rental type is best for you!