In return, a homeowners’ organization guarantees the upkeep of common areas, exteriors, and other shared structures. Renting an apartment is most likely to cost you about $100- $300 less, compared to renting a condo unit. Apartments in NYC can either be individually owned condominium units, co-op apartments or one unit of a rental building that is entirely owned by one landlord. In fact, buying a condo vs. renting is a no-brainer in 54 percent of U.S. markets. A graduate of Boston University, Lesly holds a B.S. This means more condo buildings are adding in fiber optic cables, smart technology devices, high-end fitness centers and common rooms that suit special interests and hobbies. Prior to renting a condo, seriously consider the following pros and cons. Condo renting may be a great alternative to living in an apartment complex. Painting your walls bright blue or knocking out a wall to make your closet bigger could lead to a hefty fine. When you rent in a residential building with condos, the person who owns the unit is your landlord. Renting out a condo can be a great way to earn some extra income but is a different process than renting an apartment. There are many rules regarding appearance and upkeep, including which paint colors you can use on your walls. This directly relates back to ownership. It's something you'll notice in a rental listing. It’s a common misconception that renting a condo is more expensive than renting an apartment. Thankfully, average monthly rents don't really differ that much between apartments and condos. However, you still need to decide if buying or renting fits your lifestyle. From the state of the individual unit to the amenities in the building to the “house rules," the most important thing to do is ask a lot of questions when touring a potential home. Owning just one unit, a condo owner, can more quickly afford upgrades if they want. The Townhouse vs. If you have a landlord without much experience working with tenants, you may have to be patient and work through issues as they arise. Apartments in a rental building are usually designed in the same way and have similar layouts, amenities, and decorations, while condos carry the owner’s personal taste and touch. Other condos only offer the basics, but with some diligence you can find those luxurious perks you’re looking for. Apartments tend to be smaller than condos and other rentals. Differences Between Studio and Efficiency Apartments. When you compare the cost of renting a condo and an apartment, there is a difference in price. Angelina previously worked as a Russian and German language specialist at Facebook and Google, and has a BA in Applied Linguistics from UCLA. A condominium is real property often manifested as an apartment unit in a building. Tenants cannot request cosmetic upgrades, like stainless steel appliances, and are required to live with the amenities provided, unless otherwise agreed upon. When you live in a condo, the landlord-to-tenant relationship is usually more personal and advantageous for the tenant. The main difference between apartment and condo is the ownership. Each unit is probably owned by someone different. Lesly GregoryLesly Gregory has over 15 years of marketing experience, ranging from community management to blogging to creating marketing collateral for a variety of industries. What’s the Difference Between Apartments and Condos? The roles are on a volunteer basis. Before I get into the pros and cons of condo and townhouse investments I want to be clear on what a townhouse or condo is. Condominiums often come with updated, shared amenities. Most condos are well-cared after, sometimes showcasing exquisite designs, modern appliances, and high-end finishes. Condo vs. apartment: Which is better for you? Why are condos and townhouses so much cheaper than houses? Having to go through the middle-man of the condo owner can add time to getting your issue handled, especially if they're hard to get in touch with in the first place. Another way to help you decide if you're leaning more toward an apartment or condo is to look at the pros and cons of each type of living situation. With close proximity to Atlanta with a suburban feel, Sandy Springs has a little something for everyone. Condo vs Apartment: Main Differences, Covered As a tenant, you can encounter all kinds of properties on the rental market, from townhouses and single-family homes to duplexes and fourplexes. Renters can expect a flat fee for utilities that are included in your monthly rent. Condos usually offer shared amenities and common spaces like gyms, pools, rooftop terraces, and laundry units. Meanwhile, apartment buildings offer numerous rentals under the same management or ownership. There may be units beside you, above or below you. This means they're a series of units, each with individual tenants. Apartments in the same building will also have comparable floor plans and aesthetics. Renting a condo vs. apartment is only tricky if you're not sure what makes them different. Not all landlords who are seeking tenants for their condos are looking to make a profit. It really is a matter of personal choice. A trickier question for many people is whether they should rent an apartment or a townhouse. For example, renting an apartment would mean just renting out a space to stay. Apartment: The Pros and Cons of Condos, Condo vs. Though many landlords who rent out condos cover these costs themselves, not all do. Are pets allowed, and what is the policy? In apartments, a property management company, leasing company or individual owns the entire building. If this is what you're looking for in your next living space, a condo may suit your needs best. With the potential for a personalized experience, modern amenities, and a responsive landlord, renting a condo may perfectly complement your lifestyle. Actually, renting or buying a condo can look eerily similar to renting or buying a house, but don’t be fooled. Specific questions that relate to either type of unit, include: You'll have more questions specific to your own needs and what you see while on tour, but these will get you started no matter where you are. Condominium owners may also be more open-minded and flexible about negotiating the monthly rent or other fees. Apartment: The Right Choice for You. How do you handle repairs and maintenance requests? Apartment Debate Closer look #1: Space in an apartment … Again, this goes back to ownership. When most people think about renting, they think about apartments. Renting out a condo vs. an apartment Condominiums and apartments may look the same, and to landlords and tenants, there are similarities, but also important differences too. Apartment communities typically have amenities such as shared laundry rooms, gyms, or outdoor pools. Meanwhile, a brand new landlord may be entirely unaware of what a tenant may need, ask, or expect from them. These owners can choose to let out their condos as rental properties. Maintenance services are typically available around the clock in an apartment complex. For many people, the question of buying or renting is easy to answer. Condo vs. Additionally, HOA members must follow a set of “CC&Rs”: Covenants, Conditions, and Restrictions. The main difference between a condo and an apartment is ownership. However, this isn’t always true. Double check your lease to find out who is responsible for the HOA fees. The entire building is then typically managed under the Homeowners Association (HOA). This takes a lot longer. Learn about the difference between condos and apartments and which is a better fit for your needs. Owning is best when you meet three criteria, says Harris. Congrats - you’re finally feeling adult enough to consider a switch from an apartment to a shiny new condo. in Journalism. This standard isn’t necessarily the case for condominiums. An HOA may also decide to employ a property management service to maintain the building, but the HOA are still making the decisions about the property. Meanwhile, apartment buildings offer numerous rentals under the same management or ownership. A condo building is typically owned by one entity or one person, but it’s managed by a homeowner’s association (HOA) or … A condo is a unit within a large complex of apartments or other condos. As a tenant, if you rent a condo then you’re renting from an individual landlord. The Condo Conundrum: What Renting a Condo Does for You (Renting a Condo vs Apartment) More and more of Toronto’s rental housing is coming in the form of condominiums, for rent by private or corporate owners. Condo vs apartment? Renting a Condo vs. Condos are typically shared communities in which the residents have a say when it comes to rules about aesthetics, safety and similar issues. You don’t need to pay HOA fees when you rent an apartment. It's also good to note that condos have a reputation for being more luxurious than apartments. According to Forbes, some of the top amenities are those associated with technology and internet connectivity, holistic wellness and niche amenities. Consider your personal situation and preferences when deciding between a condo vs apartment. This can be very different than renting from an apartment community. In an apartment, the property owner has to have the budget to upgrade the entire building before making any sweeping changes, whether they're needed or not. They then contact the right service person to come and make repairs. An apartment building is typically owned by a big corporation or individual investor who makes an income from renting out the units within that building. But if you live in a bigger town, the most common property type will be an apartment. Don't feel bad — most people don't know there's a difference between a condo and an apartment, either. You might be able to negotiate repairs ahead of time, or request that the landlord take on the financial responsibility. If you’re renting with pets, an apartment might not be ideal depending on the size and needs of your furry friend. Although the HOA itself is a volunteer committee, the residents of the building fund HOA fees through fixed, monthly dues. You may find three or four different floor plans to account for multi-bedroom or penthouse apartments. Now that you understand the main difference between apartment and condo and the ownership structure involved, let’s take a look at the in-depth pros and cons of both options. Just like condo owners, apartment landlords have a vested interest in keeping their properties in the best condition possible and reducing tenant turnover. © 2020 RentPath, LLC. In some situations, landlords just want to cover their mortgage, taxes, or other expenses that relate to the unit. The true savings will differ depending on the region you are renting a space in. Apartment: The Pros and Cons of Apartments. If you choose to rent a condo, your landlord would be the owner of the unit.On the other hand, individual apartment units cannot be purchased. For instance, the landlord may have different rules or requirements because technically it’s a personal asset. Consider renting a condo to not only get a few more options but most likely find things in top condition, thanks to those HOA payments. If you’re looking for convenience and a straightforward rental agreement, an apartment might be the right choice for you. If a luxurious lifestyle is high on your priority list, then you'll want wherever you live next to have a nice set of amenities. It’s important to read the lease carefully before signing it. Part of the series: Apartment Rentals. You won’t have much choice about the appliances and layout of your space. Due to the generic look of apartments, there’s also less room for personalization or making changes with interior features. Many folks know the major difference between apartments and condos – apartments are part of a complex owned by a single entity while condo units are owned by individuals.. For some, the difference in renting a condo vs. apartment is minimal.. For others, renting a condo/apartment as opposed to an apartment/condo is non-negotiable. Debating between a condo vs. apartment? Condos are usually individually owned by different owners. Terms of Service and Privacy Policy. For example, a newer vs an older building will have different associated costs. We break it down for you to make the hunt easier. Condo owners have usually lived in their own unit and have a personal interest in maintaining and improving the presentability and functionality of the unit. Complaints and repairs are handled with a specific process, such as filling out a maintenance request which then goes through the proper channels. There's also a good chance your condo owner lived in the unit at some point, so it probably has more high-end features. Some continue paying that fee themselves, although in an apartment you won't have an HOA fee to worry about at all. 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