Understanding the Difference Between a Condo and an Apartment

🏢An apartment is a room or group of related rooms in one building designed for use as a dwelling.

🏘️A condo is an apartment house, office building, or other multiple-unit complex where the units are individually owned.

💼Apartment buildings are usually owned by one company or corporation, while condos have individual owners.

💰Renting a condo offers more flexibility in negotiations with the landlord compared to renting an apartment from a property management company.

🤝Renting a condo allows for personal interaction with the landlord, creating the opportunity to build a positive tenant-landlord relationship.

What is the main difference between a condo and an apartment?

—The main difference is ownership. An apartment is usually owned by a company or corporation, while condos have individual owners.

Why would someone choose to rent a condo over an apartment?

—Renting a condo provides more flexibility in negotiations with the landlord and offers the opportunity to build a positive relationship with them.

Are there any advantages to renting an apartment instead of a condo?

—Some advantages of renting an apartment include following a standardized rental process and having on-site property management to handle various aspects of living in the complex.

Can a condo have strict rental criteria like income requirements and credit score minimums?

—Yes, some condos may have specific rental criteria, such as minimum income requirements and credit score thresholds, set by the condominium association.

How do payment procedures differ between renting a condo and renting an apartment?

—Payment procedures can vary, but it is common for apartments to require rent payment at the rental office while landlords of condos may allow direct bank transfers for rent payments.

00:00Many people confuse condos and apartments, but it's important to understand the difference.

01:00An apartment is a room or group of related rooms in one building for use as a dwelling.

02:40A condo is an apartment house, office building, or other multiple-unit complex where the units are individually owned.

03:40Apartment buildings are usually owned by one company or corporation, while condos have individual owners.

06:10Renting a condo offers more flexibility in negotiations with the landlord compared to renting an apartment from a property management company.