Condo vs. Apartment: What's the Difference?

If you ask most people the difference between a condo and an apartment, you’d likely get responses like: “A condo is a fancy apartment”, “Condos are more expensive”, “Condos are nicer.”  While none of these responses are wrong, there is a lot more to living in an apartment or condo than these simple answers suggest. The key differences between a condo an apartment have less to do with appearance and more to do with ownership. Price-wise, depending on the location, rent is usually roughly the same for a condo or a more upscale apartment.

Let’s look at each type of residence—if you’re considering moving into either, you’ll have some of the information you’ll need to make the right decision.

Condo

A condominium is defined as a building or group of buildings in which each unit is owned by the tenant; an apartment building is owned by a landlord. Due to its ownership structure, a condominium complex typically has its own homeowners’ association.

Other information:

-Because condos are individually owned, these units are typically well-maintained, often with higher-end appliances, fixtures, and other upgrades.  (So even if you rent a condo, you’ll probably find that the owner keeps it in pretty good shape.)

-The owner of the condo can renovate or remodel the space however they like.

-Residents of a condominium complex usually have shared common areas, such as a gym, pool, and garage or designated parking area available for their use.  

-There’s usually more flexibility with a condo’s amenities (garbage, water, and sewer, and even additional services like snow removal) as part of the rent because of the homeowners’ association’s collective bargaining power.

Apartment

Apartments are owned by a landlord or leasing management company, so any requests for repairs or other issues must go through the owners.

Other information:

-Unfortunately, because a tenant doesn’t own the apartment, there’s no way to know how they will maintain the space. Landlords usually ask for references and tenants pay a security deposit, but even that doesn’t guarantee they’ll leave the apartment in pristine shape.

-Tenants usually can’t redecorate or remodel an apartment on a large scale without the landlord’s permission.

-Apartments aren’t just in multi-floored buildings in cities. You can find apartments in small- to medium-sized towns and cities. They're in renovated old homes, above or behind small businesses, restaurants, and bars, or in traditional apartment-style housing.

-Amenities are usually standard (water, sewer, garbage); tenants can sometimes, but not always, negotiate the terms of the lease.

ETA Benefits Group works with several homeowners’ insurance carriers that provide coverage for any type of residence (home, condo, motor home, and renters’).  Do you need a new policy or are you looking for a better one? Contact us!

Have you ever lived in an apartment or condo? What was your experience? We’d love to hear from you in the comments below!