You might be able to negotiate repairs ahead of time, or request that the landlord take on the financial responsibility. Renting a Condo Vs Renting an Apartment. Other condos only offer the basics, but with some diligence you can find those luxurious perks you’re looking for. The entire building is then typically managed under the Homeowners Association (HOA). Not having centralized, on-site maintenance can delay repairs, Not having the experience of a management company can lead to confusion when working out the finer points of a lease. Condominium owners may also be more open-minded and flexible about negotiating the monthly rent or other fees. Differences Between Studio and Efficiency Apartments. Painting your walls bright blue or knocking out a wall to make your closet bigger could lead to a hefty fine. An apartment is defined as a residence that is rented, often as part of a larger residential building. Renters can expect a flat fee for utilities that are included in your monthly rent. Congrats - you’re finally feeling adult enough to consider a switch from an apartment to a shiny new condo. Those include regulations that may restrict what owners are able to do to their property. 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. Apartment: The Pros and Cons of Condos, Condo vs. Renting a condo vs. apartment is only tricky if you're not sure what makes them different. There may be units beside you, above or below you. When you rent in a residential building with condos, the person who owns the unit is your landlord. Again, this goes back to ownership. 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. We break it down for you to make the hunt easier. Apartment Debate Closer look #1: Space in an apartment … However, this isn’t always true. There are pros and cons on either side of the equation, but it’s up to you to choose! Thankfully, there's only one big difference between an apartment and a condo (short for condominium) and that's ownership. Although the HOA itself is a volunteer committee, the residents of the building fund HOA fees through fixed, monthly dues. Your lease will outline all of the HOA rules and regulations. A trickier question for many people is whether they should rent an apartment or a townhouse. Apartment space is often limited and isn't ideal for large dogs that need plenty of room and exercise. If you have a landlord without much experience working with tenants, you may have to be patient and work through issues as they arise. Many condos are in great shape because they're individually owned, Condo buildings, on average, have a better array of amenities because of the HOA fees collected, Renting from the individual unit owner in a condo means getting more direct attention when something goes wrong, Having a single person manage your unit over a company can mean less red tape and a greater willingness to compromise when it comes to finalizing a rental agreement. Condos don't operate the same. Part of the series: Apartment Rentals. A condo building is typically owned by one entity or one person, but it’s managed by a homeowner’s association (HOA) or … A ground-rent arrangement is a situation in which someone must make monthly rental payments specifically for the land underlying a building they own. Condos are typically more expensive in the hsort term than rent apartments. Condo vs apartment? Consider your personal situation and preferences when deciding between a condo vs apartment. You don’t need to pay HOA fees when you rent an apartment. In a condominium, each unit has a separate owner. However, you still need to decide if buying or renting fits your lifestyle. Renting out a condo can be a great way to earn some extra income but is a different process than renting an apartment. But, when you ren… You may find three or four different floor plans to account for multi-bedroom or penthouse apartments. For instance, the landlord may have different rules or requirements because technically it’s a personal asset. Condominiums often come with updated, shared amenities. Upscale luxurious apartment buildings may even boast tennis courts or a doorman. It's something you'll notice in a rental listing. Not all landlords who are seeking tenants for their condos are looking to make a profit. The whole building receives service through one process, and you're either given a way to contact maintenance when you have an issue or a process to issue a request through your management company. There are many rules regarding appearance and upkeep, including which paint colors you can use on your walls. When most people think about renting, they think about apartments. The main difference between a condo and an apartment is ownership. Management delegates repairs and concerns to professionals who will fix it for you. An apartment is a rental unit in an entire building owned by one landlord. Owners will usually invest more into kitchen upgrades, interior, and upkeep inside their own condos than an apartment complex. 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. According to Forbes, some of the top amenities are those associated with technology and internet connectivity, holistic wellness and niche amenities. What’s the Difference Between Apartments and Condos? Many folks moving to New York City for the first time will be confused by the difference between a condo vs apartment. Shared amenities and spaces also comes with financial obligations for their upkeep. Double check your lease to find out who is responsible for the HOA fees. Thankfully, average monthly rents don't really differ that much between apartments and condos. She currently lives in Atlanta with her husband, two young children, three cats and assorted fish. Most condos are well-cared after, sometimes showcasing exquisite designs, modern appliances, and high-end finishes. For example, renting an apartment would mean just renting out a space to stay. When you live in a condo, the landlord-to-tenant relationship is usually more personal and advantageous for the tenant. They may be ready to move onto a bigger space or single family home and just want a tenant who will take good care of the property and cover their costs. The HOA members may also serve on different committees ranging from repairs to collecting dues. When a condominium building’s shared amenities need updates, break, or require replacement, the HOA works together to ensure the issue is resolved. In addition to HOA fees, you may be responsible for maintenance fees. You'll also have to take care of the lawn, driveway and any other exterior areas within your property, aside from the interior.In contrast, if you're renting a condo, you'll only be in charge of the cleaning your home. There's also a good chance your condo owner lived in the unit at some point, so it probably has more high-end features. Debating between a condo vs. apartment? 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. As a tenant, if you rent a condo then you’re renting from an individual landlord. This can be very different than renting from an apartment community. 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. Apartments and condos have differences in ownership, management, amenities, maintenance, rules, and costs. You have the option to purchase a condo, as you would a house. Because each unit has individual ownership, maintenance gets handled by the owner. Renting a condo and renting an apartment are very similar, except when one rents a condo, they are paying rent to an individual landlord versus a property management. In reality, condo owners frequently take on a landlord role and rent out their unit. Instead, apartments typically have one owner, most likely a corporation, and are leased to individual tenants. They then contact the right service person to come and make repairs. Many of these types of residences are physically indistinguishable from rental apartments, though some developers construct condos that look like multilevel townhouses. In some situations, landlords just want to cover their mortgage, taxes, or other expenses that relate to the unit. However, leasing an apartment still entails a monthly rent payment and utility payments. The HOA takes on the decision-making with regard to the building’s common areas, upkeep, rules, and services. Download the Rent.com app for Android and iOS. Condo owners are usually ready to move onto a new situation and want to keep tenant turnover to a minimum. An HOA also establishes standard rules and expectations of all owners within the shared community. Your condominium landlord will decide whether or not to offer repairs or pass those costs onto the tenant. 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. All rights reserved. Condos in the same building can vary in quality from each other. Studio vs. 1 Bedroom Apartments - Which is Right For You? If anything is wrong with your appliances, the resolution is a phone call away. Renting a Condo vs. Apartment and condo rates tend to stay competitive and consistent in the same areas. There are pros and cons to each, and the differences can make for two very different living experiences for renters. We’ll break it down for you. You won’t have much choice about the appliances and layout of your space. Why are condos and townhouses so much cheaper than houses? We didn't say it was going to be easy to decide on renting a condo vs. apartment, but when you make your decision on what type of owner you'd prefer to work with, the next step is making sure the type of unit you want fits your budget and lifestyle. Whether you should buy a condo or rent an apartment can be a tough decision, since each scenario comes with distinct pros and cons. In return, a homeowners’ organization guarantees the upkeep of common areas, exteriors, and other shared structures. You may have had your suspicions that renting a condo vs. an apartment isn't the same, but without a little research, there's no way to know which is which or why one may be better for you. Apartment: The Pros and Cons of Apartments. Just like condo owners, apartment landlords have a vested interest in keeping their properties in the best condition possible and reducing tenant turnover. However, a condo in a great location could be the perfect fit if you fully understand the financial responsibilities and lease terms. 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. It really is a matter of personal choice. March 27, 2015 By Zee J 23 Comments. In an apartment, your landlord is the property manager of the building (or whoever handles tenants). These units are defined by conventional rental agreements between an owner and tenant. 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. Condo vs. For many people, the question of buying or renting is easy to answer. We recently had a guest on our Podcast (RentPrep for Landlords) explain why he focuses on buying and renting condos vs. apartments.You can listen to that podcast and then read the summary below as we describe the process for renting out a condo. in Journalism. Make sure, if you do have to pay HOA fees, that the extra cost works with your monthly budget. Condos usually offer shared amenities and common spaces like gyms, pools, rooftop terraces, and laundry units. 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. Being required to pay the HOA fees, which not all condo owners do. It’s important to read the lease carefully before signing it. As it owns the entire building, both individual apartments and common areas, the standards will be the same for all tenants and units. What's different is whether you'll have extra condo fees in addition to your rent. It's also good to note that condos have a reputation for being more luxurious than apartments. Apartment complexes are in the business of working with tenants on a daily basis. Apartment complex owners are in the business to rent out units and may cut corners to reduce expenses. 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. A graduate of Boston University, Lesly holds a B.S. A condo is a privately unit owned by an individual in a complex with similar units. Renting an apartment is most likely to cost you about $100- $300 less, compared to renting a condo unit. Condos usually offer shared amenities and common spaces like gyms, pools, rooftop terraces, and laundry units. Owning is best when you meet three criteria, says Harris. These payments cover services that your rent excludes, including gas, electricity, cable, and internet. 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. They mostly revolve around who owns and cares for the unit, but having this information can help you decide which you really want to rent for your next home. It’s a common misconception that renting a condo is more expensive than renting an apartment. Apartments in the same building will also have comparable floor plans and aesthetics. With the potential for a personalized experience, modern amenities, and a responsive landlord, renting a condo may perfectly complement your lifestyle. However, living in a rented condo comes with a very specific set of possible problems. Meanwhile, apartment buildings offer numerous rentals under the same management or ownership. This means they're a series of units, each with individual tenants. 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. Because one person, or group, owns an entire apartment building maintenance is often centralized. Another potential drawback are HOA fees, which are determined on a case-by-case basis. For example, a newer vs an older building will have different associated costs. Though many landlords who rent out condos cover these costs themselves, not all do. An apartment is a self-contained housing unit that makes up part of a larger building or housing complex. Both apartment buildings and condo complexes count as shared properties, however. The property managers are responsible for replacement of any appliances and other systems, and will choose something suitable for the building’s budget. With easy online access, paying your monthly rent is quick and easy. In apartments, a property management company, leasing company or individual owns the entire building. How do you handle repairs and maintenance requests? When you rent in a residential building with condos, the person who owns the unit is your landlord. There's more consistency within a single apartment building. Learn about the difference between condos and apartments and which is a better fit for your needs. 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. Condos are often more cost efficient with flat utility fees and waived add-ons like HOA fees. If this is what you're looking for in your next living space, a condo may suit your needs best. Solutions to that brain teaser require a closer look! Apartment buildings also often have maintenance staff onsite, making it a short turnaround time to handle requests. A condo is a unit within a large complex of apartments or other condos. 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. 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. Many multifamily apartment communities also have restrictions on breeds, weight, and size. If it’s not in your lease, ask for clarification and an addendum before you sign. If you’re looking for convenience and a straightforward rental agreement, an apartment might be the right choice for you. The main difference between owning a condo vs. apartment has to do with the community. Armed with a clear picture of renting a condo vs. apartment, you should be ready to begin the hunt for your next home. Renting an apartment, you have to comply with the rules set by a property management company. Unlike condos, you can’t own an individual apartment. The Townhouse vs. Angelina previously worked as a Russian and German language specialist at Facebook and Google, and has a BA in Applied Linguistics from UCLA. It usually won’t require writing a checks or trips to the bank or the post office. Plan ahead, as your average utility bill can get pricey. Renters enjoy confidence that their property management will take care of issues and are knowledgeable about the process. Renting a condo is full of perks, but can also come with their drawbacks. Based on what you now know about condos, you can begin to decide if renting one instead of an apartment works for you. Apartment complexes typically offer online portals for rent payment. This means, when you have an issue, you get in touch with your property owner. (1) However, there are various other cost factors to consider too. First, you must have a stable income. Condo vs. apartment: Which is better for you? You also can’t renovate the kitchen or replace appliances or HVAC features when you rent an apartment. Apartments tend to be smaller than condos and other rentals. We've all been working from home for months now, but we can't get complacent with our new normal. This article fits under the following categories: Your Complete Sandy Springs, GA Neighborhood Guide. 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. Under the care of corporate apartment management, you can expect streamlined trash pickup and other services. Let’s see who sets and oversees certain regulations in the apartment vs. condo case. 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. Condos are managed under a homeowners’ association (HOA) made up of unit owners from the building. But, while condos for rent are an option, it's not very common, and most of the focus on … With an apartment, the landlord is the owner of the building. Different HOA members may step-in on different projects or issues depending on the issue that needs to be addressed. Condos are usually individually owned by different owners. You can expect to find the same kinds of floors, ceilings, and other structural materials throughout each unit. The roles are on a volunteer basis. While you’re condo hunting, look for a concierge, pool, parking spots, a sports facility, or outdoor space. Condos are typically shared communities in which the residents have a say when it comes to rules about aesthetics, safety and similar issues. You may not notice the difference between a condo and apartment building at first glance, and many people assume they can only buy condominiums. You also get the perk of dealing with the same people each time something goes wrong in your home. Don't feel bad — most people don't know there's a difference between a condo and an apartment, either. Terms of Service and Privacy Policy. In a condo, your landlord is the individual who owns that specific condo. 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. Apartments.com wishes you the very best of luck on making your decision! 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. 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. As with any living situation, you have options to weigh when considering a condo or an apartment. While the end product, to you, will feel the same — you have a nice place to live — there are definite differences between apartments and condos. HOAs streamline and guarantee a well-kept and well-functioning residential space. Prior to renting a condo, seriously consider the following pros and cons. Due to the generic look of apartments, there’s also less room for personalization or making changes with interior features. This standard isn’t necessarily the case for condominiums. Are pets allowed, and what is the policy? Apartment: The Right Choice for You. In fact, buying a condo vs. renting is a no-brainer in 54 percent of U.S. markets. Renting a Condo vs Apartment. Apartments usually have similar layouts to every other unit in the building. So, when you rent a condo, the individual condo owner is your landlord, but when you rent an apartment, the property manager that works for the corporation (the owners) serves as your landlord of sorts, though you may not have as much contact with them directly as you would a landlord because all members of the leasing office assist residents. Condo owners typically manage utilities themselves and then pass on the cost to their renters. Those regulations can range from acceptable door decorations to not leaving bikes in hallways or balconies. Tenants cannot request cosmetic upgrades, like stainless steel appliances, and are required to live with the amenities provided, unless otherwise agreed upon. Apartments. Renting offers great flexibility and mobility in the event of an unexpected life changing event, while homeownership offers a chance to put down roots and invest! Some continue paying that fee themselves, although in an apartment you won't have an HOA fee to worry about at all. If you're renting a townhome, keep in mind that the upkeep will be a little higher than an apartment. Each unit within a residential condo building may vary widely in condition and interior style. This takes a lot longer. A condominium is real property often manifested as an apartment unit in a building. The difference between apartments and condos can make or break your living experience, depending on what you’re looking for. These owners can choose to let out their condos as rental properties. Meanwhile, a brand new landlord may be entirely unaware of what a tenant may need, ask, or expect from them. The true savings will differ depending on the region you are renting a space in. Owning just one unit, a condo owner, can more quickly afford upgrades if they want. For that reason, it's easy to confuse them with each other. Apartment communities typically have amenities such as shared laundry rooms, gyms, or outdoor pools. Additionally, HOA members must follow a set of “CC&Rs”: Covenants, Conditions, and Restrictions. 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. The main difference between apartment and condo is the ownership. There's also no reliability on the quality of work that gets done, or who will show up to make the necessary repairs. Which should you choose? Townhouse communities can be built in rows of three to four houses, with many of the residents sharing one wall. Each unit is probably owned by someone different. This directly relates back to ownership. Actually, renting or buying a condo can look eerily similar to renting or buying a house, but don’t be fooled. Condo vs. Make sure you know what you’re obligated to pay ahead of time. If you’re renting with pets, an apartment might not be ideal depending on the size and needs of your furry friend. Register before 2021 and automatically be entered to, Angelina is a Marketing Specialist at Apartment List where she writes content on rental lifestyle. Condo renting may be a great alternative to living in an apartment complex. Happy hunting! Rent Apartment Costs. With close proximity to Atlanta with a suburban feel, Sandy Springs has a little something for everyone. Now that you know the difference between apartment and condo, get started on the search for your new home with Apartment List. When you compare the cost of renting a condo and an apartment, there is a difference in price. The difference in ownership between condos and apartment buildings is the most significant distinction. But if you live in a bigger town, the most common property type will be an apartment. The other major difference you may encounter between living in an apartment and a condo is maintenance. Condos are usually managed by a Homeowners’ Association (HOA), but each individual unit has a separate owner. © 2020 RentPath, LLC. Maintenance services are typically available around the clock in an apartment complex. Meanwhile, apartment buildings offer numerous rentals under the same management or ownership. Vs an older building will have different associated costs HOA takes on the region are... Question of buying or renting fits your lifestyle lease carefully before signing it when compare! Knocking out a space in let out their unit also establishes standard rules and expectations of owners... From acceptable door decorations to not leaving bikes in hallways or balconies outline all of the building,,!: which is right for you to make the hunt easier house, but we ca n't complacent. Less, compared to renting a condo can be a great way to earn some extra income is! 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