Apartment vs. Condo: What's the Difference?


It is a surprise to many that condos and apartments are, in fact, not the same thing, although they share many similarities. Several key differences exist between a condo and an apartment (derived from ownership).


While a condo is owned and managed by a landlord, an apartment is typically owned by a corporation or property management company. Let’s dive into the details to learn more about each rental option, shall we?


WHAT IS A CONDOMINIUM?





A condominium is a private residence that is rented out. A condominium is usually located in a residential building or community, but the unit itself is privately owned by an individual who becomes the owner of that property.


The condo owner has complete decision-making power over who is approved to rent their unit, so renting a condo is more of a personal, individual process than renting an apartment. However, the owner will not be on-site unless they live in another condo in the same building.


WHAT IS AN APARTMENT?

An apartment is a property usually owned (not just managed) by a property management company located in a residential building, complex, or community, whatever the situation may be. In an apartment building, all units are the same, the landlord is the same, and all tenants follow the same guidelines for renting a unit in the complex.

Each tenant reports to the exact property manager, usually in the leasing office with employed leasing agents (to assist current residents and lease other units) at the front of the community or within the complex.


WHAT IS THE DIFFERENCE BETWEEN A CONDOMINIUM AND AN APARTMENT?

So, what makes a condo different from an apartment? In terms of physical attributes, nothing. The difference between the two stems from ownership. Now you know that an apartment is located within a complex (filled with other apartments) owned by a single entity, often a corporation, and then rented out to individual tenants.


However, a condominium is owned by an individual. It is usually managed by the owner personally or falls under the umbrella of that condo community's homeowners' association (HOA) and often relies on the assistance of a property management company.


So, when you rent a condo, the individual condo owner is your landlord. Still, when you rent an apartment, the property manager who works for the corporation (the owners) acts as your landlord. However, you may not have as much direct contact with them as you would with a landlord because all the members of the leasing office assist the residents.

Let's move on to how condos and apartments differ beyond their ownership.


FEATURES OF A CONDOMINIUM VERSUS AN APARTMENT

But what is the difference between a condo and an apartment? A few factors can differ (even slightly) between the two.


Types of Services

Between fireplaces and gyms, a lot of variety comes with renting a condo or apartment. So what different amenities are offered in each?


Condominium services

Because the condo landlord is also the owner, a condo will likely have a more personal touch. You'll likely find upgraded features, like granite countertops, stainless steel appliances, refinished flooring (hello, hardwood!), and personal touches like the paint colour on the walls or the backsplash in the kitchen.


It gives some variety between each condo in the community. The individual owner does Everything in an apartment (unless they haven't updated anything since they bought or inherited the property, which doesn't happen often).


It's likely to be updated and well-maintained because the owner has more incentive to do so — they may have even lived in the condo before and want the property value to remain high. If the condo looks nice, it will be easier to rent out, and the owner may charge more for an updated condo than a mediocre one.


In the condo community, you'll likely find luxury amenities such as concierge services, garage parking, outdoor areas, a fitness centre, and even an indoor or outdoor pool.


Apartment services

Regarding an apartment, there isn't a unique, personal touch with the kitchen colour scheme or flooring choice. The units in an apartment complex are identical unless some are more upgraded than others.


While many apartment complexes offer luxury amenities, most will still offer more basic amenities such as a laundry room, outdoor pool, and fitness centre.


In contrast, you'll find a dog park, tennis courts, trash valet service, and even an indoor mail room in others. It depends on the area and the quality of the apartment.


Would you like to know more about it?