Condo vs. Apartment — What's the Difference?
By Maham Liaqat & Urooj Arif — Updated on May 15, 2024
A condo (condominium) is a private residence owned by an individual within a complex, while an apartment is a rental unit within a building owned by a landlord.
Difference Between Condo and Apartment
Table of Contents
ADVERTISEMENT
Key Differences
Condos are individually owned units within a larger building or community, where owners purchase the unit and have a stake in the property. In contrast, apartments are part of a larger building that is owned by a landlord or a property management company, and the units are leased to tenants.
While condo owners are responsible for their unit's maintenance and repairs, they often pay a homeowners association (HOA) fee for amenities and external upkeep. On the other hand, apartment tenants generally have less responsibility for maintenance, as most repairs and upkeep are handled by the landlord or property management.
Condos typically offer more customization and flexibility in terms of decor and renovations, as the unit is owned by the individual. Apartments, however, often come with restrictions on modifications to the unit, limiting personalization options for tenants.
In terms of investment, owning a condo can be a form of asset accumulation, offering potential for property value appreciation. Conversely, renting an apartment does not provide equity but can offer more flexibility in relocating without the commitment of property ownership.
Condo communities usually have shared amenities such as pools, fitness centers, and community spaces, similar to apartment complexes, but condo owners might also have a say in the community's management through their HOA.
ADVERTISEMENT
Comparison Chart
Ownership
Individually owned
Owned by a landlord or management company
Maintenance
Owner responsible, HOA fees cover external areas
Landlord responsible
Customization
High degree of personalization allowed
Often restrictions on modifications
Investment
Potential for property value appreciation
No equity, but flexible
Management
HOA involved in community decisions
Managed by landlord or property management
Compare with Definitions
Condo
Each owner is responsible for their own unit's maintenance.
He had to fix the plumbing in his condo himself.
Apartment
Restrictions on interior changes or extensive renovations.
The apartment lease prohibits painting walls without permission.
Condo
Condos can be resold by the owner.
After five years, she sold her condo for a profit.
Apartment
Typically governed by a lease agreement.
Their apartment lease runs for one year.
Condo
A privately owned individual unit within a building of multiple units.
She bought a condo in a bustling downtown area.
Apartment
Maintenance and repairs are typically the landlord's responsibility.
The landlord replaced the broken heater in the apartment.
Condo
Can be part of a homeowners association (HOA).
The condo's HOA organized a community cleanup.
Apartment
A rental unit within a larger residential building.
They rented an apartment close to the university.
Condo
Owners have shared interest in the property's common areas.
Condo owners share access to the building's rooftop garden.
Apartment
An apartment (American English), or flat (British English, Indian English, South African English), is a self-contained housing unit (a type of residential real estate) that occupies only part of a building, generally on a single story. There are many names for these overall buildings, see below.
Condo
A condominium.
Apartment
A flat, typically one that is well appointed or used for holidays
Self-catering holiday apartments
Condo
Clipping of condominium
Apartment
A room or suite of rooms designed as a residence and generally located in a building occupied by more than one household.
Condo
One of the units in a condominium.
Apartment
An apartment building
A row of high-rise apartments.
Condo
One of the dwelling units in a condominium
Apartment
A room.
Apartment
Apartments Chiefly British A suite of rooms within a larger building set aside for a particular purpose or person.
Apartment
A complete domicile occupying only part of a building, especially one for rent; a flat.
Apartment dwellers
Apartment
(archaic) A suite of rooms within a domicile, designated for a specific person or persons and including a bedroom.
Apartment
(obsolete) A division of an enclosure that is separate from others; a compartment
Apartment
A conceptual space used for separation in the threading architecture. Objects in one apartment cannot directly access those in another, but must use a proxy.
Apartment
A room in a building; a division in a house, separated from others by partitions.
Apartment
A set or suite of rooms.
Apartment
A compartment.
Apartment
A room or suite of rooms in a building comprising a dwelling unit separate from others in the building, and typically having its own separate bath, sanitary, and kitchen facilities. Such apartments are in most cases rented from the owner by those dwelling in them.
Apartment
A suite of rooms usually on one floor of an apartment house
Apartment
No ownership, tenants pay rent to live there.
Rent for the apartment is due on the first of every month.
Common Curiosities
What is an apartment?
An apartment is a rental unit within a building that is owned by a landlord.
What is a condo?
A condo is a private residence owned by an individual within a larger complex.
Can I make renovations in a condo or apartment?
Renovations are usually possible in a condo, while apartments have restrictions set by the landlord.
Is buying a condo a good investment?
Condos can be a good investment if the property value appreciates over time.
Who decides on the management of a condo complex?
The Homeowners Association (HOA), which includes condo owners, typically makes management decisions.
How do ownership responsibilities differ between condos and apartments?
Condo owners handle their own interior maintenance, while apartment maintenance is typically the landlord's responsibility.
What does HOA mean in the context of condos?
HOA stands for Homeowners Association, which manages common areas and amenities in a condo complex.
What are the benefits of living in an apartment?
Apartments offer less responsibility for maintenance and more flexibility to move.
Can you rent a condo?
Yes, individual condo owners can choose to rent out their units.
Is it cheaper to live in a condo or an apartment?
This depends on location, condo fees, and rental prices, but condos may involve additional costs like HOA fees.
Share Your Discovery
Previous Comparison
Socialisation vs. Socialization
Next Comparison
Catheter vs. SheathAuthor Spotlight
Written by
Maham Liaqat
Co-written by
Urooj ArifUrooj is a skilled content writer at Ask Difference, known for her exceptional ability to simplify complex topics into engaging and informative content. With a passion for research and a flair for clear, concise writing, she consistently delivers articles that resonate with our diverse audience.
