Condo vs. Apartment — What's the Difference?

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.