Apartments and condominiums (condos) are both residential dwelling units that share similar structures and purposes. However, there are some legal differences between the two.
Key Takeaways
- Condos are individual housing units within a large property complex that are owned by individuals, while common areas like stairs, elevators, and gardens are shared by all owners and managed by an association of owners.
- Apartments are housing units within a complex that can be owned or rented, with common areas used by all residents.
- Condos generally have more features and are larger than apartments, and are typically owned rather than rented.
Condo
A condo is an individual housing unit within a large property complex, where common areas such as stairs, elevators, gardens, swimming pools, and halls are shared by all owners and managed by an association of owners. Condos are owned and not rented, as is the case with apartments. The term “condo” is mainly used in the United States and Canada.
In a condominium, there is a board composed of independent unit owners that is responsible for maintaining common areas and addressing issues such as garden upkeep and snow removal during winter months.
Apartment
An apartment is a self-contained housing unit within a complex that may consist of many similar units. Apartments can be owned or rented, and residents share common areas such as stairs, balconies, halls, and elevators.
Differences Between Condos and Apartments
While condos and apartments may appear similar to a casual observer, there are some notable differences. Apartments are generally smaller than condos and offer fewer features. For example, tennis courts are uncommon in apartment complexes but are more common in condominiums. Additionally, while condos are primarily owned, apartments can be either owned or rented. Property developers sell individual units called condos, while apartment owners rent out their units to individual residents.
