Condo Or Apartment: 5 Important Differences

You may be deciding whether you want to live in an apartment or condominium (condo). Let’s take a detailed look at five key differences between the units to help you decide!

Differences Between Condos And Apartments

There are five important differences all prospective tenants must know about when it comes to living in a condo or apartment. Let’s take a look below!

1. Ownership

The biggest difference between the two living situations comes down to ownership. Condos are owned by individuals and will be rented out privately, typically through your landlord. In contrast, the majority of apartments are owned by property management companies, which results in a more standard leasing process.

Condos are residential properties owned and rented out to tenants, involving a one-on-one process between the owner and renter. This allows for personalized decision-making while also granting flexibility in regard to rental agreement conditions.

With apartment living, a property management company aims to keep uniformity across all housing units. Tenants must agree to and follow standard guidelines within their units and the common areas. Condos will typically manage a community’s common area, as well as enforce the rules and regulations of the property.

2. Rent

Neither condos nor apartments feature set rent prices that are necessarily more expensive than the other. The rental price will typically meet comparable units in the neighborhood.

However, any additional upgrades or amenities can also factor into the pricing. Your main focus should be on your budget and what rental properties can fit within that range.

3. Fees

Because property owners can only get these reports through third-party companies, they will charge prospective tenants a rental application fee to cover this cost. As mentioned, most application fees for apartments will fall between $30-$75, according to Azibo. However, some states like Arizona feature no cap on application fees.

All landlords need to be very clear when they are charging a nonrefundable fee by putting it in writing. If a landlord never put it in writing that your application fee was nonrefundable, you have the right to request your money back.

Condo fees are up to the owner of the unit, so they can vary widely. It is possible that you’ll be able to negotiate things like the security deposit with your landlord. The only unique fee you may end up being responsible for is the HOA fee.

4. Amenities

Tenants should not expect much interior customization when it comes to apartments. Most apartment complexes will offer similar accommodations with a few minor variations like laundry facilities or outdoor pools. Ultimately, it will come down to where the complex is located and its level of luxury.

Condo tenants can expect more customization when compared to other rental options. Tenants may find distinct features in their new homes, such as new hardwood flooring or granite countertops. The community may also feature luxurious amenities like garage parking and a fitness center.

5. Maintenance

When maintenance issues arise in apartments, tenants are free to contact a property manager or management company to resolve the problems. Living in a community with a dedicated maintenance staff or on-call service can offer peace of mind for all residents.

Maintenance needs are the responsibility of the owner within condos. Common area issues should be reported to the HOA, if applicable.

Conclusion

Every living situation comes with its own pros and cons. If you’d like to learn more about apartment living specifically, contact the team at Eagle Ridge Apartments today!