Did you know that nearly 40% of US households are rented these days? The property rental industry has grown significantly in the last decades, achieving almost a 10% increase in California this year. If you’re a landlord, these are good news for you. If you want to rent, you’re probably wondering now if you should go for a condo vs apartment.
The difference between apartments and condos is almost non-existent and that’s why it’s so hard for renters to decide between these two properties. This article tries to simplify things for you as a renter, so keep reading to learn if you should go for an apartment or condo.
Condo vs Apartment – the Similarities
You might be surprised to find out that both a condo and an apartment are priced relatively similarly if they are located in the same part of the city. These two properties feature almost the same amenities and you’re paying the rent to the landlord every month. This can be done by check or even electronically, if possible. Both the condo and the apartment are located in a residential complex. You should check out the 16th Street apartments for a quick selection of comfortable apartments in your area.
Condo vs Apartment – the Differences
The differences between these two rental properties are subtle. For example, a condominium is owned and managed by a single individual who becomes the landlord in this case. You communicate directly to the landlord, you make payments to him/her every month, and he/she can approve or reject the lease renewal, based on your relationship and behavior.
An apartment is owned and operated by a property management company. You also have a single landlord, but this landlord owns all the apartments in that residential building complex. All apartments are also virtually the same in the building, so the layout of your property is similar to your neighbor’s.
The main difference between an apartment or a condo is that free maintenance is usually included in the package for an apartment rental. If something goes wrong with the plumbing or electrical system of your apartment, it can be maintained by the entity owning this property. If something goes wrong with your plumbing or electrical system in a condo, you need to discuss it with your landlord, and arrange for a maintenance team to come and fix it.
Making the Right Choice Between Condos and Apartments
Choosing between these two types of rental properties depends on your preferences and needs. They’re both great options if you have found a great place in a good neighborhood. The difference is mostly related to ownership and property maintenance. If you go for a condo, you collaborate with a single landlord. If you go for an apartment, you’re basically part of a community managed by a larger entity and have certain privileges such as free maintenance. The choice is yours.
Now You Know the Differences Between a Condo vs Apartment
As you can see, the differences between a condo vs apartment are minimal, but important for some people. It’s usually better to focus on the property location and surrounding amenities because these have a greater impact on the quality of your living.
Also, make sure that you check out the other articles on our website to learn more about condominiums, apartments, landlords, and how to create a win-win scenario between a landlord and tenant.