When most people think about renting, they think about apartments. An apartment, by definition, is a unit that’s owned by a landlord or leased to a tenant for the purpose of earning rental income. Condos are units more often owned by individuals which collectively comprise a homeowner’s association.
However, condos can also be rented, which is why we pose the question… Condo? Or Apartment? Both condos and apartments have benefits, and at first glance, the two may seem to be a lot alike.
Here’s a breakdown of the differences between each in 3 main categories: Cost, Management, and Amenities.
Apartment and condo rentals are often priced pretty similarly, however, there are some benefits of renting a condo in terms of what you’ll receive as part of your monthly rent payment. Generally in condo buildings, some or most utilities are included, which will save you as a renter some serious cash. One downside of renting a condo is that you will likely have to pay some fees upon moving in, for things like reserving the freight elevator and for administrative tasks, that you may not pay when renting an apartment. However, most times condos have nicer finishes and higher-end appliances than most apartments do. If you’re deciding between renting a condo or an apartment, it is important to weigh the costs of each over both the long- and short-term to see what makes sense for you. An easy way to cut back on costs, in either a condo or an apartment, sign up for MoolaPerks to get discounts to the brands that you love and probably already use!
Generally apartment buildings are managed by professional companies, which offer peace of mind to renters that potential issues will be handled in a timely and professional manner. Condos, on the other hand, may be managed by the individual who owns the condo. If the condo owner lives out of town or is generally unavailable, it may be more difficult to reach them when maintenance issues arise. In some cases, condominium rentals may be professionally managed, such as those managed by National Rental Services. In these cases, renters can take advantage of all of the benefits of a condo rental while enjoying the peace of mind of having a professional company as your landlord. If you’re looking for a reliable Property Manager or Rental Service, contact our Sales department firstname.lastname@example.org and we can set you up with a reliable company in your area!
In general, apartment amenities may be better than condo amenities, as these are used to really “sell” apartment living. This is not always the case, though, as Plaza 440 in River North is a condo building with lots of amenities that give the building a luxury feel with all of the benefits of condo living.
So, if this were a competition… I think the winner would be….
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