Learn the difference between these rental properties to determine the best choice for you
When it comes to finding a rental property, recognizing the differences between the options available to you is essential. Condominiums and apartments are commonly mistaken for the same type of rental property, but there are key differences between the two.
If you are looking for a residential property to rent, continue reading to learn the differentiating factors between a condo and an apartment to determine what will best fit you.
What is a condo?
A condo, short for condominium, is a residential unit typically privately owned and rented out to potential tenants. A condo is usually located in a residential building with the one owner becoming the landlord.
What is an apartment?
An apartment is a rental property that is primarily owned as a whole. They are primarily located in a residential building, complex, or community.
With an apartment, all of the units are the same in the residential building. The apartments are under one jurisdiction and one property manager. Apartments typically have a leasing office with employed leasing agents.
Learn more:
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What is the difference between a condo and an apartment?
The biggest difference between these two rental properties is the ownership. A condominium is individually owned, while an apartment building is owned as a whole.
When renting a condo, the individual owner is your landlord, but when you are renting an apartment the apartment building property manager acts as the landlord.
Condominium pros:
- A condominium building is a mixture of both owners and renters, allowing for a more home-like environment.
- Condominium buildings are typically monitored by a condominium owners association (COA), so the building will be nicely maintained.
- You are more likely to have a more personal relationship with your landlord, as condos are typically privately owned.
- You may have the option to buy the property after renting it.
Condominium cons:
- Although the condominium building will be kept up nicely, it may not have an onsite property manager or maintenance team to help you immediately when something breaks.
Apartment pros:
- Apartments require little to no maintenance from tenants, as there is typically a maintenance team available at the apartment building for residents. They usually come in on a schedule to replace AC filters, and perform other preventative maintenance.
- Apartment buildings are often in prime locations like near city centers and walkable shops, restaurants, and entertainment.
Apartment cons:
- Apartment payments typically include an additional charge of utilities (electricity, gas, internet) on a monthly basis.
- Decorating in an apartment is more limited compared to a condo. Apartments usually come with restrictions for hanging items on walls and changing fixtures.
Looking for a move-in-ready rental property in the Greater Orlando area?
Rental Heroes Property Management has a wide selection of condominium, townhome and single-family properties available for rent in Central Florida. Apply online through our quick and easy portal!
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