When it comes to renting, most people think about apartments. An apartment is a dwelling owned by a landlord and leased to a renter with the goal of obtaining rental income. On the other hand, condominiums are dwellings owned by people, which collectively consist of a homeowner’s association.
Some people may not know that you can also rent a condominium, so renters may choose between the two.
Although these types of residential facilities are becoming increasingly popular worldwide, it’s important to distinguish between the two. If you’re contemplating whether to rent an apartment or condominium, here’s what you need to know.
Maintenance
Apartment complexes usually have personnel on hand to handle maintenance. In fact, several have 24-hour on-call maintenance during an emergency, for instance, if there’s a water leak. This is a huge advantage of apartment living because you can enjoy fast problem resolution provided you inform the manager.
Maintenance can even tackle the problem while at work if you give consent. When it comes to condominiums, you need to contact the owner directly in case maintenance is necessary.
In the event that the owner isn’t available, he will have to involve an external vendor in which case you’ll need to be home when the vendor arrives. Beware that minor problems can take some time to repair and this may inconvenience you.
Costs
Condominium and apartment rentals often have similar pricing. However, benefits exist to renting a condominium in terms of what you’ll obtain as part of your rental payment. Generally, condo buildings include some or most utilities, which will allow you to save as a renter.
A drawback of renting a condominium is that you’ll probably need to pay some fees once you move in. For instance, you may need to pay for administrative tasks, which doesn’t happen in apartment rentals.
Nevertheless, condominiums often have higher-end appliances and nicer finishes than most apartment complexes. If you’re deciding between the two facilities, it’s imperative that you weigh the costs of each over the short and long term to see what’s sensible.
Unit Comparison
Apartment units tend to be similar, so your unit will resemble your neighbor’s and will usually have fewer upgrades than condominiums although this isn’t always the case. The ownership of apartment buildings may change but they will always remain rentals.
Therefore, investing extra money into them isn’t always prudent from the owner’s viewpoint. The unit might have more vinyl, Formica, and carpet than granite and hardwoods but newer developments are frequently integrating some of the latest trends.
On the other hand, condominiums are more upgraded and unique than your ordinary apartment. Their designs seek to motivate buyers, so they’ll have hardwood floors and granite countertops. These upgrades add value and help owners obtain a better return on investment during a sale.
After all, the owner builds equity while renting it out. When it comes to amenities, both facilities may have similarities. For instance, they may both have pools and gyms although the amenities in condominiums are usually more upscale.
Security
While apartment complexes with weekend patrols and a security desk aren’t uncommon, condominium buildings usually have better security.
Final Thoughts
At first glance, the differences between apartments and condominiums aren’t huge. However, they’re worth noting when selecting your next living space. If you’re undecided, this guide offers great insight into the facilities.
For more information on renting an apartment vs. a condominium, contact us at Apartment Agents or leave a comment.