Is there any difference between renting a condo and renting an apartment?

By Realestate Condos Team on November 2nd, 2018

In terms of aesthetics, you might not see any difference between a condominium and apartment building of the same stature.

Apartment complexes look a lot like condo communities, and they aren’t too far apart in the sense that everyone has their own unit and access to some shared amenities.

There are some specific differences when it comes to renting in either of these buildings, however.

Renting an apartment

Renting an apartment is one of the first steps into young adulthood, and it’s a lifestyle that could continue for some time as you mature.

If you’re renting in a large, dedicated apartment building and not a small mixed-use property, you’ll surely have access to some amenities.

These amenities will usually be straightforward needs such as parking, a laundry room, perhaps a small gym and outdoor pool if you’re lucky.

Additionally, your building’s management company will be responsible for the appliances within your unit if they ever need repair. The same goes for cabinetry, water and heat systems and anything else that comes with the unit when you move in.

There is usually a guide given to new tenants that tells them where to direct their requests if maintenance is ever required. Otherwise, contact numbers should be written on the lease.

Renting a condo

When you’re renting a condo, you’re not renting it through the building’s management. Your rental agreement will be between you and the person who owns the unit.

While it’s true that apartment buildings have property management teams of their own, you’re likely not in direct communication with the unit owner, because there is no individual apartment-unit owner.

Sometimes condo owners don’t live in the same city or even the same country as their investment property, which is why property management teams are helpful in this regard.

The amenities will also be different in a condo, and likely more extravagant than those found in apartment buildings. Security will be optimized with a concierge in some cases, there could be an indoor pool, ensuite laundry, rooftop gardens and meeting rooms.

Is there much of a difference?

At the end of the day, there isn’t much visual difference between a condo rental and an apartment rental in a building of similar size.

Renting in a condo, however, is likely to cost you a premium based on the newer build, newer appliances, better amenities and generally, the prime location

Further, condo owners and apartment management teams vary greatly in what they offer with every rent cheque. Slumlords are not regulated to the back-alley basement apartments; they can operate on the top floor too.

In general, make sure all of your concerns are mapped out in the lease before you move into either an apartment or condo rental and keep people accountable to what has been set in legal stone.

Renting a condo doesn’t have to be that complex!