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The real difference between a condominium and an apartment has to do with the form of ownership. You can't differentiate condos from apartment rentals by just looking at them. A simple definition would be that a condominium is one of a group of housing units where each homeowner owns their individual unit space, and all the dwellings share ownership of common areas. So, while condominiums are owned, apartments are part of a complex entirely devoted to rentals. However, you can find rentals that are condos for both short- and long-term occupancy.

If you are looking to rent long term, condos might also offer a viable alternative to living in an apartment complex. Your landlord is usually your complex manager as well, and the rental arrangement is typically more flexible.

Condo Rentals: Shared Facilities

While individual condominium units can be owned or rented, condo complexes offer a variety of shared facilities to their inhabitants. Typically, these facilities and common areas are maintained by an owners' association or condo council requiring a monthly or annual fee. Shared areas may include a gym, pool or sun deck, park or playground, basketball or tennis courts, or on-site laundry facility. These facilities are common bonuses to renting a condo or apartment because you can enjoy the amenities without taking on full responsibility for them. For the average renter, such facilities are a great money-saver and boost to quality of life. Instead of shelling out money every month to a gym or pool membership, or instead of driving to a park or Laundromat, you can enjoy the privacy and close proximity of your complex's facilities.

Condo rental complexes also typically feature security systems and secured parking garages. These benefits provide the sense of living in a private community as well as safety for residents. Some condo buildings even have doormen or full-time security personnel who walk the grounds or check visitors in and out of the premises.

Condo Rentals vs. Apartments

Similarities

Swimming pool and laundry facilities are typical amenities offered by both apartment buildings and condominium complexes. Both living situations also feature similar complex-style communities, covered or secured parking, and security systems. Full-time maintenance staffing is also a perk of both styles of rentals. Having full-time maintenance for the building is a great source of peace of mind for renters because you don't have to worry about taking care of plumbing problems, gutters, infestations, and other expensive repairs.

Differences

While condo rentals and apartments share many features of complex living, there are also several differences between the two types of rentals, such as:

• Condos may offer more security than apartment buildings. Condo complexes that have a mix of renters and owners with the authority of a site council may have the resources to employ full-time security staff or additional cameras that apartment landlords can't afford.
• Because condos are identified as individual units that can be rented or owned (whereas apartments are strictly for renting), not all condos include utilities in the total monthly rent, dues, fees, or mortgage payment. Before choosing a condo rental or buying a condo unit, be sure to review the breakdown of all maintenance fees, council dues, and utilities.
• Condos can be larger than most one- and two-bedroom apartments. Layouts of condo complexes often feature more privacy on the grounds, as well as balconies or small decks on the units. Inside, some condos feature more windows and square footage than a typical apartment.
• Occasionally, condo complexes may offer renters an option to buy their unit. Additionally, some condo rental landlords may be more flexible regarding decorating rules and car washing — things that are typically not allowed at all in apartments. These perks make a condo feel much more like a home than a rental unit.
• With the added space and amenities, condo rentals can be a great way for a single family to start nurturing some roots before transplanting to buying a house.