Condos are very similar to standard apartments in that they’re individual units that are rented out to tenants by the owners of the property. What differentiates a condo from other types of rental units is that adjacent condos are not necessarily held by the same owner. In fact, some condos are actually lived in by the person who owns it.
Here are three things you need to know about condos.
1. They’re often owned individually
Though one person can own multiple condo units, it’s quite common for owners to own just one individual condo unit that they will either live in or rent out.
Owners of condos may even rent their unit for years and still choose to move in themselves later on down the road. This is a stark departure from a standard apartment community or housing complex where all rental units share a singular owner.
2. Condos can be more high end than standard apartments
Because condos are owned individually, owners may choose to outfit them with higher-end fixtures and features than other rental units. This is especially the case if the owner of the condo intends to eventually occupy the unit themselves.
3. Condos are often more expensive than other rentals
Because of the added luxury often found in condos, they’re frequently more expensive than other rentals. That isn’t the only reason condos may be pricier, however.
Because condos are individual pieces of real estate, their owners are often subject to HOA fees that could be passed along to the renter at the owners’ discretion.
Renting a condo might be right for you
Renting a condo might be a perfect fit for you. If you’re looking to rent a high-end, well-cared-for apartment from a landlord you’ll likely be in direct contact with, a condo is the ideal type of rental for you. Otherwise, consider other types of rentals first.