When looking at apartments and condominiums (otherwise known as “condos”), you might think they seem similar–and you’d be right. They are both forms of property that typically are part of a larger structure, may or may not include a yard outside, and are often available for lease or rent. However, there are also some distinct differences between these two kinds of dwellings. Apartments are almost rental properties that are intended solely for tenancy, whereas condos are private residences that may be occupied by the owner or may be rented out by the owner, directly to a tenant.
Here are some other differences between apartments and condos:
An apartment is almost always a property available for rent that is often owned (not simply managed) by a property management company. Apartments are often located in a residential building that houses multiple apartments, or a complex of several buildings, or even a community with other amenities included. Most apartment buildings offer units that are identical, and of course these buildings are owned or managed by the same entity from unit to unit. This means that each apartment tenant, i.e. all of your neighbors if you are a tenant, are paying rent to the same place or person. Apartments are usually fairly basic dwellings with similar if not identical features among the units. Flooring, countertops, and other design elements are often sturdy and serviceable, but are rarely customized from one unit to the next. Also, maintenance is usually included for apartments, so that you have the least amount of responsibility possible. This is one of the biggest perks of living in an apartment! Not having to worry about the same kinds of maintenance that most homeowners, or even condo dwellers, have to worry about is a huge luxury and peace of mind for the typical apartment renter.
On the other hand, condos tend to be a private residence that is owned and either occupied or rented out directly by the owner. Like apartments, condos are also usually located in a residential building or a community. But because condo owners are responsible for the upkeep and goings-on in their specific unit, they usually have a one-on-one relationship with their tenants and will choose tenants very carefully. This is slightly different than the more generic approach that most apartment landlords or property managers tend to have with members of the public and potential tenants. Because condos are privately owned, there are often more upgraded features in the physical space, such as granite countertops, hardwood floors, and stainless steel appliances. These personal touches will often vary from unit to unit in the residential community or even within the building. Also, condo communities often boast added amenities such as gyms, pools, garage parking, outdoor patio areas, etc. However, with all of these bonus features, there may be some added responsibilities. Some condos require the tenant (or the private owner, who often passes these costs on to the tenant) and the community manager to split the costs of regular maintenance. While the Home Owners Association (HOA) may cover maintenance of shared or community areas, repairs for issues inside the unit are usually the condo owner’s (or the tenant’s) individual responsibility.
Want to learn more about apartment and condo options in Arkansas? Contact Arkansas Suites today to let us know what you’re looking for, so that we can help connect you with some of the best options in the area.