Renting a condo vs. an apartment - Which is better?

When most people think about renting, they think about apartments. An apartment is a dwelling that is owned by a landlord and leased to a tenant for the purposes of earning rental income. Condominiums, or condos for short, are dwellings owned by individuals which collectively comprise a homeowner’s association. What some people may not realize is, condos can also be rented and renters seeking housing may have the option to choose between a condo and an apartment. What you may be thinking is, what’s the better option for renters, a condo or an apartment?

Both condos and apartments have benefits, and at first glance, the two may seem to be a lot alike. There are, however, differences in condo living vs. apartment living. Today I will discuss a few of the benefits of each type of rental dwelling, and what makes the two types of housing different from a renter’s perspective.

Costs: Apartment and condo rentals are often priced similarly, however, there are some benefits of renting a condo in terms of what you’ll receive as part of your monthly rent payment. Generally in condo buildings, some or most utilities are included, which will save you as a renter some serious cash. One downside of renting a condo is that you will likely have to pay some fees upon moving in, for things like reserving the freight elevator and for administrative tasks, that you may not pay when renting an apartment. However, most times condos have nicer finishes and higher-end appliances than most apartments do. If you’re deciding between renting a condo or an apartment, it is important to weigh the costs of each over both the long- and short-term to see what makes sense for you.

Management: Generally apartment buildings are managed by professional companies, which offer peace of mind to renters that potential issues will be handled in a timely and professional manner. Condos, on the other hand, may be managed by the individual who owns the condo. If the condo owner lives out of town or is generally unavailable, it may be more difficult to reach them when maintenance issues arise. In some cases, condominium rentals may be professionally managed, such as those managed by National Rental Services. In these cases, renters can take advantage of all of the benefits of a condo rental while enjoying the peace of mind of having a professional company as your landlord.

Amenities: In general, apartment amenities may be better than condo amenities, as these are used to really “sell” apartment living. This is not always the case, though, as Plaza 440 in River North is a condo building with lots of amenities that give the building a luxury feel with all of the benefits of condo living.

Whether you've had a great experience renting a condo, or prefer the ease of apartment living, comment to let us know what type of dwelling you've rented and what your experience has been!