If you’re looking for a new place to rent, you’ve probably spent at least a little bit of time thumbing through rental ads. You’ve noticed along the way how rental properties are described. In addition to renting an entire house, of course, there are three main types of rentals: condos, townhouses and apartments. (Of course, you’ve also seen plenty of advertisements for rental insurance in those ads, so make sure you talk to your agent before you move into a new place.)
So, what’s the difference?
Condominiums
A condo is a unique type of property. With a condominium, you don’t actually rent the property. You own it outright. You might, for example, have a mortgage on a condominium, rather than a lease or rental agreement.
With a condominium, you own part of the property. There are also common facilities, such as hallways, elevators, heating and cooling systems and exterior areas, that are actually owned and controlled by the condo owners association. The owners association, of course, is made up of you and everyone else that owns a condo in the building or the complex.
In more simple terms, a condo may be considered to be an apartment that is actually owned, rather than rented, by the occupant.
Apartments
So, how does that differ from an apartment? An apartment is usually defined as self-contained living quarters that comprise only one portion of a building. That building may be an “apartment building,” or in some cases it may be a home with an “upstairs apartment.” An apartment is usually rented out to the tenant. An apartment that’s owned by the person occupying it is usually considered a condominium.
Townhouses
A townhouse is a rental property that mimics a house in many ways. Usually, a townhouse houses multiple families on multiple floors. A townhouse will, in many cases, look like a regular house, or often look like a duplex. Many townhouses are actually duplexes.
Each of these types of dwelling has their own appeal. A condominium lets you have the benefits of home ownership without the maintenance and yard hassles. A townhouse gives you the feel of a single-family dwelling, and an apartment gives you flexibility. Which you choose is up to you.
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