When you’re looking to rent a home there are so many options available that it can be hard to know where to start. In this guide we shall look at the benefits of renting a unit in a condominium over an apartment complex.
 

What is the Difference between a Condominium and an Apartment Complex?

Many people may not realize the difference between condominiums and apartment complexes. Largely they are very similar and from the outside there is no difference. A condominium refers to a form of home that is individually owned, but owners in the building share common facilities such as the heating, exterior areas, elevators and a swimming pool if applicable. All of the individual owners share responsibility and control over the running of the condominium. An apartment complex is owned by the developers who rent out homes to individual tenants. Essentially the only difference between condominiums and apartment complexes are the legal definitions. They refer to the form of legal ownership.  

The owner of the condominium is in charge of paying monthly fees to cover the cost of maintenance and the running of facilities such as swimming pools, gymnasiums and other amenities that are part of the condominium complex property. When you rent a condominium this cost is covered by the owner each month, however the cost of your rent will reflect these additional fees. 

The main benefit of renting a unit in a condominium is that they will generally be better looked after and cleaner than apartments. This is because they are owned by a single person rather than a developer who will generally be more committed to keeping their home neat and tidy. 



Most condominiums have a full laundry room within them so stressful trips to the Laundromat are eliminated completely! Many condos are also located within well maintained security complexes. Most of these places require a buzzer style entry.



In most of the major cities, you will likely find at least a couple of options for a condo rental advertised. What is also great about a condo rental listing is that one can find a listing where the rental price and inclusions in the tenancy are worth more than a listed apartment renting in the higher price range!



Some condo rental listings are for that of vacation based condominium developments. Many people will invest in a condo in a tourist haven and use it the way people own and use a summer cottage property. Investors purchase a condo with the idea that they have a place similar to a hotel suite all their own in these great areas. Turning these places out into a condo rental for the months or weeks they are not using it contributes to the value of the investment.



When searching the rental market it is a good idea to consider checking out any advertisements for a condo rental. Searchers will end up pleasantly surprised at the potential benefits of renting a condo versus an apartment.