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Apr 23, 2016

Renting a Condo Vs. Renting an Apartment: Which is Right for You?

Condo

I’ve stayed in both an apartment and condo and noticed some crazy differences. Many of you might not even think of staying in a condo, maybe because just the name “CONDO” holds a false premise of being “Expensive.”

Wrong, my friend.

Ok, you know what an apartment is. It’s typically owned by a corporation and they’re all grouped together and probably all look alike inside (or are similar).

That’s where most of the millennial kids go hunting first. Now, you might not know, but there’s also an option to get a condo. A condominium, as the English would say, is usually owned by 1 person and is usually around other condos. All under an HOA usually.

For a condo, you usually need a realtor to find them for you, or at least the good ones. I found a beautiful one for a crazy good price, a lake was right outside my window, covered parking, plus upgraded appliances and more room than what you’d pay for an apartment. And the owners were really cool..

If you want to dig into the Differences and Seeing which is right for you, look over at Apartments.com Renter’s section. They have a comprehensive guide.

Apartment

Some key points I picked out, that might surprise you…:

PRICE: They will be around the same price. Surprise surprise! Condos will normally have more upgraded appliances, floors, everything because the owner is investing in it, wants to charge more rent, and also wants to sell it for more. You may get some benefits with the HOA, but you might also pay a bit more upfront for certain fees. I didn’t have any extra fees when I leased.

AMENITIES: These are pretty straightforward for most apartments: Pools, gyms, outdoor areas. Condos it may be a mixed bag. You may get more amenities, you might get less. You could get a concierge service depending on the location and you might not. These are negotiable items.

OWNERSHIP: With apartments, you will have 24 hour service if something breaks. With condos, it’s all about if the owner is good or not to you. You need to make this judgement VERY early on. Can you bank on them or not? If the owner is traveling, it might take awhile for them to get around to your needs. This is why it’s important to check many things BEFORE leasing to look for potential issues. For payments, with apartments you can pay online as it’s a corporation. Many condos will require you pay by check or cash.

I’ve also found with negotiation (I love doing that…): Apartments are much LESS negotiable on items than condos. Again, just because apartments are under a company and there’s not too much power dished out to the managers. A condo is solely owned and so the owner can do what they want.

If I rented again, I would go the condo route again just because it was a nicer experience and space. I wouldn’t blow the bank on a new condo, but I promise ya, you should check into it.

What do you suggest? Would you go for one over the other?

For More: Apartment vs. Condo: What’s the Difference : Apartments.com