When it comes to accommodation, the terms ‘condo’ and ‘apartment’ are sometimes used interchangeably. To many of us, they are both individual units in a larger building complex where you can live. However, despite the similarities, they are not exactly the same (especially when it comes to the difference between tenant insurance and condo insurance!). Here are several differences worth considering before you decide on a condo or apartment.

Ownership vs. rental

The quickest explanation for the difference between an apartment and a condo is ownership. Apartments are buildings that are rented out to tenants, usually by a property management company. On the other hand, condos are typically owned, either by an individual or a corporate entity.

That being said, the owner of a condo can choose to rent it out. Owning a condo doesn’t necessarily mean you have to live in it yourself. There are many people who choose to use condos as investment properties and rent them to tenants to earn extra money.

Of course, the distinction between condos and apartments isn’t as simple as renting or owning. Deciding on whether you might prefer to own a condo or rent an apartment (or someone else’s condo) will come down to several other lifestyle and affordability factors. Here are some key differences to keep in mind to help you better make your decision.

Amenities

In terms of structure, apartments and condos tend to be very similar. But when it comes to amenities, condos often come out on top. While each building differs, living in a condo will usually include more upscale amenities such as a gym, a concierge, a swimming pool, a green space (ideal for pets or children), snow removal/lawn care, and more. 

Apartments may also come with a few amenities, especially the higher-end rentals. Some of these amenities may be similar to those you would find in a condo (such as a concierge and a gym). However, they tend to be smaller, toned-down versions of what you would find in a condo building – and older apartment buildings might not offer much at all.

Another common difference is that apartment buildings also typically have shared laundry facilities rather than the expectation that each unit will have its own washer and/or dryer, which is more typical for a condo.

Maintenance

Another notable difference between the two is maintenance, and who is responsible for what. In the case of a rented apartment, the property management is responsible. If you have a hole in the wall, a problem with the central heating, or even if your smoke detector batteries need to be replaced, those are all the responsibility of the property management.

However, if you are a condo owner, it’s on you to fix anything wrong in your specific unit. This means that if you are renting a condo, it’s up to your landlord – ie. the owner of the condo – to fix these things. But repairs may not be as quick and timely in this case, especially if the owner needs different technicians to come check out the issue. 

One thing worth noting is that condo buildings do tend to be newer structures than apartment buildings. That’s not to say that there won’t be any issues, but when it comes to maintenance, newer buildings tend to have fewer problems.

Sense of community

Since condos are owned, and in many cases primary living residences, you’re more likely to find a neighbourhood/community feel in a condo building. This can be advantageous to people who are new to the city, living on their own and looking for more social options. New families can also benefit from this sense of community. In comparison, because apartments are rented - and often on lease terms of about one year - tenants tend to come and go more regularly. This can make it more difficult to find a community feeling. 

Fees

Again, the main difference between a condo and an apartment is ownership versus rental, but owning a condo is more than just your monthly mortgage. Condo owners will have to make monthly payments, called condo fees, that go towards the upkeep and maintenance of the property. Remember all those fancy perks and amenities? It’s these condo fees that help cover them. Condo fees will vary depending on the building, but they can get pretty pricey. If you are renting a condo, you need to be prepared to build some of these condo fees into your monthly rental costs.

On the other hand, if you are renting an apartment, you just need to worry about paying rent (and tenant insurance of course) – although the landlord can increase the price of the rental when the lease is up, which is something renters will have to keep in mind.

Final thoughts

When it comes to condo or apartment living, there’s no wrong choice – instead, it’s about finding the best choice for you, your finances and your lifestyle. If you see it as a long-term investment and you plan to live there, then it might be worth purchasing a condo. If you just want something short term, then renting is probably a better choice. It’s up to you to decide whether you want the additional comforts that typically come with a condo (likely at an additional cost) or if an apartment will suit you better. Keep in mind what you truly want - and need - out of a living space and you’ll have more clarity around what kind of unit you’d rather have.

Hannah Logan is a Canadian travel writer who dreams of being just like Indiana Jones. You can follow her travels on her personal travel blog Eat Sleep Breathe Travel where she shares her travel tales and (mis)adventures around the world.

Hannah Logan is a paid spokesperson of Sonnet Insurance.