Let’s face it; apartment hunting is stressful. There are so many things to consider before you sign on the dotted line that the differences between a condo and a rental might not cross your mind until after you’re settled in.
To take some of that stress of your shoulders, AptAmigo has created a comprehensive comparison between the two, so that when the time comes, you’ll be confident in your choice.
A rental is usually owned by a uniform company, meaning that the rules are uniform throughout the building and its residents. This also means that a rental will generally come with more amenities, as well as direct access to 24-hour onsite emergency maintenance. Finally, paying rent to the company that owns the rental should be relatively simple.
However, there are cons to rentals as well, the first being that having uniform rules throughout the building means that you might have less wiggle room to bend them. This applies to things like pets, move in days, move in times, and more.
The abundance and convenience of amenities will likely be reflected in your rent as well. Additionally, paying with debit or credit, though it will be intuitive and quick, will usually yield a kickback processing fee.
Condos are usually a unit within a set of units owned by a single landlord, so you might be able to negotiate rent pricing and rules with them. Condos generally have lower rents than rentals as well, meaning you’ll likely be getting more for your money.
Finally, condos tend to have lower turnover rates, making moving season a little less hectic, and allowing for more availability for scheduling a freight elevator.
There is always a possibility of landing a less-than-desirable landlord, one that might be less accommodating or frequently out of the country. Some condos have rules that you are not allowed to directly contact maintenance, but instead are required to contact your landlord, who will then contact the condo association, who will then contact maintenance to address your problem, creating an unnecessary and time-consuming middle man, which would be made even worse by a landlord who is often unreachable.
While condos generally have lower rents than rentals, it is normally because they also have fewer amenities. Because the turnover rates for condos are lower, it makes it more difficult for a future renter to find a condo, especially one that stays on the market for a sufficient amount of time, and the move-in fee might be exorbitant in light of the condo’s desirability.
Above all, if you choose a condo over a rental in hopes of negotiating the rules of your unit, you might find that your landlord is unable to negotiate with the rules of the condo association.
Though apartment hunting is stressful, there is something out there for everyone. Whether it’s a vintage apartment with a clawfoot tub but poor lighting, or a modern apartment with too many windows for your taste, it is important to weigh the pros and cons of your building on a deeper level before signing your lease. Hopefully this list has helped to alleviate some of your stressors, and led you to a more comfortable decision!