Let’s face it; apartment hunting is stressful. With so many considerations to think through before you sign on the dotted line, the differences between a condo and a rental might not cross your mind until after you settle in to your new place. To help you make a more informed decision, AptAmigo created a quick-to-read comparison between apartments and condos so that when the time comes, you can make your choice with confidence.
Looking for an apartment? Let AptAmigo take the stress out of finding your next perfect place. But first, check out our comparison of apartments vs. condos.
What’s the Difference between Apartments Vs. Condos?
An apartment building, especially with high-rise and/or luxury rentals, is usually owned by a property management company, meaning that the rules apply uniformly throughout the building and among its residents. This situation also means that an apartment rental will generally come with more amenities as well as direct access to 24-hour onsite emergency maintenance. Additionally, paying rent to the company that owns the rental should be a relatively simple process.
Some of the advantages to apartment rentals that we listed above also result in a handful of cons that may or may not conflict with your priorities as a renter. First, because buildings apply uniform rules for all tenants, you will encounter less wiggle room to bend them. In fact, you find stricter rules about pets, move-in days, move-in times, and more. Second, your rent will reflect the abundant and convenient amenities in the building. In other words, you will pay for amenities, whether you use them or not. Moreover, paying with a debit or credit card, though intuitive and quick, will sometimes yield a kickback processing fee.
Related: 5 Things to Consider When Renting in Chicago
Condos are units, usually in a multi-unit building, owned by a single landlord. As a result, you might get more leeway to negotiate rent prices and rules with them. Condos generally offer lower rents than apartment rentals as well, meaning that you’ll likely get more for your money. Furthermore, condos tend to have lower turnover rates, which makes moving season a little less hectic and allows for more schedule availability for move-in days.
Renters land a less-than-desirable landlord more frequently with privately owned units, potentially ending up with someone less accommodating than employees at a property management company, or even someone frequently out of the country. Some condos impose rules about not contacting maintenance directly, but instead notifying your landlord, who will then contact the condo association, who will then contact maintenance to address your problem. This complicated chain of communication creates unnecessary and time-consuming middlemen, which could cause even longer delays with an often unreachable landlord.
Condos generally advertise lower rents than apartments because they possess fewer amenities. And, since the turnover rates for condos remain consistently lower, it becomes more difficult for a would-be renter to find one, especially one that stays on the market for a sufficient amount of time. As a result, the landlord might charge an exorbitant move-in fee in light of the condo’s desirability.
Lastly, if you choose a condo over an apartment rental in hopes of negotiating the rules of your unit, keep in mind that your landlord might not be able to negotiate with the rules of the condo association.
Related: Things to Know When You’re Moving to Denver
Final Thoughts on Apartments Vs. Condos
Whether you desire a vintage apartment with a clawfoot tub, or a modern condo with tons of windows, it is important to weigh the pros and cons of your building and unit before signing your lease. Know your preferences and priorities as well as your budget before you start searching. And, for some free help with your luxury apartment search, contact AptAmigo. We’ll set you up with an expert apartment locator who knows exactly where to find what you’re looking for.
Hopefully, this comparison equips you with the knowledge you need to make your decision with greater confidence.