Aug 23 2017
3:33PM
It may seem like a dumb question, but do you know the difference between condos and apartments for rent? Most think they do since each property type is quite similar physically, but there are actually quite a few differences between condos and apartments for rent. See below to get a better handle on which option is right for you.
The Difference Between Condos and Apartments For Rent
Ownership
The largest difference between these two types of rental units comes down to ownership.
Condos
In a condo property, whether 4 units or 200, an individual owns each unit. Most owners have either purchased the property for investment purposes to rent out, or have once lived in the unit and are now renting it out. For a renter, the condo owner is your landlord and is responsible for all leasing, maintenance, repairs and tenant issues.
Apartments
An entire apartment community, whether 4 units or 200, is owned by a single entity. This is most often an individual or corporation who rents out apartment units within that community to tenants. For large apartment complexes, owners hire property management companies to handle all leasing, maintenance, repairs and tenant issues. For a renter, the property management company is your landlord and whom you go to for all related issues.
Maintenance
Another major difference between condos and apartments for rent is who takes care of the property and any tenant issues.
Condos
For any issues inside the condo unit requiring maintenance, renters will need to contact the property owner directly. Some owners are handy and will fix the issues themselves, others hire outside vendors to take care of problems. For external issues having to do with the property structure (i.e. roof) and common areas, renters will still need to contact the owner but they will not be the ones handling the maintenance. Since owners at a condo property share costs for upkeep of the common areas (entrance, stairwell, elevators, parking lots, pools, landscaping, etc.) the property is operated under a homeowners association, referred to as an “HOA”. The HOA will be responsible for handling any issues a tenant has with external property areas.
Apartments
Since apartments for rent are taken care of by property management, renters will contact a property manager for any in-unit and out-of-unit maintenance or issues. Most apartment complexes have on-site maintenance during business hours that can quickly handle requests and also offer 24-hour emergency maintenance for off-duty issues.
Availability
It’s a general rule-of-thumb that apartments are more available than condos.
Condos
Dependent on your market and location, it’s often more difficult to find an available condo unit than apartment. The reason for this is varied, but boils down to i) there is typically always greater apartment inventory than condo, ii) some mortgages do not allow for an owner to rent their condo unit and iii) HOAs typically have very strict tenant requirements and have a reputation of denying renters who are not close to perfect.
Apartments
In general, finding available apartments for rent is an easy task. Since apartment communities can offer anywhere from 20 to 300 units, they typically have vacancies to fill. They also do a really great job of marketing those vacant units, making it easier for renters to know what is available and where to find it.
Amenities
When it comes to amenities, renters will find that with condos they get what they pay for and with apartments they get what they expect.
Condos
The amenities renters can expect to find at condos vary greatly and depend on the size of the building and cost of the unit, but overall provide more luxury options. One thing most renters won’t find at apartments for rent, but will at condos, is in-unit upgrades. These include such things as modern appliances and upscale finishes like granite, marble and hardwood flooring. The reason for the nicer units is that owners have a vested interest in seeing a return on their investment, so they keep it nice and sellable. Building amenities a renter can find at condos include a concierge, pool, hot tub, sauna, gym, boat docks, dedicated parking and outdoor areas.
Apartments
Amenities found at apartment communities are pretty straightforward. Since they were developed with enticing renters in mind, most will offer free 24/7 maintenance, pools, gyms, office/work areas, outdoor areas and even movie theaters.
Which One is Right For You?
If you are searching for a rental unit and are still unsure if you want a condo or apartment…we say look for both! At Apartments Hattiesburg we’ve aggregated all available rental units in and around the Hattiesburg, MS market. Start your search now by visiting http://apartmentshattiesburg.com/