What Is the Difference Between an Apartment and a Condo?

On the surface, apartments and condos can look nearly identical — both are individual residences within a larger building or community. The primary difference for renters comes down to ownership: an apartment building is typically owned by a single entity (such as a property management company), while a condo unit is owned by an individual. Other differences include how maintenance is managed, what amenities are offered, and who governs the rules. 

If you’re considering buying instead of renting, those differences also span affordability, equity building, and lifestyle.

This guide will walk you through what sets apartments and condos apart and the pros and cons of each, helping you feel confident as you decide which path is right for you, whether you're renting or buying.

Key differences: apartment vs. condo

The difference in ownership between an apartment and a condo influences everything from who you pay rent to, who fixes a leaky faucet, and what rules you need to follow.

Ownership

Apartment: An apartment building is typically owned by a corporation or professional property management company. All units within the building belong to this one owner. When you rent an apartment, you sign a lease with this company.

Condo: A condominium, or condo, is an individual unit owned by a private person. Think of it like a single-family home, but situated within a larger shared building or complex. When you rent a condo, your landlord is the individual owner of that specific unit. If you buy a condo, you become the owner of that unit.

Management and maintenance

Apartment: Apartment communities are managed by a professional property management company. This team handles all maintenance requests—from a broken dishwasher to landscaping the grounds. They are your go-to for any issues and are usually available during business hours, with an emergency line for after-hours problems. Learn more about what landlords are responsible for fixing.

Condo: In a condo complex, individual unit owners are responsible for maintaining their own interiors, while the building’s common areas, such as the lobby, pool, or fitness center, are managed by a homeowners association (HOA). The HOA collects monthly fees from owners to cover upkeep and shared amenities. If you’re renting a condo, your landlord (the unit owner) typically pays these fees, but they may factor the cost into your rent. This can make condo rentals slightly pricier than standard apartments, especially in buildings with luxury amenities. Be sure to ask whether HOA fees are included in your rent and what rules apply to tenants under the association’s regulations.

Amenities and rules

Apartment: Amenities in an apartment complex are typically uniform for all residents and managed by the property’s leasing or management company. These can include shared spaces like a gym, pool, lounge, business center, or rooftop deck. The same rules apply to everyone, covering things like amenity hours, guest access, pet policies, parking, and decorating restrictions. Because the building is owned and managed by a single company, regulations are standardized and consistent across all units, making expectations clear for every resident.

Condo: Condos also often feature shared amenities, which are governed by the HOA. However, your individual landlord may have their own rules in addition to the HOA's regulations. For example, the HOA might allow pets, but your specific landlord may not. This can create an extra layer of rules to navigate.

Renting a condo vs. renting an apartment

Not all rental units are created equal, and that can work in your favor. While about 65% of U.S. renters live in multi-unit apartment buildings, a smaller share rent condos, making them a less common but often more personalized option. In high-cost metros, condo rentals are more common, offering access to high-end finishes, premium amenities, and desirable locations without the long-term commitment of ownership. Meanwhile, apartment communities typically offer consistent maintenance, professional management, and predictable leasing terms, making them ideal for renters who value convenience and reliability. Let’s explore the key benefits of each to help you find the right fit for your lifestyle.

Pros of renting a condo

• Potentially higher-end finishes: Since condos are individually owned, many feature unique upgrades such as hardwood floors, granite countertops, or high-end appliances.
• Direct relationship with the landlord: You'll be working with an individual owner, which can sometimes lead to a more personal, flexible rental experience.
  Sense of community: Condo complexes often have a higher percentage of owners living in them, fostering a stronger sense of pride in the property.

Pros of renting an apartment

• Professional management: Dedicated management and maintenance teams ensure repairs are handled professionally and promptly.
• Predictability and stability: Apartments are built for rentals, so you won’t have to worry about the property being sold unexpectedly.
• Standardized rules: Everyone in the community follows the same rules, creating a consistent living environment.

Buying a condo vs. renting an apartment

For those considering a longer-term plan, the choice between buying a condo and continuing to rent an apartment presents different opportunities and challenges.

Pros of buying a condo

• Building equity: Monthly mortgage payments contribute to ownership of the unit, turning your housing costs into a long-term investment.
• Freedom to customize: You can renovate, decorate, and personalize your space — within HOA guidelines — unlike most rental situations.
• Stability and control: Ownership protects you from rent increases or lease non-renewal, giving you full control over your living situation.
• Affordability and long-term value: The average US rent is $1,457 per month for an apartment, so in many markets, owning a condo can compare favorably to renting over time. And, ownership can offer potential appreciation and equity growth, though buyers should factor in HOA fees, property taxes, insurance, and maintenance.

Cons of buying a condo

• Financial responsibility: You are responsible for property taxes, insurance, interior maintenance, and monthly HOA fees.
• Less flexibility to move: Selling a property is more complex than ending a rental lease.
• HOA oversight: The HOA may place restrictions on exterior changes and other aspects of ownership.

Pros of renting an apartment

• Flexibility and mobility: Renting makes relocation easy when your lease ends.
• Lower upfront costs: Moving into an apartment generally requires only a security deposit and first month's rent.
• No maintenance worries: Repairs are handled by the management team, not you.

Cons of renting an apartment

• No equity building: Rent payments do not create long-term wealth.
• Rising rents: Rent can increase at each renewal.
  Limited control: You are subject to the landlord's rules and can only customize your space to a limited extent.

Finding your path forward

Choosing the right place to live, whether renting an apartment, renting a condo, or buying a condo, depends on your lifestyle, budget, and long-term goals. If you’re ready to rent, start your search with Zillow’s Renter Search Center, where you can filter specifically for apartments or houses to find a home that fits your needs. If you’re considering buying a condo, consider getting in touch with a Zillow partner agent to start your purchase journey.