Moving to a new living space is exciting. But with so many accommodation options to choose from, it can be stressful trying to figure out what’s best for you. If you’re deciding between an apartment and a condominium, it’s important to know the differences. The following guide will help you decide which to choose. 

What Is a Condominium?

A condominium, or condo, is a privately owned unit in a building or complex. Owners typically share some common spaces, such as elevators, hallways, and complex amenities. Since condominium owners own the space, they serve as the landlords of the property.

They play a large role in who rents their space. Some owners work with management companies, while others choose to handle the renting process. All damage and maintenance of the condo's interior is their responsibility. The building or complex management handles any exterior maintenance. 

What Is an Apartment?

An apartment is a residential unit located in a building or complex. Unlike a condo, all apartments on a property are usually owned by one management company. There is little variation between units other than size, and all tenants sign the same leasing agreement.

The management company does all the maintenance. This includes all exterior work and most interior upkeep. Rent prices are usually the same for all tenants based on square footage. 

What Are the Differences?

There are key differences between a condominium and an apartment. While the structure of each may be identical, the rental process will vary. Renting an apartment involves paying a deposit when beginning the lease, followed by a flat rate every month. Some apartments will also add on utility fees while others receive payment through a third-party.

Renting a condo is more involved. A down payment when beginning the lease is required, as well as a monthly rental fee. You will also become a part of the community’s homeowners association (HOA) and pay monthly fees toward community maintenance. This will pay for the upkeep of landscaping and pool cleaning. Although renting a condo can be pricier than an apartment, it can lead to condo ownership.

If you’re interested in renting a condominium in Tampa, FL, contact The Towers. These luxury living spaces provide breathtaking views and easy access to the Channelside, Waterstreet, and Riverwalk neighborhoods. Residents can enjoy plenty of amenities, such as a clubhouse, pet park, and pool area. Visit their website to learn more or email sales@tampatoc.com with any questions.