What is the difference between a condo and an apartment?

@kimberly 

The main difference between a condo and an apartment lies in ownership.

An apartment is usually rented from a landlord or a property management company. Tenants pay monthly rent to live in the apartment, and the landlord maintains ownership of the entire building. The tenants do not have ownership rights or equity in the property. Apartments can be found in both residential and commercial buildings.

On the other hand, a condominium, or condo, is a type of housing where individuals own their individual units within a larger complex or building. In a condo, each unit is privately owned and comes with ownership rights and responsibilities. Condo owners usually pay monthly homeowner association (HOA) fees that cover maintenance of common areas and amenities, such as swimming pools or gyms. Condo owners have more control over their living space and can make decisions about improvements and modifications, subject to HOA rules and regulations.

In terms of appearance and amenities, condos and apartments can be quite similar. However, the key distinction is that condos are individually owned, while apartments are rented.