Condo rentals and apartment complexes often have similar amenities, but there are some notable differences between them. Renting a condo from a private owner can allow for more flexibility regarding lease terms and the rent amount. In addition, condos are often constructed using more expensive materials, so you can enjoy more luxury than you would in an apartment.
Condo rentals offer many of the same amenities as apartment rentals, but they also feature added benefits that you probably cannot find in an apartment. Many apartment complexes have swimming pools and hot tubs, fitness centers, and playgrounds for children. Nicer ones are gated communities, and some even have security officers patrolling the grounds. The downside of apartments is that they tend to be fairly small, but still somewhat expensive. To receive any kind of discount on rent, you usually have to sign lengthy lease agreements for one or two years. Your neighbors may not always be very respectful of your personal schedule if it differs from their own. The walls separating your apartment from theirs are often thin, so their activities can be heard all the time.
A condo rental can be an excellent alternative to an apartment complex for many reasons. Most condominium communities have swimming pools and Jacuzzis, fitness facilities, and playgrounds. These features are often nicer and better maintained than the ones at apartment complexes. For example, the fitness center may be larger and contain newer equipment. Since most condos are privately owned, your personal rental space is likely to receive better care than an apartment. Apartment complexes are under general management, so each unit typically receives less individual attention. With a private owner in a condo rental, you can also report any maintenance expenses that you paid for to receive a deduction in your rent.
Condominium communities are often built and owned by a corporation, which sells individual units as shares of the whole property. The corporation intends for each condo unit to be owned, not rented. For this reason, they are often built using much nicer materials than you will find in an apartment. These materials may include tile flooring, granite countertops, and stainless steel appliances. The private owner decides how much you pay in rent based on his or her personal needs, so you may end up paying very little while enjoying your luxurious surroundings.
When the private owner is offering a condo rental, he or she may only be looking to charge enough money to cover the mortgage. On the other hand, the owner may be trying to make a profit by renting the space. Depending on the owner’s intentions, you may be able to negotiate your rental amount. This is rarely possible at an apartment complex because they often have more available units and higher demand. Apartment rental rates are typically set in stone, and the only discounts offered are for long-term leases.
While apartment complexes usually employ landscapers to maintain the exterior grounds, they do not have the same high standards that condo communities hold. Condo properties are commonly maintained by a homeowners association, and the unit owners pay monthly fees for this service. The corporation that owns the entire community wants the exterior areas to be attractive for possible buyers at all times. When you are living in a condo rental, you may be expected to perform some small maintenance tasks for the interior. Although you might have this responsibility, you may also have more freedom to decorate the condo to your liking.
Condo rentals are a good choice if you prefer more space and freedom than most apartments offer. Ultimately, the best option for you depends on your personal preferences and what you can afford.