A condo and an apartment can look almost identical inside, but the key difference is ownership and what that means for money, rules, and maintenance.

Core difference in one line

  • A condo is usually owned by an individual (who might live there or rent it out).
  • An apartment is usually rented in a building owned by one landlord or company.

Ownership and who you deal with

  • Condo
    • Each unit is separately owned, a bit like owning a slice of a larger building.
* If you rent a condo, you deal with the individual owner, not a central leasing office.

* Common areas (hallways, gym, pool) are co‑owned by all condo owners through an owners’ association.
  • Apartment
    • One owner (or company) owns the entire building and rents out all the units.
* You sign a lease with the building’s management/leasing office, not with an individual owner.

* You never “own” the unit; you’re always a tenant.

Money: costs, fees, and equity

  • Condo
    • Owners pay:
      • Mortgage (if they financed it).
  * Property taxes on their unit.

  * Monthly condo/HOA fees for building maintenance and amenities.

* Owners can build equity and benefit if the property value goes up.

* If you’re **renting** a condo, your rent might be a bit higher because the owner often bakes their HOA fees into what they charge.
  • Apartment
    • Tenants pay:
      • Monthly rent and sometimes utilities or parking.
* No equity and no property‑tax responsibility; that’s on the landlord.

* Monthly costs are often more predictable since you’re not sharing surprise repair or building expenses.

Rules, flexibility, and maintenance

  • Condo
    • Rules set by a condo/owners’ association (HOA): what you can change, pet rules, rental rules, noise expectations, etc.
* Owners are usually responsible for the inside of their unit (appliances, fixtures, interior repairs).

* Buildings sometimes have stricter regulations and longer lease expectations if units are rented.
  • Apartment
    • Rules come from the landlord or management company: guest limits, pet policies, parking rules, and so on.
* The landlord handles big repairs and building maintenance; you report issues to maintenance or a superintendent.

* Leases often offer more flexibility (like 12‑month or sometimes month‑to‑month options).

Amenities and overall feel

  • Condo
    • Often marketed as a bit more “upscale”: concierge, nicer fitness centers, rooftop areas, pools, etc., depending on the building.
* Owners might customize interiors more (upgraded counters, flooring, smart systems), so each unit can feel unique.
  • Apartment
    • Amenities are hit‑or‑miss: some have a gym or pool, others only basics like laundry.
* Units in a given building are usually more standardized in layout and finishes.

Simple way to remember it

  • If you’re talking about how you live there :
    • Renting a unit in a building? People will commonly call it an apartment.
  • If you’re talking about how the unit is owned :
    • Individually owned unit in a shared building = condo , whether it’s owner‑occupied or rented out.

TL;DR: Structurally they can look the same, but a condo is an individually owned unit in a shared building, while an apartment is a rented unit in a building owned by one landlord or company.

Information gathered from public forums or data available on the internet and portrayed here.