They look the same, they cost the same, they’re of similar sizes, so how do condos and apartments truly differ? If you’re scratching your head over this common conundrum, read on! In this handy guide, we’re breaking down the major differences between condos and apartments so you can make your next move with confidence.

The Main Difference? Ownership

Ever wonder why “buying a condo” is a more familiar phrase than “buying an apartment?” That’s because “buying an apartment” isn’t a thing! The main difference between condos and apartments is ownership—specifically, condos are purchased and apartments are rented. So if you’re looking to purchase a new pad but don’t want the upkeep a house requires, a condo is your best bet. But if you’re not ready to invest in property and want to rent in a building, an apartment is what you need.

They’re Managed Differently

Since condos are owned by individuals, they’re usually managed by a Homeowners’ Association (HOA), similar to master planned communities. Apartments, on the other hand, are often managed by third-party property management companies (unless it’s a small apartment complex, in which case the property owner might tackle management him or herself). And keep in mind that you can rent a condo—but you’ll be renting from that condo’s individual owner, unlike renting an apartment from a landlord who owns the entire building.

Searching for the Perfect Apartment?

Now that you’re up on the major differences between condos and apartments, you may have decided that an apartment is right for you. If so, contact One 51 Place today! We offer gorgeous, updated apartments right in the heart of Alachua, FL—come and take a look for yourself!