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Yes and No; that’s not helpful at all is it?
So, here goes.
Generally, when we hear the term condo (or condominium) we think of an apartment unit in a nice higher end building. When we hear apartment, we think of a unit in a rental building.
In reality, both are apartments and both could be rentals. The difference is in the ownership.
Condo apartments are typically owned by individuals. You could buy one yourself or rent one from an owner who wishes to rent a unit out.
Apartments in a rental building are typically owned by a single entity, a property management company in the business of renting apartments. These apartments cannot be bought by individuals.
A note on condos. Although we think of condos as apartments, condos are not limited to apartments. There are condo townhouses as well. Condominiums are legal entities that are created to represent the interests of individual unit owners (in a building or a group of townhouses). Condominiums are governed by an elected board of directors who are responsible for managing the day-to-day operation of the property.
If you’re still unclear about condos vs. apartments, please raise your question below.
