Your Guide to Renting a Condo 

Most people understand what it means and how it looks to rent an apartment or own a home. However, renting a condo is a little unclear. This is primarily because the approach to leasing condos, or condominiums, differs from houses and apartments.  

So, if you are considering renting a condo, there are some things you should know and tips to help you have the best renting experience possible, no matter who you rent from!  

Renting a Condo vs. Apartment 

So, what is the difference between apartments and condominiums? These two renting options are very similar on the surface, but a few significant things set them apart from one another. 

• Ownership: The primary difference between a condo and an apartment is ownership. On the one hand, apartments are typically owned and operated by management companies that rent out multiple units with a standard approach to leasing. While with condos, individuals who own the property rent out their space. The condominium often has a professional management team that cares for and regulates the common areas. 
• Amenities: the amenities for condos and apartments can be very similar. Depending on the property, both may have pools, dog parks, laundry facilities, gyms, and more. However, condos tend to have more luxurious or newer amenities, such as granite countertops or valet services. 
• Maintenance: For condos, the owner is ultimately responsible for the unit maintenance, while for apartments, the management company resolves any maintenance issues. The benefit of the condo maintenance approach is that the owner may be able to take a more personal approach and hire an outside vendor. In contrast, apartment managers handle many properties and can take some time to get to your specific request. They have strict standards for approaching the problem, providing less flexibility.  
• Rent and Fees: A condo is not necessarily more expensive than an apartment. Like amenities, the rent and additional fees vary from property to property. Additionally, most condos have HOA (homeowner association) fees. 

Buying vs Renting a Condo 

Especially for first-time buyers, deciding to buy or rent a condo can be challenging. The key is to determine what the best choice for you is. In many cases, renting a condo is much more expensive in the long run than buying the space. However, the down payments and other requirements for purchasing a condo can be daunting and are only affordable for some. This makes renting a condo a more attractive option for those unable to afford large upfront costs.  

In general, buying a condo is a better long-term choice when you have the following: 

• Stable employment and income 
• Enough savings to afford the upfront fees, like a down payment and closing costs 
• No expectations of moving in the near future 

Otherwise, renting a condo may be the best choice for you right now. That way, you only worry about the initial costs of renting and the monthly payments. 

The Top 5 Tips for Renting a Condo 

Because renting a condo can be a unique experience for everyone, it can be challenging to understand what you are getting yourself into. However, there are five tips for condo tenants to consider to help make their renting experience run smoothly and be as enjoyable as possible. 

1 | Understand the Leasing Agreement 

When renting a condo or apartment, one of the most important things is to have a clear understanding of the leasing terms, conditions, restrictions, and more. That means you must read all documentation thoroughly.  

Knowing the conditions you are agreeing to before signing a document will save you trouble, miscommunications, and possible unexpected fees in the future.  

For example, a leasing agreement may restrict the number of people allowed to live in the unit, where visitors can and cannot park their vehicles, and restrictions on pets. These are vital pieces of information you will need to know and understand–Don't be afraid to ask your landlord any questions you may have when reading through the documentation. 

2 | Know the Local and State Laws 

Similarly, knowing the laws regarding renting a condo in your state and surrounding area is beneficial. Not all landlords have the best intentions, so this will protect you from scams, mistreatment, and more. Some of the most common legal issues involve the tenant's privacy rights. 

3 | Prioritize Communication 

One of the best perks of renting a condo is the personalized experience. While apartment management companies often have hundreds or more properties to care for, your condo owner will have significantly less– or possibly just your unit alone!  

In this case, renters should take advantage of the opportunity for effective and frequent communication with their landlord. For instance, if you encounter a small leak in your plumbing, let the owner know as soon as you discover it. This will lead to quicker and less expensive solutions and build trust and respect with the owner. In all, you will enjoy a better renting experience.  

4 | Get Everything in Writing 

Because an individual owner is not always as professional and standardized as an apartment leasing company, tenants must keep a detailed record. Getting everything in writing can prevent misunderstandings and legal disputes in the future.  

For example, if you request a repair, be sure to get the communication with your landlord in writing and keep copies. And if the conversation is verbal, send s a letter to confirm. 

5 | Purchase Renter's Insurance 

Whether renting a condo or an apartment, renters insurance is a wise investment. Insurance through the leasing agreement with a landlord isn't enough to cover any damage or losses caused by natural disasters, theft, or repairs gone wrong. You never know what may happen, so playing it safe with renters' insurance is best. 

CITED: Fsresidential.com, Themortgagereports.com, Nationwide.com