While both are residential units, the key difference between an apartment and a condo is ownership. Apartments are normally owned by a single entity (a property management company or a landlord) and rented out to tenants, whereas condos are usually owned by an individual or investor who lives in or rents them out.

Management

• Apartments are managed either by their owner or by a property management company hired by the owner. The property manager is responsible for building maintenance and handling tenant issues. 
• Condos, however, are managed by homeowner associations (HOAs), organizations that include the owners of a condo complex’s residential units. An HOA is usually led by a board of directors elected by the homeowners. These board members, typically condo owners themselves, volunteer their time to help make community decisions. 
• To oversee day-to-day operations—like collecting dues, maintaining common areas, and ensuring compliance with community rules—HOAs often hire professional management companies that work under the board’s direction. 

Cost

With apartments, costs are pretty straightforward. Renters typically pay a monthly rent and an upfront security deposit. 

Condo cost structures vary. Condo owners incur the typical homeowner expenses, such as a mortgage, property taxes, and homeowners insurance. They also pay HOA fees that cover the maintenance and upkeep of common areas like lobbies, pools, and gyms. 

Amenities

Apartment complexes may or may not have amenities like gyms, pools, parking, and community spaces. If they do, they’re usually included in the cost of rent. 

Most condos offer at least some amenities, and they’re often upscale, ranging from high-end fitness centers to rooftop pools and private lounges. The type and quality of these amenities varies greatly across condominiums, so if you’re considering purchasing a condo, carefully consider which amenities are most important to you before making a choice. 

Customization

Apartment renters typically have limited customization options. Even a relatively small change—like painting a wall or putting in a new light fixture—typically requires the property owner or manager’s approval, which can be hard to get. 

Condo owners have more freedom to customize their space, and of course, they own whatever upgrades they install. Generally, owners can make changes, such as painting or remodeling, to the interior of their unit. However, these changes must comply with HOA rules, which are known for being strict. 

Maintenance

With apartments, the property owner or management company is generally responsible for all repairs and upkeep. Renters just need to submit a maintenance request, and management will take care of it—usually at no extra cost.

By contrast, condo owners are on the hook for maintaining and repairing everything inside their unit, such as leaky toilets, electrical problems, or malfunctioning fridges. However, issues related to building exterior and indoor shared spaces—such as landscaping, hallway cleaning, snow removal, gutter clearing, and roof repairs—are generally handled by the HOA. 

Conclusion

As you can see, there are some pretty big differences between apartments and condos. Which is right for you depends on your needs, preferences, and priorities. When choosing, consider factors like how much maintenance you’re willing to handle, whether you want basic or upscale amenities, and your interest in building equity over time.