In conversation you'll catch most people use 'Condo' & 'Apartment' interchangeably, but there's a a drastic difference between the two: A Condo can be Purchased OR Leased, an Apartment can only be Leased. Here's why.
In an apartment building, all the apartments/units are owned by the same person or entity. The units are not for sale, but they can be leased for anywhere between 6 - 36 Months (lease terms vary per building). In a sense, an apartment building can be compared to a long term hotel.
Walking into an apartment building, you'll typically find a leasing office you can walk into and get a tour of their available apartments. For a better experience, we recommend setting an appointment first (or have your Realtor do that for you!).
Condos on the other hand can be purchased or leased. Each unit is individually owned. Combined, these proprietors make up the entire ownership of the building, common areas, parking garage and even the land.
In Miami, most condo leases are 6-12 months. Condos don't have leasing offices, so you'll likely work with a Realtor or directly with a unit owner (the Landlord).
TIP: Condos owners are usually open to negotiating the monthly rent, while apartment buildings are not, but instead have "lease specials" from time to time!
The Verdict: Apartments vs. Condos
Now you know the difference! So which is it gonna be, Apartment or Condo?
The final choice could be tough and will vary based on your current circumstances. To make it easier, we're writing a blog that can help you decide.
Renting: Apartments vs. Condos - Which one is right for YOU? [Coming Soon!]
Your Real Estate Duo