https://www.bankrate.com/real-estate/condo-vs-apartment/#:~:text=A%20condo%20can%20be%20similar,paid%20by%20landlords%2C%20not%20renters.
Condo vs. apartment: What’s the difference?
The biggest difference between a condo and an apartment is ownership. An apartment is defined as a residence that is rented, often as part of a larger residential building. A condo can be similar in structure to an apartment — usually a unit within a larger residential building — but condos are owned instead of rented. The property taxes of a condo are paid by the owner; property taxes for an apartment are paid by landlords, not renters.
Because the structure of condo and apartment communities is similar, they often have comparable amenities and locations. Both kinds of units may come with benefits like a pool, trash disposal, manicured green spaces, on-property gyms and more.
However, a condo owner is building equity, paying monthly homeowners association (HOA) dues and is responsible for all interior maintenance. An apartment renter, on the other hand, pays rent each month, doesn’t build equity and relies on the landlord to address maintenance issues.