A condominium is a building structure divided into several units that are each separately owned, surrounded by common areas that are jointly owned.

What defines a condo?

A condo, also known as a condominium, is a housing or residential complex in which there are separate units, with each unit being owned by an individual. When someone rents a condo, they're renting directly from the condominium owner.

What is the difference between a condo or an apartment?

The biggest difference between a condo vs. apartment is ownership. An apartment is defined as a residence that is rented, often as part of a larger residential building. A condo is similar in structure to an apartment — usually a unit within a larger residential building — but condos are owned instead of rented.