Condo, or condominium, is one unit that is part of a larger building or community of other condos. When you own a condo, you own the space in your own unit. Common spaces — entrances, lobbies, hallways, rooftop decks and other shared areas — are the property of the condo association.
How is a condominium different from 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.