{"id":16599,"date":"2022-12-07T15:00:00","date_gmt":"2022-12-07T20:00:00","guid":{"rendered":"https:\/\/www.renthop.com\/content-manager\/?p=16599"},"modified":"2023-07-22T11:36:24","modified_gmt":"2023-07-22T15:36:24","slug":"renting-in-a-condo-or-co-op","status":"publish","type":"post","link":"https:\/\/www.renthop.com\/blog\/renting-in-a-condo-or-co-op\/","title":{"rendered":"Renting in a Condo or Co-op: Pros and Cons"},"content":{"rendered":"\n
Many people think that you can only live in a condo or co-op if you’ve purchased the unit. However, there are plenty of condos and co-op units that can by rented by lucky individuals who want apartments that are, usually, a bit more luxurious without paying a mortgage. There are benefits and drawbacks to renting in these properties, but they can be great housing options depending on your circumstances. So what are the pros and cons of renting in a condo or co-op? Does renting work differently depending on which type of building you want to live in?<\/p>\n\n\n\n
Condo vs. Co-op<\/h2>\n\n\n\n
First and foremost, condos and co-ops work a little differently. They both allow you to own and invest in property within a building complex, but they do so in different ways. Condos allow people to own a unit inside of a building. The unit itself becomes private property, but the building is owned by a person or corporation that runs the maintenance and amenities. Condo owners enter a deal with building owners that allow them to use the services the building provides, but the only property owned by a tenant is the apartment itself. This means that tenants can make alterations to their home, as they are ones who benefit the most from remodels and updates.<\/p>\n\n\n\n
Co-op unit owners, on the other hand, don\u2019t technically own their apartment. Rather, they become a shareholder in the complex they live in. Co-ops are owned and managed by the residents who live there. The people in charge of decision making are the co-op board, a group of tenants elected to lead the complex in any monetary and maintenance decisions that have to be made. As property values go up, all the residents of the building make money.<\/p>\n\n\n\n