What Is an Apartment in Real Estate?
An apartment is a self-contained housing unit within a larger building or complex, typically rented by tenants rather than owned individually. In real estate terms, the entire building is owned by one entity, such as a landlord, corporation, or property management group.
🏢 How Apartments Work
Apartment buildings consist of multiple units that share common walls, floors, and amenities like elevators, gyms, or pools. Tenants sign leases instead of purchase agreements, while the owner or management company maintains responsibility for the property’s upkeep and repairs.
🏠 Apartment vs. Condo
- Ownership: Apartments are rented; condos are individually owned units within a shared building.
- Maintenance: Apartment maintenance is handled by the landlord; condo owners pay HOA fees for building upkeep.
- Flexibility: Apartments are easier to move out of; condos build equity through ownership.
- FSBO Listings: Condo owners can list units FSBO, while apartment sales usually involve the entire building.
✨ Pros and Cons of Apartment Living
Advantages: Apartments offer convenience, professional maintenance, and urban location benefits with flexible leases.
Drawbacks: Limited ownership, less privacy, and restrictions on renovations or personalization.
📢 Selling an Apartment or Apartment Building FSBO
While individual apartments are typically leased, entire apartment buildings can be sold by owners FSBO. With Brokerless, property owners can list apartment buildings on the MLS for a flat fee, reaching qualified buyers on Realtor.com, Zillow, and regional investor networks.