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I do not have a clue about your market per se... but aside from establishing hard to enforce estoppel issues with the owner of a condo (say they do not pay their mortgage or HOA fees... you could face sudden eviction), there's not really any difference between a condo and an apartment all things being equal (location, size/amentities)...living is basically the same.
SFace
2010 Jul 8, 4:13am
In an apartment you can be assured everyone else is a renter. In a condo, it depends on the owner/renter make-up. If the price is the same, pick the condo as owners generally make better neigbors than renters.
In an apartment you can be assured everyone else is a renter. In a condo, it depends. If the price is the same, pick the condo.
OK, there's some merit to your argument as far as the quality of the neighbors. And some downside... I would assert you'll have better luck (ask around if you can) getting maintenance issues resolved in an apartment (any sizeable complex has on-staff or on-call fix-it folks) than from the owner of a condo... and your redress with the condo association over general condo complex issues will be null to non-existent. Even your absentee owner will have minimal interest in interveneing on your behalf as condo owner/landlords are frowned upon by condo association folks.
The condo maybe nicer inside than renting an apartment. We may plan to rent our condo out, and we have already done work to the place to make it nicer than renting out an apartment because we wanted to make it nice for ourselves. However, my guess is that a condo might rent out for more than an apartment because of steep hoa dues in the sillicon valley. Ours is $330 a month. I would also look into seeing who would be managing the condo that you would be renting. I don't know if the homeowner themselves would be as responsive as a rental agency.
LAO
2010 Jul 8, 5:57am
We considered renting a condo... But just settled on a traditional two bedroom apartment. Most of the condos were nicer and more luxurious appliances/granite counters than the apartments we looked at. BUT, the condo owners wanted very high deposits... Sometimes DOUBLE a months rent... (around $3600).
I didn't trust giving someone that kind of cash up front... Instead i rented from a management company that offered a low $400 deposit... so i got fake hardwood floors and some shotty workmanship... But I'll splurge for more luxury touches when i plan to buy.. not while i rent.
in my case, the owner from whom im renting the condo says he has 20 units in the same complex and I gave a deposit for 600$ and my monthly rent in 1900$.
I see lot of discussions about condo. I was looking for a single family house to rent in west san jose, could not find a decent one to rent. All the listings were 30/40/50 years old and not cheap also. So I started looking for a apartment of 2b/2b and found that most of the apartment complexes do not have washer/dryer inside the unit. I found few complexes do have but they are of the same price as a condo for rent in villa cortina on winchester. So I ended up in signing a 6 months lease to check how good a condo living is compared to apartment.Question is: Is it better to live in a apartment or a condo if the price is same and amenities are same?