The Many Types of Apartments and Their Perks

In the rental business, you may come across a wide range of different types of units that you can market. Many property terms are thrown around when referring to these properties which may leave you wondering what the difference between them all is and why they have different names. Here we will go over these terms and what they imply about the property so that you can better narrow down your search when you are rental hunting or marketing your units.

1. Apartment: The first and most common unit type is an apartment. This is typically used interchangeably with all the unit types we will discuss. It is a very general term that describe a unit that is attached to another unit. This can have any number of bedrooms, bathrooms and have various types of layouts and amenities.
2. Studio: This is one of the smallest options when looking for a space to live. Most studio apartments combine the kitchen, living and bedroom space all in one open floor plan and then the bathroom is the only separate space in the unit. This is great for those that are a single person or couple, and that don’t require a lot of space for storage. This can be a very cozy option for those that don’t mind an open layout and not a separate bedroom area.
3. Lofts: This is a common option when a commercial property is transformed into an apartment complex in the city. Many people seek these beautiful tall ceilings where the industrial hardware and often ductwork is exposed. Many of these units have exposed bricks and an open living area and kitchen. Sometimes the bedroom is in another room, but often they are combined, much like a studio apartment.
4. Townhouses: These are also referred to an duplexes and triplexes. Simply put, this means you have 2-3 units attached side by side to each other. With shared walls on one or both sides, you typically have a garage on the bottom/basement level, the living room and kitchen on the secondary/ground level and bedrooms and bathroom on the top level. These are great because they offer a very similar living situation to a normal house, but convenient because they typically cost less in rental price and utilities.
5. Condos: Condos are very similar to an apartment in the aspect of size, amenities, and cost. The only difference being that you are paying the owner of the unit and not the building. Condos are all owned by separate property owners, where as an apartment complex is owned by typically one property owner. These are common in popular cities such as Miami, Myrtle Beach, and New York City.

There are many other types of properties. In different market areas, they are called different names as they may offer various amenities and layouts. Be sure to research the best option for your family by looking into these types. When you narrow down your preference, you then can seek out specifically the unit that would be perfect for your family!