Metadescription: Not sure whether to rent an apartment or condominium? Learn about the differences between these properties to find which one better fits your needs.
Apartments and condominiums are one of the most common properties for lease in the Philippines. Know how they differ from one another and decide which one is more suitable for you with our tips below.
What is an apartment?
An apartment is the most common type of housing unit in the Philippines. According to merriam-webster, an apartment is defined as a room or set of rooms fitted especially with housekeeping facilities and usually leased as a dwelling. On the other hand, Wikipedia describes an apartment as a self-contained housing unit that occupies only a part of a building, generally on a single story.
Apartments are usually older structures compared to other types of housing units. They are typically rented out by homeowners when they have extra or vacant rooms available.
The main difference between apartments and condominiums lies in the type of ownership. A condominium building has several units with more than one owner, unlike an apartment which usually only has one owner. Apartment owners typically own the housing unit and lot. On the other hand, condominium owners own their respective units and share ownership with the lot and common areas as stated in the master deed.
Most apartments are usually found on interior roads. More often than not, these apartments have signs in structures advertising “Rooms for Rent” or “Apartment for Rent.”
Price range and lease duration
Apartments are easy to find and are very affordable. Apartments are typically rented out at PhP1,500 per month or higher. Lease terms are usually less strict as compared to condominiums. This is because they are managed by individual owners, unlike condominiums which are maintained by their respective Homeowners Association (HOA). Compared to condominium unit rentals, apartments have faster turnover with tenants.
Types of apartments and condominiums
The standard apartment types in the Philippines are studio type apartments, one-bedroom apartments, and two-bedroom apartments. Although there are other types, they are not as common. These apartments do not have the furnishings or luxurious amenities found in condominiums. This bare or minimal furnishing makes them more affordable, which is why renting an apartment is an attractive option for budget-conscious individuals. In contrast, condominiums generally use better furnishing and materials than apartments.
Payments for apartments and condominiums have similar payment schemes. Both require an advance payment to protect the lessee in case of default from the lessor. Also, lessees are required to pay a security deposit in case of a breach of contract. This security deposit acts to cover the lessee from any damage to the property. Lastly, the lessee charges the lessor the monthly rental on for the use of the property.
However, apartments and condominiums differ in payment length. Apartment owners usually ask for two months deposit and two months advance payment. In contrast, condominium owners ask advance post-dated checks over the whole contract tenure. Moreover, condominium monthly rentals are generally more expensive than apartment rentals.
Finding an apartment or condominium
Apartments are ideal for people who are unsure about how long they will stay in an area or for people who plan to stay there only for the short term. For people who plan to stay long term or have the ability to put up some equity, condominiums might be the better fit.
Looking for a condominium or apartment for rent in the Philippines? Click here to search for available properties in your area.