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Unlike apartments, which are leased by their tenants, in most systems condominium units are owned outright, and the owners of the individual units also collectively own the common areas of the property, such as the exterior of the building, roof, corridors/hallways, walkways, and laundry rooms, as well as common utilities and amenities, such as ...
Common forms include apartment building and condominium, where typically the units are owned individually rather than leased from a single building owner. Many intentional communities incorporate multifamily residences, such as in cohousing projects.
For example, an experienced developer may purchase an apartment building, hire a consultant to put the entitlements in place, and then upgrade the building so that the sales team can sell them as individual condominiums. Alternatively, a mom and pop have owned a 20 unit apartment building for 20 years and want to sell it.
Apartment buildings and multiple-family housing make up a more significant share of the housing stock in the New York City area than in most other U.S. cities as over 75% of apartment buildings in NYC are co-ops. Reasons suggested to explain why cooperatives are relatively more common than condominiums in the New York City area are: [38]
In the case of tenancy, the landlord may be a private individual, a non-profit organization such as a housing association, or a government body, as in public housing. Surveys used in social science research frequently include questions about housing tenure, because it is a useful proxy for income or wealth, and people are less reluctant to give ...
An ownership share in a 200-unit apartment community. You benefit from an economy of scale, better cash flow, accelerated real estate depreciation , and higher barriers to entry, keeping returns high.
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