The people say they and they just about to know but how do you it? The term “apartment” can be generically applied to any residential unit inside a building. The building can be a house, townhouse, large residential building, and even condominium high-rise where owners sublet their units. Generally, what sets apartments apart from the rest is that they are rented units and not owned.
Flat vs. Rental Unit vs. Apartment
The terms “flat,” “rental unit,” and “apartment” can be used interchangeably. Their use varies on regional differences. A flat is a British term, while a unit is the preferred term in Australia. North America usage favors the term “apartment,” although it is fairly common to hear the term “rental unit” by real estate brokers and landlords.
The first thing that probably comes to mind when you think of an apartment is a residential unit inside a building. From this image, it may seem logical to say that an apartment is simply a single living space, among others within a building.
So then, what about a single-family house that the owner rents to a tenant? Even though the rental is a house, it can also be referred to as an apartment.
Co-op and Condo Conundrum
Many people think that co-ops and condos are apartments since they are residential units in a multi-residence building, and they physically resemble rental apartments. However, these are not rentals (unless the unit is being subleased). In a sublet situation, the owner of the condo or co-op decides to rent out their unit. In that case, it becomes a rental apartment.