[quote=livinincali][quote=spdrun]Why are apartments higher than condos, out of curiosity? Amenities in each type of complex are very similar from what I’ve seen.
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Large apartment complexes have always been able to push the envelop on rent. They always have some percentage of vacant units and an extra month of vacancy on one unit is a tiny drop in the bucket. A Landlord with a couple condos doesn’t usually have that luxury. They don’t want to miss a month or two of rent in exchange for a marginal increase in rent because it probably will take a couple of years to make that lost month of rent back in the higher rate.
Large apartment complexes have a better marketing profile than an individual landlord and they always have something available for people new to the city or in some kind of pinch. Large apartment complexes are also probably willing to take some chances on tenant with poor credit profiles. In addition they don’t care if some landlord down the street is only charging $1200 for a single condo unit, they only care about the other large apartment complexes in the area and the vacancy rate they are experiencing.
The small time landlord wants a quality tenant and to get that quality tenant they are willing to take a bit of a hit on price.[/quote]
