Definition of "Apartment (building)"

The term apartment is used when referring to a type of residential unit that is self-contained and occupies only a part of the building. Through self-contained, we understand that the residential unit has independent cooking and bathroom facilities that allow it to function as a residence on its own. Apartments are part of an apartment building that contains more than one unit. These apartment buildings are also known as apartment houses. Still, they are different from multi-unit residential occupancies that work as hostels or boarding homes because of the cooking and bathroom facilities included within each individual unit. However, for vacationers, timeshare units for either part-time or full-time ownership can be implemented in apartments.

We need to understand that the word “apartment” is generally used for any kind of residential unit located inside a building. The type of the building and ownership can differ, but as long as the unit has bathroom and cooking facilities, it is an apartment.

Different Apartment Terminology

There are many words used as synonyms to the term “apartment”, but the most common ones are regionally appropriate, like “flat” (British term) and “rental unit” (Australian). The most commonly used term is “apartment” followed by “rental unit” in the US, but here we see a distinction where one is rented. The term “apartment” can refer to both a rental and an owned unit. 

Now, as we already covered that an apartment occupies only a part of a building, can an apartment be a part of a single-family house if the owner decides to rent it to a tenant? The two variants here are: the owner leases the whole house or leases a part of the house that includes cooking and bathing facilities. The answer to the question above is yes, in both variants.

So what is an Apartment?

Well, simply put, an apartment can be a living space located within a residential building or any rented living space. 

When people use the term apartment for a living space in a residential building, it first refers to the architectural structure. It pays no regard to the ownership of the units within the building. The residential building can consist of several living spaces with one, two, or more rooms, and the inhabitants can rent or own the individual units. Those issues don’t matter when it comes to the designation of the apartment. Here we can include co-ops and condos, housing options that usually have a Home Owner’s Association requiring monthly payments but that covers various amenities within a residential building.

Rented living spaces are rented apartments, which exclude co-ops and condos, but can include single-family homes if they are rented.

image of a real estate dictionary page

Have a question or comment?

We're here to help.

*** Your email address will remain confidential.
 

 

Popular Real Estate Terms

Any of several types of legal joinders whereby one or more parties unites with or joins other parties in a legal action or proceeding even though the party may not be a direct part of the ...

Specific portion of a larger land tract. A parcel can also be a lot in a property subdivision. ...

Founded in1934 and located in Chicago, IL with a 1993 membership of 8,300, the IAAO seeks to ameliorate assessment standards as well as to perform ongoing property assessment research. The ...

A bond, also known as a completion bond, given by a contractor and issued by an insurance company to guarantee the completion of contracted work. Public authorities often require a ...

Same as term closing: legal process of transferring a piece of real estate to a buyer. Typically it occurs in the office of the lender, attorney, or an escrow company. ...

Housing where affirmative action is actively pursued encouraging people of all races, nationalities, and religions to purchase or rent the facilities. ...

An equity-to-value ratio is an excellent tool for those homebuyers that want to understand how profitable an investment is based on the amount of money invested and the actual value of the ...

A four-unit building with four tenants in a condominium type of ownership and management. ...

A relationship with a person, thing, or item that is the foundation of an insurance policy. One having an insurable interest has a financial stake in preserving the insured person or ...

Popular Real Estate Questions