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

A correlation defines how two variables relate to one another. We can confirm a correlation if an alteration in one variable can change the other’s behavior. Using quantifiable data ...

See quantity survey method. ...

A rectangular area bordered on all sides by buildings. Often, a quadrangle is grassy with decorative landscaping. A quadrangle can be found in a central business district or on the site ...

Predetermined price for a contract that will be the same irrespective of the actual costs incurred to complete it. This contract is advantageous to the buyer because he knows beforehand ...

Decision rendered by a court of law. ...

The willingness of a lender to give a mortgage to a mortgagor. A mortgage commitment will give a time period the mortgage will be given and an indication of the interest rate to be charged ...

Designation given to members of the American Society of Real Estate Counselors (ASREC). A prerequisite for membership is professional experience and ethical conduct. ...

An income feature added to a mortgage whereby the mortgagee earns income in addition to the mortgage interest and principal payments. Also called an equity kicker, a kicker allows the ...

Escrow, often known as collateral, is a legal concept. A third party is designated to hold an asset, resource, or a sum of money used in a transaction on behalf of the other two parties, ...

Popular Real Estate Questions