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

Outside wall of a structure that is exposed to the weather. An exterior wall can also be a load bearing wall ...

Provision in a contract that upon a certain occurrence or event the contract is canceled, An example is a contractual term that the written agreement is terminated if one of the party's ...

The accelerated cost recovery system is a depreciation system for tax purposes mandated by the Economic Recovery Tax Act of 1981. In 1986 the Accelerated Cost Recovery System (ACRS) was ...

A special agent in real estate is a real estate agent hired to do a specific task or job, as opposed to a general agent, who is a real estate agent who can do any task he or she is assigned ...

The company is not responsible to a third party if an account or financial instrument is dishonored by the debtor. The creditor's recourse is solely to the debtor's property. An example is ...

Expenditures incurred to initially purchase property, including incidental costs necessary to put the property into existing use and location. This cost is then depreciated over the assets ...

Funds that are retained in an account until a certain event occurs. For example, a downpayment on a contract held until full payment is received whereupon the holding funds are credited to ...

Potential homeowners buy land at a location they like and then build their house on it. ...

Property that is zoned for industrial use, including manufacturing, research and development purposes, factory office and warehouse space, and industrial parks. ...

Popular Real Estate Questions