residential condominium
Multi-unit housing with individually owned residences and jointly owned common spaces.
Pictured: Newton Suites
A residential condominium is a multi-unit housing space where units are individually owned and common spaces are owned jointly. Occupants are generally owners, although owners may sometimes be allowed to rent units to other residents by private arrangement.
In many cases an owners' association composed of all unit owners is set up to make decisions about and take responsibility for jointly owned areas (such as lobbies, grounds, hallways, roofs, etc.). Unit owners usually must pay assessments to contribute to shared costs.
Residential condominiums can exist in apartment buildings, rowhouses or groups thereof, or even in groups of individual houses. Usually the building or complex forms a single development.
