An apartment is most easily defined as a room or set of rooms used as a place to live, found in a building with other residences. Apartments are a very common housing type in the United States with approximately 19% of renters living in structures of 2-4 units, and 44% living in structures with five or more units1. Indeed, apartments can be as small as only 2 separate units or include hundreds of residences in a building or complex; they can be found in both low income areas and as high end options in cities. Some places also offer short term vacation apartment leases for savvy travelers.
Apartment buildings are also a common commodity for real estate investors. Apartment building owners can choose to manage the property themselves, or hire a professional property manager to oversee the maintenance and upkeep of the building.
Apartments account for over 30% of all of the rental housing units in the nation2 and provide an easy, cost-effective solution for millions of renters across the country.