A condominium, also referred to as a condo, is a large property complex divided into individual units and sold. In this video, you'll learn a simple way to understand this concept through an easy and brief explanation. While condos and apartments may seem similar, the main difference is that condos are owned, not rented. A condo owner actually owns the air space inside their condo and shares an ownership interest in community properties like the floor, walls, stairwells, and exterior areas. Homeowners Associations, or HOAs, are the groups responsible for the day-to-day operations of the complex.