rent condos. You will find still lots of individuals who do not have much thought about a flat or an apartment and the difference between a condominium. Is rather a straightforward explanation actually. An apartment or a flat is a leased housing unit whereas a condominium is an owned housing unit. Both types of home units are popular with residents everywhere these days. But land owners and contractors are inclined to create the condominiums better than flats because condominiums have better market value.