condominium
n. countablen. a building or complex where people own their individual apartments instead of renting them. You share ownership of common areas like the hallways, gym, or pool with the other owners.
n. a building or complex containing a number of individually owned apartments or houses. Ownership typically includes a shared interest in common areas and facilities managed by an association.
She bought a small condominium near the beach.
The condominium association voted to increase the monthly fees to pay for a new roof and better security.
While renting offers flexibility, purchasing a condominium allows residents to build equity while avoiding the maintenance responsibilities typically associated with owning a detached single-family home.
From Latin condominium.
Often shortened to 'condo' in informal speech and writing.