Apartment - rented housing in a building with other apartments; generally one level per unit (can be multiple) and multiple levels per building. Condo - apartment that is owned rather than rented Townhouse - can be owned or leased. Units are side-by-side; can be multiple levels, but no neighboring units above or below. Main difference between condo and townhouse is that condos have neighboring units above and/or below, townhouses do not. Both townhouses and condos have neighboring units on one or both sides.