condominium conversion

Condominium conversion refers to the process of transforming rental apartments into individually owned condominiums. This typically involves a property owner or developer changing a building's legal status, allowing tenants to buy their units rather than rent them. The process can include renovations, updating legal documents, and addressing building regulations. Once converted, each unit can be sold separately, offering homeowners the benefits of ownership, such as equity and stability, while also shifting maintenance responsibilities from the landlord to the owners. This practice can change the dynamics of a community and impact housing availability and affordability.