Is it possible to own, not rent an apartment in a city?

Question

This might be a silly question, but I was wondering if you can actually own apartments in a complex, like a house. And your rent is actually mortgage? I've never lived in the city, but I'm moving to one soon, so I'd like to get my head around the options. Thanks for obliging me :)

Answer 1

In some complexes everything is rented out, but in others all the apartments are owned by different people - called condo's.  The individual owners may then rent out the properties anyhow to people, but yes if you own a condo its essentially owning an apartment in a complex.