Apartment Renting As a tenant, you lease the unit for a specific period without owning the property. The landlord typically handles all maintenance responsibilities, both inside and outside your apartment. However, unlike owning a condo, renting does not allow you to build equity over time.
toown agreement is a deal in which you commit to renting a property for a specific period of time, with the option of buying it before the lease runs out. Renttoown agreements include a standard lease agreement and also an option to buy the property at a later time.
For tax purposes, a principal residence is the dwelling that a person inhabits most of the time. It does not matter whether it is a house, apartment, trailer, or boat as long as it is where the taxpayer lives for most of the year. A principal residence is also referred to as a primary residence or main residence.