Apartment

More improvements followed. In 1949, President Harry S. Truman signed the Housing Act of 1949 to clean slums and reconstruct housing units for the poor.
Some significant developments in architectural design of apartment buildings came out of the 1950s and 60s. Among them were groundbreaking designs in the 860-880 Lake Shore Drive Apartments (1951), New Century Guild (1961), Marina City (1964) and Lake Point Tower (1968).
Apartment buildings are multi-story buildings where three or more residences are contained within one structure. In more urban areas, apartments close to the downtown area have the benefits of proximity to jobs and/or public transportation. However, prices per square foot are often much higher than in suburban areas.
The distinction between rental apartments and condominiums is that while rental buildings are owned by a single entity and rented out to many, condominiums are owned individually, while their owners still pay a monthly or yearly fee for building upkeep. Condominiums are often leased by their owner as rental apartments. A third alternative, the cooperative apartment building (or "co-op"), acts as a corporation with all of the tenants as shareholders of the building. Tenants in cooperative buildings do not own their apartment, but instead own a proportional number of shares of the entire cooperative. As in condominiums, cooperators pay a monthly fee for building upkeep. Co-ops are common in cities such as New York, and have gained some popularity in other larger urban areas in the U.S.