Apartment

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.
In the United States, tenement is a label usually applied to the less expensive, more basic rental apartment buildings in older sections of large cities. Many of these apartment buildings are "walk-ups" without an elevator, and some have shared bathing facilities, though this is becoming less common.