Real Estate Terms Glossary
What are Common Areas?
Note that common areas in a residential set-up are areas that all apartment owners can use. So, these areas are parts of a residential property, such as parking lots, available for use for all owners or tenants. On the other hand, in residence halls of universities and colleges, the common areas refer to spaces in a dorm that are used by all the student residents.
As the name indicates, common areas are for everyone, and hence, paid for by all of the residents of a residential property or apartment complex. So, every property owner is a co-owner of the common areas.
Examples of Common Areas
- Example 1: Community swimming pools
- Example 2: Tennis courts
- Example 3: Laundry facilities
Here’s Wikipedia’s definition of common areas .