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An apartment or flat is a small housing unit that is one of several in a single building and is usually occupied by a single household. Typically apartments are rented by households, although they may be owned by the household who occupies the apartment. One example of this is a condominium, in which apartments are individually owned and public spaces within the building are jointly owned.
Apartments can often be found in central city areas where there is limited space and land has a high financial value. Proximity to businesses in a city’s central business district is often a major attraction of inner-city apartments. Apartments may also be located near education institutions, such as universities.
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