While the terms are frequently used interchangeably in everyday conversation, there is a distinct technical difference between a multifamily property and an apartment. An "apartment" refers strictly to an individual residential unit intended for lease within a larger building or complex. In contrast, "multifamily" is a broad real estate industry classification that describes an entire building or housing property containing multiple separate housing units under a single ownership structure—such as duplexes, triplexes, townhome blocks, or massive high-rise apartment complexes. Therefore, an apartment is just a single component, whereas multifamily represents the overarching asset class or real estate investment category.