Efficiency rentals are often the lowest-priced places people can rent, so people with a limited budget can use them to move to an area that would otherwise be too expensive. Some also offer more flexible rental options than the one-year leases larger apartments typically require.
Efficiency rentals are generally smaller than standard apartments, any many are single-room apartments with a bathroom. They often offer kitchenettes, which are smaller than most kitchens and part of the main living space. This small size generally leads to lower costs, and they're often available in centralized areas where the cost of one-bedroom and larger apartments can be high.
Another advantage of efficiency apartments is that many offer more flexible leasing options. Renters can sometimes find month-to-month rental leases, which provide flexibility for those who don't plan to stay in an area for a full year. Renters might even be able to find week-to-week efficiencies.
Some efficiency rentals target short-term rentals and come furnished. These efficiencies let people who are new to an area have a place to stay while looking for a job or another apartment. Some efficiencies offer all-inclusive pricing, so renters don't need to pay for electricity and other expenses. Renters who must pay rent can also expect to pay less than they would for a larger apartment.