Some of the benefits of renting an efficiency apartment include lower rent, lower utility bills and easier maintenance, explains Rent.com. Living in a single room also forces the renter to keep possessions to a minimum, promoting frugality and making it easier to relocate when necessary.
Efficiency apartments, also called studios, are single-room abodes that combine the living, dining and sleeping areas into one space. These mini apartments are typically suitable for individuals, students, bachelors, business travelers and anyone else who wants to save money on living expenses, notes Veterans Today Money. Typically, the efficiency apartment is the cheapest unit available in an apartment building, making it a top choice for anyone on a strict budget.
Because the space is so small, it's easier to keep costs for heating and cooling the apartment low. A smaller space is also easier to keep clean, which can be a major benefit for busy professionals just starting a career. Efficiency apartments typically have limited storage space, notes Rent.com, preventing renters from hoarding personal items and promoting thriftiness. This type of apartment is ideal for individuals just out of college who don't want to accumulate too much furniture or lots of household items in anticipation of eventually getting married.