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Efficiency apartments are growing in popularity, especially since so many jobs are becoming available and people are flooding to cities to take advantage of the great job opportunities, driving up rental costs. These apartments are similar to studios in that it has no distinctive bedroom and if often smaller in size than a 1 or 2-bedroom apartment. They are usually the most budget-friendly options in apartment complexes, or they are renovated basement or attic apartments from homeowners looking to bring in extra income.

Many differentiate an efficiency apartment and a studio by saying that an efficiency apartment has a separate kitchen, but often the terms are interchangeable. These spaces cater to the portion of the rental market that are single, young professionals looking to live in an expensive city on a restricted budget. The difference in cost between a 1-bedroom and an efficiency apartment can be up to $1000 a month in prime markets, making them perfect for people who cannot afford to live in the most desirable areas. If you are looking for an apartment that you don’t have to share, have a very limited budget, or travel a lot for work so you don’t want a lot of space to maintain, an efficiency apartment or a studio is a great consideration.