Renting a One-Bedroom or Studio Apartment on a Budget

If you're looking to rent an apartment and you have a limited budget, you may be tempted to forgo the extra space and just opt for a studio. But is this the ideal way to go? Consider the pros and cons of both studios and full-sized one-bedroom apartments.

A studio apartment rental is typically the least expensive type of rental. Studios do not have any organic separation between the living area and the sleeping area. It's a simple, open floor plan that's ideal for when you have few belongings or you don't want to buy a lot of furniture to give the room a settled appearance. It may also be ideal if you're someone who doesn't have visitors very often. It's helpful to think of a studio as one big room rather than a traditional house setup.

When you invest in a one-bedroom apartment rental, you're usually getting a slightly larger living space than a studio, and it will typically include a separate living area, bedroom, and kitchen. Even though a month-to-month rental or contract rental is likely to be higher than with a studio, a one-bedroom gives you more privacy and ultimately more room. If you like to entertain or have people stay the night, it offers more separation for your sleeping area and the rest of the apartment. If you work from home, it might also be a better choice to have the area where you sleep fully separate from where you work all day.

When deciding which type of apartment rental better fits your lifestyle and budget, you might think of a one-bedroom as an upgrade. Then, you can decide whether you need that upgrade and if there are extras that make one option more appealing or workable. For example, the studio apartment might afford you a better location, better building amenities, or a nicer view, all without breaking your budget. On the other hand, you might be able to swing a one-bedroom on a tight budget if it has extras such as utilities included.

The best approach is to prioritize what you need in your apartment search and know exactly what you can afford before making a choice.