When I first moved to New York City, I planned on renting a modest one-bedroom apartment. Real estate comes at a premium in NYC, including rentals, so I knew an apartment would eat up a huge chunk of my income. But when I saw what a one-bedroom would actually cost, I switched gears and started looking for a studio apartment instead.
Thankfully, I found a rather affordable one that got plenty of light and wasn’t the size of a shoebox. Still, I learned that there are pluses and minuses to renting a studio. Here are a few you should know about if you’re contemplating renting one yourself.
Pro #1: Cheaper rent
Living in a studio is a good way to save money on rent. By opting for a studio over a one-bedroom, I shaved $500 a month off of my housing costs. Granted, these numbers speak for New York City. In a smaller city, your savings may not be as substantial, but they should amount to something.
Pro #2: No need for lots of furniture
Another plus of renting a studio: There’s not much space to fill, so you don’t need to spend a fortune on furniture. That’s great if you’re trying to save money or don’t want to rack up debt.
Pro #3: Easy maintenance
It can take an entire day to clean my current house from top to bottom. On the other hand, when I lived in my studio, I spent about 45 minutes a week cleaning -- there just wasn’t that much space to clean. If you have a busy schedule, renting a studio is a good way to avoid sinking time into home maintenance.