If you are looking for a great way to rent while on a budget, or when you do not need much space, then you should check out Efficiency rentals or studio apartments for rent. Usually, we all know of the studio apartments, because of their popularity with students, and other people looking for budget rentals.
Definition of an Efficiency Rental
Efficiency rentals are, however, not always much talked about. They are very similar to studios for rent, but not quite the same. The differences are smaller, and sometimes they can be confused as being the same thing. - In any case, the concept is the same. In any efficiency/studio apartment, you do not have separate rooms, and the kitchen, bedroom, and living space are all combined into one living space. Except, of course, the bathrooms, as they are by-law required to be separate, and to ensure privacy.
Features of an Efficiency Rental
As compared to studio apartments, efficiency rentals in downtown neighborhoods or wherever else will have the following features:
One of the reasons that efficiency apartments got their name probably had to do with their efficient use of space. The area for such apartments ranges from 500-600 square feet.
Use of kitchen/bathroom space
Aside from the lack of a separate room, studios can be as well-equipped, and as well furnished as a one-bedroom apartment if not more.
however, will have a typical setting. - You are usually looking at a kitchenette with limited appliances, possibly a stovetop with one/two burners and a minifridge. The bathroom will most likely have limited space, and have only shower space, rather than a bathtub with a showerhead attached.
Possible shared space
Miss those dorm room days in University? - There is quite a likelihood that many amenities in efficiency rentals will be shared. This could include shared laundry space, which is the most common; but in some cases also kitchen space, and anything where total privacy is not a must.Apartmenttherapy.com" class="sectionBlogPhoto b-lazy" alt="Source: Apartmenttherapy.com" /> Source: Apartmenttherapy.com
Why rent an efficiency apartment in downtown Chicago?
While rents have been steadily rising in smaller and medium-sized cities, which are more affordable, many large metropolitan areas saw a rapid fall in prices. For those looking to rent a studio space in Chicago, there are truly plenty of options available. Chicago is among those cities that saw some of the largest decreases in rent prices during the COVID pandemic of 2020. Renting in Chicago therefore could not come at a better time. You might even be able to find studio apartments in Chicago for $600!
Though Chicago rents have seen a modest decline as compared to bigger and more important metropolitan areas on the US coasts, the decline in rents in Chicago was still in the double digits! Chicago is still one of the cities in the top 10 to see rental prices falling the most. Better yet, suburban towns and cities close to Chicago have also seen a decline in rental prices.
In Chicago, things have now gone so far that some landlords have been offering bigger perks like 5 months of free rent for new leases just to attract newer rentals. This is especially true of downtown Chicago, where there has been a severe exodus of renters whose commute changed from a walk around the block to a walk from the bed to the work laptop!
Is an Efficiency Rental Right for me?
Are you moving to Chicago and are you not sure yet which unit type to choose? Below are some questions you can ask yourself to make up your mind whether an efficiency rental would be right for you
- What are your plans for the next 1-2 years? Are you a student searching for â€˜low rent studio apartments near meâ€™ for the next semester? Or are you a young working professional looking for your â€˜home baseâ€™ for the next 1-2 years? When an efficiency unit is your official home, there will be certain limitations: The unit is too small to have someone move in. Besides that, it is not a great unit when you will be working from home.
- Do you spend a lot of time outside of home? Depending on your lifestyle, you might want to avoid looking at kitchenette apartments for rent in Chicago. If you spend lots of time outside of home and are not looking to host people very often, then an efficiency apartment is the right unit for you. However, if you do want to host people or if you need your home for certain activities (e.g. baking/cooking, home workouts), then a one-bedroom unit might be better for you.
- How much storage space do you need? If you have a lot of belongings that need to be stored away, then a unit with multiple rooms will work better for you. In an efficiency unit, you only have one room to store all of your belongings. In a one-bedroom apartment or a one-bedroom apartment with a den you can store certain items in your bedroom and the den. Think of suitcases used for travel, musical instruments, sports gear, etc.
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Published: June 07, 2021